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Greg.Young

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    Hi Ronnie,

    Good replies above. I would add that your offerings are quite niche, you have focused on ethnic dishes which is great however limiting. I know I couldn’t get my kids to eat those dishes!

    My Food Bag developed a range of “classic” meals in response to the market demand for more family friendly, rather than gourmet, dishes.

    Your food looks great, however you are sailing in quite crowded waters now that so many operators have pivoted to providing meal delivery. You also compete with Ubers eats and all the other food delivery services.

    Making some noise and being heard above the crowd is a challenge always so perhaps think a little differently, perhaps even a food truck, events, pub’s that don’t do food currently (The Beer Spot for example).

    Good luck.

    Greg

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    Hi,

    This space is very active at the moment, there are a ton of folks looking for new brands and products. Happy to discuss with you, greg@360capital.co.nz. Too much to share to include here.

    Cheers
    Greg

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    Nothing wrong with being optimistic at all. At the same time a business owner being pessimistic is also understandable especially if they also went through the GFC.

    As for opportunities in the future, absolutely. We are a resilient lot.

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    Ah good catch, you certainly do not need to actually set up a company to do this if you haven’t already.

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    Hi,

    Thanks for your question. First up, can the master franchisor provide any advice, I would imagine you are in the same situation as their other franchises and that these questions have been asked and answered before?

    Sounds like you have done some research already and understand a bit about GST which is great, the IRD does have a lot of information on their website and you can call them and discuss this, for free, http://www.ird.govt.nz/gst/registering-for-gst.

    As far as I am aware, you will need an IRD/NZBN number for your business however that doesn’t mean you are GST registered, thats a seperate “form to fill”.

    Have I missed out doing so for this financial year?

    I assume you mean the 2019/2020 financial year, returns for that period need to be filed before March 31, 2021, so you haven’t missed out on that, you will still be able to claim expenses from that period in your return.

    Managing and recording your expenses, the lowest cost way to do this is on a spreadsheet. If you feel competent, setup your business with Xero, its not expensive to do this however you do need to have a bit of financial literacy. This will allow you to significantly reduce any accountants fees later also as you are largely doing all the work and they will simply access your Xero account and prepare accounts. Makes GST filing a ton easier also.

    There are guidelines with the IRD about mileage allowances, home office allowances, etc, need to keep an eye on FBT (fringe benefit tax).

    All the said, as much as you aren’t keen to spend $’s with an accountant, it probably would be money well spent. You could possibly get a local accountant to provide you with a fixed price quote to provide the advice.

    Good luck and I hope your business does well.

    Greg

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    Hi,

    One area that has obviously been hit very hard is hospitality, there will be a ton of these businesses that simply do not reopen and lot of folks needing to find employment (and job seeking assistance, CV writing etc) generally outside of this sector.

    Accessing them is a challenge, perhaps reaching out to the various industry groups such as the Restaurant Association, who I know are trying to help those who have found themselves out of a job. Their CEO is marisa@restaurantnz.co.nz, they may be able to promote your services.

    Sure hope you can make the pivot from imported labour to domestic, good luck.

    Greg

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    Hi Moana,

    Have a read of this DLA Piper article on the Governments small business cashflow scheme, might help.

    https://www.dlapiper.com/en/newzealand/insights/publications/2020/05/new-zealand-inland-revenue-releases-criteria-for-the-new-small-business-cashflow-scheme

    Cheers
    Greg

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    Hi again,

    Have you looked at the small business cashflow scheme? It might be something that you can draw on.

    This DLA Piper article gives a good summary:

    https://www.dlapiper.com/en/newzealand/insights/publications/2020/05/new-zealand-inland-revenue-releases-criteria-for-the-new-small-business-cashflow-scheme

    Cheers
    Greg

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    Hi Calnar,

    Frustrating times, you must be tearing your hair out with all this perceived bureaucracy.

    Not sure when you talked to you bank last, rules did change May 1, new rules can be found here: https://www.business.govt.nz/covid-19/business-finance-guarantee-scheme/.

    One key thing to remember is that the Govt is not guaranteeing loans to the end user, only guaranteeing to underwrite 80% for the bank. Normal lending criteria will apply. “The Government Guarantee does not limit the borrower’s liability for their debt.”

    There are a ton of applications coming in for these loans to banks and they are swamped. Pays to keep hassling them and ideally not taking no for an answer (up to a point of course).

    Chris above would be a good chap to have a call with as he is very experienced, talking to someone who can navigate their way through is important.

    Also remember that there are two types of loans, Small Business Cashflow loan and a Business Finance Guarantee loan. You can apply for both.

    Good luck.

    Greg

      From the Govt Website:

    What is the criteria for the loan?

    Loans will be provided by banks to businesses that have urgent liquidity and bridging finance requirements caused by disruption to business as a result of COVID-19. See also: What loans will not be funded?

    Is the Government guaranteeing the loan?

    No. You will need to provide security for the loan as you would normally. The Government and participating banks have agreed to share the risk in case of default only.

    What kind of security do I need to provide for the loan?

    While banks remain in control of their own lending decisions and may have their own requirements, the Government original expectation that lending over $50,000 would require a general security agreement has been removed.

    If the Government is guaranteeing the loan, why do I need to provide security?

    The Government Guarantee does not limit the borrower’s liability for their debt.
    The Government Guarantee only applies to any shortfall the bank has, after it has exhausted all normal avenues to recover the debt in the event of a default by the borrower.

    Can I have both a Small Business Cashflow loan and a Business Finance Guarantee loan?

    The schemes are complementary. Businesses should evaluate each scheme against their specific needs. The Government has funded specialist consultancy support services to provide advice to businesses who need it. You can use the Boost tool to find out what services are available in your region.

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    Hi – Your business model sounds great, you have identified a niche and a need, well done. Family owned SME businesses are very personal, getting in front of owners will be key. You seem to have correctly identified how to get your messages out, crafting those messages is definitely important.

    Prior to the lockdown, do we assume that you had a set of messages and were already communicating with your potential clients? If so, what do you think you need to change?

    Where are you based, I would be interested to meet up and discuss what you are doing as my firm is involved with many family owned businesses and we are often asked for help around governance?

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    Ouch

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    Contact David Kelly (david@zeald.com), they are offering extremely subsidised (free) websites as a way to give back during Covid.

    Their pitch:

    GEM = Get Ecommerce Movement = help Kiwi SME’s achieve rapid digital transformation so that NZ experiences a digital revolution = starting with an initial batch of 500 free ecommerce sites.

    Zeald are a great company to work with, hope it goes well for you.

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    Contact David Kelly (david@zeald.com), they are offering extremely subsidised (free) websites as a way to give back during Covid.

    Their pitch:

    GEM = Get Ecommerce Movement = help Kiwi SME’s achieve rapid digital transformation so that NZ experiences a digital revolution = starting with an initial batch of 500 free ecommerce sites.

    Zeald are a great company to work with, hope it goes well for you.

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    Contact David Kelly (david@zeald.com), they are offering extremely subsidised (free) websites as a way to give back during Covid.

    Their pitch:

    GEM = Get Ecommerce Movement = help Kiwi SME’s achieve rapid digital transformation so that NZ experiences a digital revolution = starting with an initial batch of 500 free ecommerce sites.

    Zeald are a great company to work with, hope it goes well for you.