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The Australian Securities and Investments Commission has unveiled a new mobile application to support young Australians starting a new business.
Launched by ASIC chairman Greg Medcraft yesterday, the ‘First Business’ app by ASIC’s MoneySmart was developed in collaboration with the Australian Taxation Office to assist young people considering going into business for themselves.
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According to ASIC, the free mobile app provides practical tips, checklists, case studies and links to additional information relating to developing and running a small business.
Commenting on the development of the app, Mr Medcraft explained: “ASIC’s vision is to allow markets to fund the real economy and economic growth. Small businesses play an essential role in this and account for around 45 per cent of employment and 35 per cent of output nationally.”
He added: “We also know that a large number of new sole trade and micro-businesses are started by young adults. A lack of business knowledge, experience and planning are some of the challenges they face when starting out.”
Mr Medcraft elaborated that ASIC is aiming to support young people to be successful in business by providing them with access to tools and resources to enhance their financial capability.
The key features of the ‘First Business’ app include:
- a business health check to help young people decide if they are ready to start a business;
- a starting your business checklist to assist with ongoing obligations, including registrations, licences, tax and super responsibilities and legal requirements;
- business case studies including advice on what can go wrong and how to avoid this; and
- a networking section with tips and ideas on how to develop your business network.
The app is available now on the App Store and Google Play.
