BUSINESS READY

The first thing to remember is to keep your idea confidential. Don’t tell anyone unless you’re prepared to risk someone else profiting from your idea and setting up in competition against you.

You might have an idea for a new product or service, a better process or a smarter marketing strategy, but keep your idea confidential in the early days until you’ve sought protection. Not only will this keep your idea safe from others until you are ready to move forward, but it will ensure you don’t jeopardise your ability to patent your idea because you’ve disclosed it publicly. See page 19 for more information about premature public disclosure.

If you do need to disclose your idea, make sure you use a confidentiality agreement. For more information on confidentiality agreements, refer to the previous section.

What can you do if your secret gets out?

Obtain professional advice quickly. Depending on the circumstances, you may still be able to obtain patent, trade mark or design protection. If you have taken the right steps then your confidential material should be well protected. However, court action could be required for breaches of confidential information. Taking court action should always be seen as a last resort so it’s wise to seek legal advice and then weigh up the costs of taking legal action (which can be high) against any losses you may incur.

Assessing Business Skills

Starting up a business can be a challenge. You need to examine whether or not you have the business knowledge to start a business with your new idea. Help is out there. Contact these organisations to find out more about what it takes to start a new business:

Business Enterprise Centres (BECs) main role is to provide help to small businesses, principally through a free advisory and counselling service, both to people wishing to start up their own business and those already in business. Other services offered include skills training courses, seminars and managed workspaces that provide on-site management and a range of services on a short-term lease basis. Visit www.beca.org.au to find the BEC nearest to you.

The Federal Government’s New Enterprise Incentive Scheme (NEIS) provides unemployed people with a three month course in small business management. This could translate into a grant of a year’s income and rental support up to $10,000, unaffected by any profits made while the business is being set up during this period. For more information visit www.jobsearch.gov.au

TAFE courses include a Certificate in Small Business Enterprise in which you learn to determine the feasibility of a small business idea and to develop an operational business plan. You'll learn to manage the day-to-day operations of a small business. The course offers a range of electives to enable you to investigate special areas of interest in your enterprise. Courses are also offered by correspondence. Find contact details for TAFE institutions in your local telephone directory.

The Small Business Answers program is run by the Federal Government and provides practical on-the-ground assistance for small businesses across Australia, particularly in regional and rural areas. The Small Business Field Officers can help you find where and how to access relevant federal, state and local Government information and support. See www.ausindustry.gov.au to find a Field Officer in your area.

Government websites contain a wealth of information on small business issues such as starting and running your business, tax, planning and regulatory requirements. Visit www.business.gov.au, www.innovation.gov.au and www.smallbusiness.gov.au for more information.

The Australian Bureau of Statistics is a good place to find economic figures on particular markets or industries. Visit www.abs.gov.au for more information.