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Module 4: Make sure you make money

Planning for financial success

You may love your work, but you can only do it long-term if you make money. You’re not creating a job for yourself. You’re creating a valuable business that one day you may sell on and make a profit from — a business worth more than the sum of its parts.

This module, we’re getting into the money side of things. Dealing with cash flow and profit/loss isn’t particularly exciting for many people, but as a business owner, that’s part of the deal. And it’s an important part — refining your money plan can be a big opportunity for growth.

How much will you charge?

Setting your price can be complicated. Of course, you need to price to attract customers. But it’s equally important to cover your costs and make a profit.

Have you looked at your competitors’ prices? Choosing to charge more or less than them could be one of your unique selling points. Sometimes, people will pay more for a product that feels exclusive or that is branded to emphasise quality.

What to think about when setting your price

Will you be able to cover your costs?

Will the money you expect to make be enough to cover your costs? If you are funding your business without outside help (bootstrapping), things are likely to be tight at the start. You’ll need to know the point at which the money going out equals the money coming in. That’s your break-even point.

Break even point calculator(PDF 61.4KB)

How will your income and costs vary over time?

Now you know how much money’s coming in, you can match it to the money going out. Money in and money out is called cash flow. Successful businesses understand their cash flow. They make sure they have enough money to pay their bills.

Information to help forecast your cash flow

How can a business plan help?

Statistically, your business is more likely to succeed if you have a business plan. Investors expect to see a thorough business plan. It shows them you’re serious, conscientious, and investment-worthy.

Using our business plan template you’ll summarise your idea and what makes you different, describe your target customer and how you’ll reach them, set your business goals, clarify your strengths and weaknesses, and sort out the money side of things.

How to write a business plan

Resources

Business Start-up package

And when you're ready to get you're business off the ground talk to us about the ANZ Business Start-up package.

Business Start-up package

Free business start-up guide

Essential info to get you started in a handy guide.

Start-up guide

Any questions?

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Read previous topics

Exciting, energising, and terrifying all at once

Starting a new business is incredibly exciting. It can also be terrifying — one in four small businesses fail in the first three years. But with good information and planning, you’re much better placed to find your business niche.

Module 1 - Exciting, energising, and terrifying

Define your uniqueness, then tell customers

Now you know why you want to be in business. In this step, let’s think about who might buy from you, how you want to come across, and why customers would choose you over someone else.

Module 2 - Define your uniqueness, then tell customers

Focus on people and relationships

Businesses that succeed focus on people: customers, employees, mentors. Aim to build trusting relationships to keep people loyal to you. This step focuses on the relationships that increase your business’s chance of thriving in the early days.

Module 3 - Focus on people and relationships

Important information

The material is for information purposes only. You should seek professional advice relevant to your individual circumstances. While ANZ has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, ANZ does not accept any responsibility or liability arising from your use of this information. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 269 249, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see anz.co.nz/fapdisclosure