Steps to starting a business

Starting a business can be one of the most exciting times of your life, but also one of the most overwhelming. While success doesn’t happen overnight, the first step in getting there is being properly prepared.

Before contacting IBA, it’s important to do your research. Knowing the details of your business industry, who your competitors might be, what your goals are and what you’re going to need to bring it all together is essential so our team can assist you. A great resource to help you put your thoughts onto a page is to use a Business Model Canvas.

To help you get business ready, IBA also has a range of workshops available.

Business Support
Once your business idea becomes more established, IBA can work with you to understand your business goals, develop your ideas and identify what type of support your business may need to remain successful. Our Business Support team can also link you to other networks and resources to get you information and support to help you hit your goals and provide access to an external business consultant to provide your business with the following types of specialised support.

Business Finance
When you’re ready and have a solid business strategy and plan in place, IBA has a suite of financial products that can assist to make your business ideas become a reality. This could include access to:

  • Start-Up Finance Package – designed to help new businesses get off the ground, this package can include up to 30% of a new business loan awarded as a grant. The loan amount can be up to $100,000 with a maximum loan term of seven years, with low-interest rates and flexible terms. Loan repayments will be structured to suit the purpose and cash flow of the business. The grant component is available to cover capital expenditure items. This package is targeted specifically at small to medium start-ups that have been trading for less than two years and with less than $400,000 in annual turnover.
  • Producer Offset Loan – designed to assist Indigenous owned production companies to finance eligible Australian documentary, film or television projects. Provided to complement investment from Screen Australia, any state government film-funding agency or broadcaster. If you’re an Indigenous producer or director, now your projects and stories can get the support they need.
  • Business Loan – designed to assist you with working capital requirements, purchase of existing businesses, plant and equipment, and other commercial assets, so you can start planning your business future right now.
  • Performance Bonds – if you are successful with a tender and the beneficiary requires you to provide a bank guarantee or bond for five per cent or more of the value of the contract, IBA may able to either issue the bond directly to the beneficiary, or provide the funds to a bank to issue a bank guarantee on your behalf.
  • Invoice Finance – invoice finance provides businesses with revolving cash flow based on the value of credit sales or major contracts. IBA can provide invoice finance to assist Indigenous-owned businesses to take advantage of new contract or sales opportunities that may otherwise be out of reach.

Remember, before you get in touch with your local IBA Business Support officer, do some basic research first and have a good understanding of your industry, level of experience, what resources you may need to get started and how much revenue you’re hoping to achieve in your first year. Having this information written down and ready to go will make it much easier for our team to help you on your business journey.

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