Resources

It's so much easier to get started in your own enterprise if you have a Passion, a written Plan, some People to inspire you. This process below provides a basic outline of the steps you need to take to develop an idea into an enterprise.

Then we have provided a list of excellent resources to make it easier for you to find more information that will help you get started and stay on track.

  1. The idea. This doesn't have to be a brand new invention or new product. In fact, many successful small businesses have found a way to deliver an existing service more efficiently or economically or have customized an existing product or service.
    TIP: Think about what you love, what you would do all the time if you could, what your skills and talents are... Draw up a list of your strengths and weaknesses. Look at what other people are doing - who inspires you and who would you most like to be like... If you have a business idea check out who else is doing it and really research your place in the market...
  2. Planning. You don't need hundreds of pages with thousands of charts. Use the plan to research things like how much you can charge for your product/service, how much it will cost to produce or deliver (include variable & fixed costs), and the size of your potential market (i.e. # of customers). The plan should evaluate your competitors - how many competitors, how strong are they, where are they, how will you compete. The plan should state what is required to enter this market, barriers to entry such as high fixed costs (factories, restaurants) and government regulations that must be met.
  3. Funding. Your business plan will include a section on financing. How will you pay the costs to start and run your business? Do you need a bank loan? Use credit cards? Self finance? Also, you'll need to consider how much salary you need to support yourself while starting your business.
  4. Promotion. Marketing doesn't need to cost a fortune. Some businesses require very little. For example, your business may begin through word of mouth amongst friends. They tell a couple of people and then those people tell people and so on. You can also call the local paper and promote yourself as a young person using their initiative in the local community.
    SmartCompany (Open this link in a new window) has stacks of great ideas for getting your business up and running and specific sections for young entrepreneurs.
  5. Systems and Processes. Keep accurate customer records, a clean set of updated books and a technology foundation, if necessary. One of the downfalls of many small businesses is that they don't know if they're making or losing money.
Business Licence Information Service (Open this link in a new window)
The Business Licence Information Service (BLIS) is a free service that provides details of all licences you may require to operate your business in Australia.
The Enterprise Network for Young Australians (ENYA) (Open this link in a new window)
ENYA is a not for profit organisation run by young people, for young people, which supports and promotes the active participation of young people in enterprise, in an ethical and sustainable manner.
Vibe Wire (Open this link in a new window)
Vibewire youth inc. a non-profit Youth organisation, dedicated to providing increased opportunities for Australia's youth; encourages and stimulates an entrepreneurial spirit by unlocking the talents, imagination and creativity of youth as drivers of change, addressing important economic, environmental and social issues within their communities.
The FRANK team (Open this link in a new window)
The FRANK team provides business information for young people. Topics include e-commerce, marketing, networking and mentoring. They also profile young entrepreneurs.
The Source (Open this link in a new window)
The Source is a gateway to youth information, programmes, services, resources and entertainment for young people between the ages of 12 and 25
Young Achievement Australia (YAA) (Open this link in a new window)
YAA provides unique opportunities for young Australians to actively participate in enterprise programs.
Young Business Network (YBN) : inspiring and supporting the business generation (Open this link in a new window)
YBN is the central Western Australia portal providing business information and support for young entrepreneurs 18-25 years.
business.gov.au (Open this link in a new window)
business.gov.au offers is a whole-of-government service providing essential information on planning, starting and running your business.
Catapult (ABC Online) (Open this link in a new window)
Ideas, information and business tips for young entrepreneurs.
Consumer Youth Website (Open this link in a new window)
Consumer advice for 16 to 20 year olds, from the Office of Consumer and Business Affairs in South Australia.
FIDO's financial tips & safety checks from ASIC (Open this link in a new window)
FIDO is the consumer website of the Australian Securities and Investments Commission (ASIC).
GST essentials (Open this link in a new window)
The Australian Taxation Office's information page on the Goods and Services Tax (GST).
InnovatED: innovation in education (Open this link in a new window)
InnovatED explores the concepts of innovation and intellectual property by providing resources encouraging creativity and preparing young Australians, 9 - 13 years, for a future shaped by ideas. Includes lesson plans for teachers and areas for students.
Moneystuff NSW (Open this link in a new window)
The Money Stuff! website was developed to assist young people prepare for independent living by helping them deal with consumer responsibility and personal financial management.
ninemsn: Small Business (Open this link in a new window)
Small business information from ninemsn.
Office for Youth - Victoria (Open this link in a new window)
The main site for access to information, news and services offered by the Office for Youth, Department of Planning and Community Development.

This list came from My Future (Open this link in a new window)