Establishing new businesses

Helping to establish new businesses will build the economic activity of the community. Often there are people who have a fledgling business in their garage or spare room that could get onto ‘Main Street’. There might also be ‘gaps’ in the local business mix that encourage people to leave town to shop elsewhere.

Access to information technology and broadband is very important for developing new businesses that can trade nationally from rural areas. It is also important for the establishment of businesses in the developing ‘knowledge economy’ such as advisors, accountants and consultants.

All new businesses need a level of demand to be viable, and careful business planning and detailed feasibility studies are essential. There is a range of things your community can do to help:

• Develop mentoring schemes for local entrepreneurs
• Establish community investment funds for new business development
• Negotiate the availability of venture capital
• Arrange for sharing of equipment and premises for new business
• Train community members in business skills and access to finance
• Seek information about funding schemes for new business
• Consider a ‘business incubator’ where establishing businesses share premises and equipment
• Make vacant buildings or underutilised resources available for new businesses
• Form a new business group or support network
• Consider existing skills and ‘hobbies’ that could be turned into a business, such as woodturning or craft.

Extra resources

• Funding for telecommunications infrastructure and skills is available through the Commonwealth Government’s $1.1 billion Connect Australia funding program for telecommunications in rural and regional areas.
• Indigenous Business Australia works closely with the private sector and local community groups to foster economic independence among Indigenous Australians.
• Getting Started in Business is a free information session run by the Department of State Development at locations around the state for people thinking about starting a business or beginning to establish one. The session outlines where you can get information to help you think about or start up a new business. A list of current workshops can be found on the site.
• Mentoring for Growth (M4G) is another free program run by the Department of State Development to assist businesses that are in rapid growth phase or have a high potential for rapid growth.