Do you have a business idea?
Do you have a great business idea but you need some help to get you started? BTIB is committed to supporting your new business venture and we want to work together with you to get the best outcome. After all, we want you to be successful.
Together, Government encourages indigenous Cook Islanders like you, to start your own business and by doing this, you will be creating opportunities and contributing to the Cook Islands’ economic growth. Well done for taking the first step!
The following is a guideline, a few steps to support you in your business startup journey. BTIB also offers business funding and can assist you with the things you need to get your business started. This also includes a simple process so you can understand what is required in order for your application to be successful.
Here's what to do next...
1. Do your research
Find out if your business idea is going to work. Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.
2. Understand your target customers
Know your competition. Understand what makes you unique in the marketplace. Understand your customers so you can deliver top-class product or customer service, improve loyalty and your reliability to deliver these products and obtain great recommendations about your business.
3. Write your Business Plan
Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. This will help you lay out your business goals and how you will achieve them. It’s important to make sure you have a sales and marketing plan, the product for the right customers so that your business is a success. For a Business Plan Template, we can help you get started. Click here to download a Business Plan Template.
4. Fund your business
Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the funds. Fortunately, there are more ways than ever to find the capital you need to help you get started. BTIB offers a “soft loan” called a Business Support Loan. For more information, please click here to direct you to how to apply for a loan.
5. Manage your cash
Knowing how to manage your cash flow is such an important step. Set up a basic way to record money you have earned and spent. Helps you to keep track of all your transactions. These critical numbers tell you just how much is coming in and how much is going out of your business.
6. Pick your business location
Your business location is one of the most important decisions you’ll make. Whether you’re setting up a new building for your business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
7. Choose your Business Structure
Are you a sole trader? Partnership or Company? The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability. Choosing the right structure for your business is important.
We have provided you with a link to help you register as a SOLE TRADER or a PARTNERSHIP. Below is the link to Ministry of Justice – for setup as a Company.
8. Register your business with MFEM
Income Tax, Valued Added Tax, and PAYE tax can be a little daunting when you are in business. Learn the basics of business taxes and understand the different tax terms. Ministry of Finance & Economics Management (MFEM) can help you with your tax requirements or any questions you may have. For MFEM, Click Here. BTIB also offer workshops to teach you how to keep records, taxes and organise yourself so you can stay on track.