today we have a guest post from our expert partner in administration, kelly evans from mary poppins - virtual assistant. she is sharing some great info about the NEIS program in australia. if you live in another country start by checking with your local small business support centre, your local government office, or do a search online for small business grants/schemes in your area. from this post i would say it is well worth having a look!
I had never intended to join the NEIS Program. I had a vague idea in my mind about what it was about and I didn’t really think I would be eligible (or that it really was for me).
NEIS stands for the New Enterprise Incentive Scheme and now that I have been through the program – I would highly recommend it!
I had actually called my local Business Enterprise Centre for some advice on a business I was thinking of setting up, and ended up having a meeting with one of their business mentors. He gave me a totally new perspective on my ideas and at the end of our meeting suggested I look into the NEIS Program!
There are some eligibility requirements – like you need to be eligible for a Centrelink payment (like Parenting Payment or Newstart) so it is not for everyone. If you are in doubt check with your local Centrelink and you might be surprised. You also need to have a business idea…
Simple right? You fill in the application form, complete a few weeks training (provided free) and then you get paid a fortnightly NEIS allowance (currently $486.80 per fortnight) – regardless of your business income (yep you can even earn a million), for a full 52 weeks! It’s great to have that payment as a backup, to give you the space to focus on your business (and if you’re renting you could also receive 26 weeks of rent allowance).
The initial course gets you set up with your business basics, you develop a business plan (covering market research, marketing, operations and finances - including budget projections).
If your original business idea appears to be not too viable over the course of training, they will help you evolve your idea so that it will be profitable (and it’s always much better to change your offering at the start of your business, before you have made a loss).
As part of your training you receive a qualification too (either a Certificate III in Micro-Business Operations or a Certificate IV in Small Business Management - depending on your NEIS provider).
Also included is free business mentoring and support during your first year (as part of the Scheme). I was quite surprised to receive a professional mentor with a wealth of experience, and she was very easy-going and approachable. She is always there to encourage me and suggest new paths.
For me the NEIS Program has supported me to grow and evolve my business, and given me the courage to try things I wouldn’t previously have thought of. If you have a business idea and you qualify – I say go for it! Give NEIS a try, and see what you can do!
For more info on the New Enterprise Incentive Scheme
Kelly Evans is a virtual Mary Poppins. A qualified trainer, assessor and book keeper, with over 10 years experience in administration in both the private and public sectors. Her mission is to make small business easy with quality administrative assistance. Visit www.virtualmarypoppins.com.au
if you are like most little biz builders, you probably have some big ideas for growing or improving your business, but for the one thing that is holding you back. money.
(or maybe it’s time, which is money… you can’t pay for someone to do it so you must DIY. so time is money. and there never seems to be enough of either!)
what if you could find some funds for your little biz? perhaps to get your product made, or to purchase equipment, or to get your ecommerce site up and running, or to hire outside help, or whatever you have in mind…
before you go after any funding, and no matter where you decide to look for funding…
create a plan.
get serious about your numbers and get your plans on paper. include:
your short term & long term goals – include the materials, strategies, skills and systems you need in place to make them happen
projected costs for the materials/strategies you need to reach those goals (include ALL of your costs –overhead, materials, marketing, training, ongoing costs your business has… everything)
current & projected numbers – sales, website traffic, subscriptions, downloads etc.
create a pitch.
get serious about your biz and exactly what it is you have to offer. include:
your product – what are the features & benefits? how does it solve problems?
your target – who exactly needs/wants what you have to offer, whose problems are you solving?
the marketplace – how does your product & business fit in with what is happening in your niche (any competitors or complementary business)? what is your point of difference? what existing objections/fears do people have about your product and how can you address them?
you – what expertise do you contribute to the marketplace? what value do you offer? what are you passionate about (in relation to what you sell)?
your brand message – how do all of those 4 things come together to create your unique brand? how do you stand out? what is it you want to tell the world about your business? what is your promise?
your plan and your pitch will make it much easier to approach anyone for funding, build your confidence in what it is you offer, and make it easier to figure out exactly what it is you need to do.
note: if you apply for grants, approach possible investors, or ask someone for a loan you will want your business plan and your pitch to be perfect. consider getting the help of a copywriter or a business mentor to increase your chances of success!
now, where to find funds:
1. grants
grants are often geographically based via your city, your state/province, or your country. so one of the best place to start looking for grants is local – visit your local chamber of commerce or business development center (in australia we have business enterprise centers which are a wealth of information).
investors can add a much needed financial injection into your business. the trick is finding them! you could ask family members or friends, or you could seek an angel investor – someone with capital who is looking to invest in your idea. there are a variety of online sites that can be helpful (or do a search for ‘angel investor & your region’)
funding circle – a peer to peer business loans provider (UK)
golden seeds – a network of angel investors dedicated to investing in early stage companies founded and/or led by women (US)
seedcamp – an early stage mentoring and investment program that engages startups through monthly events (worldwide)
business angels – matching growing businesses with investors & developmental support (AUS)
the key will be to plan out exactly what you need from an investor and what you will offer in return. one benefit of having an investor is the potential to have additional skills & expertise added to your business along with financial support – where your investor can also be a partner or advisor.
no matter what, this is an area where legal advice will be necessary, even if you are just getting an investment from a friend or family member. you will want to be very clear what your rights and responsibilities are, as well as the rights & responsibilities of your investor.
find out more about angel investors here and here. and the mogul mom has some great success stories here!
