Business Ownership

’There’s no doubt that if we didn’t know IBA… we would not be where we are today. But you need to bring something to the table in the first place. You need necessary skills and the drive to put the hard yards in’. – Wayne McGinness, Aboriginal Steel Art

IBA’s Business Development and Assistance Program assists Aboriginal and Torres Strait Islander people to access the skills, knowledge and resources required to start and grow a viable, sustainable business.

Across each stage of the business life cycle, IBA staff can help you review your personal circumstances and identify what further guidance and advice will assist you to achieve your business goals.

Come along to a business info session near you to talk about what it takes to be in business, what steps are required to develop an idea into a real business and to find out how IBA can assist.

We also offer finance to eligible customers to support business start-up and growth.

IBA is keen to assist Indigenous Australians at all stages of business, whether you are preparing for business ownership, in the early stages of business development, or wanting to grow your existing business.

Eligibility

To be eligible to participate in the Business Development and Assistance Program:

  • at least one applicant must be of Aboriginal and/or Torres Strait Islander descent
  • at least 50 per cent of the ownership of your business must be by a person(s) of Aboriginal and/or Torres Strait Islander descent
  • individuals cannot be an undischarged bankrupt or under consideration for bankruptcy
  • incorporated bodies cannot be under notice of external administration or investigation.

The business ownership life cycle

Each stage of the business ownership life cycle brings unique challenges that require planning and a shift in focus by the business owner.

IBA’s team of in-house specialists can work with you to determine what training, skills and resources you may need to transition through the business ownership life cycle.

For example, for someone considering starting a business this might involve assessing your readiness for business ownership – your business idea, capabilities, business acumen, personal attributes, and assessing the research and preparation you have already undertaken.

Successful business owners often answer “yes” to the following questions:

  • Are you a self-starter?
  • Do you have a well-developed business concept or plan?
  • Do you have experience and skills in operating a business?
  • Do you have supervisory or managerial experience in your chosen industry?
  • Are you customer-focused and a good communicator?
  • Do you have experience with managing money and budgets?
  • Are you aware of the risks and challenges which small business owners face?
  • Do you have a passion to succeed and a willingness to learn?
  • Do you understand the commitment required to run a business?

IBA and the business life cycle

Image - Business Ownership Life Cycle_Feb 2016

Services we can offer

After discussing your individual circumstances and identifying what stage of the business life cycle you are at, IBA can provide an assessment of the resources and assistance you will need to achieve your business goals.

We may also work with you to develop an action plan that will assist you to achieve those goals and better equip you to make informed decisions about your business future.

Our services can include:

  • Capability and skills assessment.
  • Access to business resources.
  • Business and industry insights/market intelligence.
  • Commercial finance options such as concessional business loans and asset leasing.

Next steps

Being clear on your business goals, and gathering your documentation together prior to having your business conversation with IBA will maximise the advice and assistance we may be able to provide. Or download our Your Business and IBA factsheet (PDF 876KB, new window). Contact us today to discuss how we can work together to realise your business aspirations.

Return to top