10 Amazing Facts About Small Businesses in New Zealand

With New Zealand ranking #1 in the World Bank’s 2017 Doing Business Report this year, it has proven to be an attractive place for small business owners. We have put together for you some amazing key facts about small businesses in New Zealand.

How easy it is for a Kiwi to start a small business:

1. Small business in NZ have good access to financing, with 86% of those who requested debt financing, and 76% of those who requested equity finance, reporting that it was approved.

2. According to the 2017 Doing Business report, it only takes half a day for a married man or woman to start a new business in NZ

How New Zealand small business are made up of:

3. 70% of all NZ Enterprises are sole traders and therefore have no employees. That’s over 353,000 Small Businesses.

4. Small businesses have the largest share in property rental, hiring and real estate, making up the largest share of small businesses industry – that’s 105,777 small businesses.

5. There are 410,109 self employed small businesses in NZ, with 45% over age of 50.

How New Zealand small businesses are growing:

6. 20% of small businesses increased their employee numbers in 2016

7. 71% of small businesses expect to grow in 2017

8. 11% of NZ Small Businesses expect to introduce a new product, service or process unique to their market or the world in 2017

9. 21% of NZ Small Businesses expect revenue from overseas sales to grow in the next 12 months, a change in revenue might affect the level of cover your business requires.

The average life span of New Zealand small businesses:

10. Only 50% of Small Businesses are still alive after 10 years.

With all these exciting facts about small businesses in NZ, you can see you are in great company!

As a small business owner ensure you review your insurance cover regularly. Getting insurance has never been easier – get quotes from top NZ insurers in just a few clicks or a phone call! Compare Quotes now.

 

Data source: Ministry of Business Innovation & Employment. Small Business In New Zealand – How do they compare with larger firms? https://www.mbie.govt.nz/assets/30e852cf56/small-business-factsheet-2017.pdf