New products are now available to help young Australians who are starting a business for the first time, Small Business Minister Michael McCormack says.
Coming on the back of a marked increase in young Australians going into business, particularly in industries such as construction, transport, information technology and telecommunications, the Australian Taxation Office (ATO) has made the process even easier to help young people have a go.
"When starting your business – just like I did – you are pursuing your dream. This can mean new businesses, especially young people, need some guidance in getting it right," Mr McCormack said.
"I want our young people to go out on their own into small business with their eyes wide open, giving them the best chance of success."
Government agencies, including the ATO, Australian Securities and Investments Commission 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.
- checklists to help with setting up a business
- ideas for developing business networks, and
- advice about planning and setting goals.
"Every day I am inspired by Australian small business – particularly young people who take the risk and have a go, which is why these new products are geared to help," Mr McCormack said.
"New small business owners can now also receive additional support with the New to business essentials email service. Starting after they register for their Australian Business Number (ABN), the service delivers timely, relevant and helpful government information at key points over 12 months. This gives new small businesses better information and a greater chance of success."
Mr McCormack said simplifying help for small business is a focus of his as Small Business Minister.
"I have been there, starting out and hoping your risk and your dream pays off. That’s why I know the great thing about these products is that while they were developed with young Australians in mind, they’ll be useful for anyone starting a business," Mr McCormack said.
"Estimates say 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 – which are some of the best investments they can make.
"I encourage anyone planning to start a business to have a look at these great new products and start their small business with their best foot forward."