In recent years, there has been an increase in young Australians going into business, particularly in the construction, transport, information technology and telecommunications industries. As well as needing expertise in their chosen field, these young entrepreneurs need to be business savvy in order to succeed. Many are finding out that there’s a lot more to running a business than they first thought.
Government agencies, including the Australian Taxation Office (ATO), Australian Securities and Investments Commission (ASIC) and the Department of Industry, Innovation and Science, recently partnered with young small business owners to form a fix-it squad. The squad explored how Government could help young Australians starting a new business and worked together to bring some helpful new products to life.
People starting a business can download ASIC’s First Business app or visit the “Plan & Start” page on business.gov.au for valuable information including:
· checklists to help with setting up a business
· ideas for developing business networks, and
· advice about planning and setting goals.
New small business owners now receive additional support with the New to business essentials email service. Starting after they register for their ABN, the service delivers timely, relevant and helpful government information at key points over 12 months. This gives new small businesses a greater chance of success.
While these products were developed with young Australians in mind, they’ll be helpful for anyone starting a business, saving them hours of research on topics such as business planning, government responsibilities and record keeping. It’s been estimated that these products will save the Australian small business community around 1.5 million hours a year, giving new business owners more time to grow their business or spend with their families.
Got any ideas about how Government could make things easier for small business? Send your thoughts to SmallBusinessConsultation@ato.gov.au