3. crowdfunding
crowdfunding might be the perfect way to find funds for your business, particularly if you are not looking for a partner or an advisor, or wanting to give away profits or shares. crowdsourcing can make it feel a lot easier to ask friends, family and fans to support your venture.
there are some fantastic sites that will help you pitch your idea to your fans, set up excellent rewards to those who pledge to help you, and share your pitch easily on social media. (these sites keep a percentage of funds raised or have a fee associated with them.)
these sites all work on the premise that no funds are processed until your goal is reached.
check the site FAQs to find out what types of projects can be funded
look at other projects to get ideas for how people have pitched their projects and the types of rewards they offer in exchange for a donation of funds.
use video, audio or images to make your pitch appealing.
a crowdfunding success story:
megan henry, one of my lovely readers, is using pozible to crowdfund her business Littlesweet Baking. she reached her goal of raising $5000 in just 9 hours (which is a record for pozible), just by sharing her pozible pitch on her facebook page which she describes as being comprised mostly of exisiting customers plus some supportive friends and family. she recommends having great rewards and checking other projects to see what is appealing and what is not. not only has she far surpassed her goal with time still left, she has seen a jump in traffic and new customers. so cool! click here to see her pozible pitch.
another option:
if you have a wordpress site, ignition deck has a beta plug-in for crowdfunding from your own site. it works like the above platforms but you get to keep all of the funds raised and you benefit from the traffic to your site. it looks like a really cool option =)
4. get creative:
think outside the box to come up for with funding options that are flexible for your needs and creative enough to generate buzz and interest. treat these ideas as you would any other funding option: describe your plan, your goals, and exactly what you are raising money for; make an excellent pitch; offer a reward or incentive to people who offer funds.
people are often keen to support you, especially if they know exactly what it is they are supporting. be sure to share ‘what’s in it for them’ – ie don’t just describe what you need for your biz, explain how your plans will allow you to solve their problems, meet their needs.
include a donate button on your website – ask people who love what you do to donate, let them know exactly what you are putting the money towards and how much you need to raise. consider including a freebie or incentive for donating (such as an ebook, a printable or pattern etc.)
have a pay what you can option – share something valuable (tips, instructions, patterns, printables, an ebook etc.) and ask people to pay what they can if they found it useful
set up your own pay this-get this option, similar to how the pledges and rewards work for crowdfunding, only host it on your own site. (use the crowdfunding sites to get ideas for the types of items you could offer at different donation amounts)
find sponsors - offer them ad space, promotion, reviews of their products/services, referrals etc. in exchange for financial sponsorship. this works well if you find complementary businesses who have a similar target market or a complementary product/service to yours.
have a ‘firesale’ – create a digital product, offer a service or get rid of old stock and have a big push to sell it for a limited time at a great price. let people know how much you need to raise and why you are having the ‘firesale’.
(note you can use paypal to easily create a donate button or any other payment buttons. a site likeejunkie will allow you to automatically distribute digital products at set prices or pay what you can options. )
5. pull up your bootstraps
it might not be possible right now to get 100% of the funding you require – you might need to keep marching on until you have the numbers, information, or skills to back up your plans and prove that your idea is a viable one.
prioritize your goals and put your $$$ where you can get the most bang for your buck. for the other stuff:
consider hiring other biz builders who are just starting out - you help them build their biz/portfolio and you get a discounted price
find people to trade skills/expertise/jobs with – you help someone with your expertise and they help you with theirs
use micro-job sites like fiverr (US) 2BOB (AUS) 5squids (UK) or one of the many clones where you pay a small fee to get a job done - get a banner made, a facebook page created, a document edited etc. (just search fiverr or micro-jobs and you will find many to choose from. for most biz jobs your location doesn't matter!)
6. network
when it comes to finding funding, a lot of the battle comes from not being experienced. you have no idea how to write a proper, financially viable, business plan; no idea how to write an appealing, successful pitch; no idea how to go about finding grants or investors; no idea what to do when you do find one!
surround yourself with other business builders. find networking opportunities, build real relationships with the people you find online (call each other, skype, or meet in real life), find mentors in your niche.
as much as it feels scary to branch outside of our safe home office, if you are really serious about growing your business and finding funding, one of the best ways to ensure success is to learn from others. you will get leads, ideas, tips, and expertise… now doesn’t that sound helpful?
karen gunton
today we have a guest post from our expert partner in administration, kelly evans from mary poppins - virtual assistant. she is sharing some great info about the NEIS program in australia. if you live in another country start by checking with your local small business support centre, your local government office, or do a search online for small business grants/schemes in your area. from this post i would say it is well worth having a look!