Chris Wilkinson: First Retail Group Managing Director on 62 thousand companies being incorporated in the year to July
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Why are over 62,000 new companies being started despite a weak economy?
Question worth asking. Around the state of the economy, if things are so bad, why are so many of us starting businesses? And we are sixty two thousand and sixty one companies were incorporated in the past year. This is the most since twenty twenty one. There's almost nineteen hundred new construction firms, more than a thousand cleaning companies, six hundred and twelve restaurants, six hundred and one clothing retailers. Chris Wilkinson is the first retail group managing director and he's with us. Chris, morning. G'day Mike.
How is the gig economy lowering barriers for new entrepreneurs?
Stats don't lie. I mean everyone's open up a business. What's going on?
Oh look well there's three three key drivers I think Mike. One is the the gig economy is reducing the barriers. And secondly we've got inflation bringing that GST threshold closer. So it's pushing people into make decisions about their businesses. And that third is people wanting to uh regain control in life and self employment.
What role does inflation and the GST threshold play in prompting people to launch businesses?
So regain control is interesting because the media will tell you life is miserable, we're not spending any money, the economy's in the doldrums. What you're telling me and what these numbers show me is people march to their own tune. Is that fair?
Yeah, yeah, absolutely. We're seeing it across all the communities we work with around New Zealand and overseas as well.
Are you seeing anything within these categories? I mean, is is w nineteen hundred construction firms, is that just Bob and his mate who's got a housing contract, he wants to go back building housing again?
Well, a as a lot of these big contracts start to wind up, these guys are coming out of those or guys and girls coming out of these projects and going, What are we gonna do?
Why are immigrant communities and provincial areas seeing a surge in new businesses?
Starting up their own businesses is really one of the only choices they have. Yeah.
Immi the immigrant community, I had a conversation with some immigrants the other day and I find it interesting. Is is there an attitude within the in immigrant community that opening a business is just what they do? And there's no shame in opening one and closing one and opening one and closing one. There's a bit of that about it and therefore th th that's just the way they think about business.
It's significantly. And in the provinces we're seeing a lot more immigrants um opening businesses
Is the rise in start‑ups a positive sign for New Zealand’s economic outlook?
street businesses, service businesses, those types of things. Is this bullish? Are you, you know, fizzed up by this? Oh look, I think it's positive. I I always find it positive when we're working in a place and see someone who's open to business um and they want to make a go of it where other people didn't see those opportunities.
Yeah, good stuff. All right. Nice to talk to you as always, Chris. Chris Wilkinson, First Retail Group Managing Director.
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Chapters
5 chapters
1
Why are over 62,000 new companies being started despite a weak economy?
0:00–0:24
2
How is the gig economy lowering barriers for new entrepreneurs?
0:24–0:46
3
What role does inflation and the GST threshold play in prompting people to launch businesses?
0:46–1:25
4
Why are immigrant communities and provincial areas seeing a surge in new businesses?
1:25–1:54
5
Is the rise in start‑ups a positive sign for New Zealand’s economic outlook?
1:54–2:24
Speakers
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