Do you have a great business idea that’s just a bit of professional advice away from being the next big thing? Or maybe you’ve got the idea and know what you’re doing but need a few bucks support while you make it all happen. Either way, if you think you’re onto a good thing and need a bit of help kicking it off, the New Enterprise Incentive Scheme could be just what you’re looking for.

The New Enterprise Incentive Scheme (NEIS) is an Australian Government funded support program for budding entrepreneurs. To be eligible you just need to be receiving some sort of government payment (or you can apply for one) and be interested in starting and running a small business.

Free education (a much rarer commodity than it should be), a year’s income support, rental assistance and business mentoring are all included in this fantastic resource.

Lab FiftyFive is just one of the over 100,000 viable small businesses that have sprouted from the program so far. Jack Searls, co-founder of web design and development company Lab Fiftyfive, says the program's benefits go far beyond just financial support.

“Never having run a business before, the course component was probably the most valuable part for us.” Searls says, “There were so many things we didn’t know how to do, or even that we had to do them. Quarterly BAS statements, company banking, the advantages and disadvantages of registering for GST...the course was really good.”

Once accepted for the program, you’re allocated to a NEIS provider who helps you decide whether you should kick off a Certificate III in Micro-Business Operations or a Certificate IV in Small Business Management, depending on what sort of business you’re planning. During this training you put together a business plan to be approved by your provider.

If you’ve already had business training or prior experience in the world of commerce, you may be eligible for prior learning exemptions. Either way, once your plan’s approved, your business can board the gravy train of government assistance.

You’ll receive business mentoring and support during your first year of operation, an allowance for up to 52 weeks and may even be entitled to up to 26 weeks rental assistance. All this for following your dream...pretty sweet.

“The allowance is a massive help because you don’t have to be working on the side to support yourself. The income allows you to concentrate 100% on the business” Searls says.

In case you’re wondering, the NEIS allowance is equivalent to the single, 21 or over, no children rate of Newstart Allowance (currently $486.80 per fortnight) and isn’t affected by income from your business.

As for the mentoring and support, it’s delivered by professional, experienced business people across a broad spectrum of business skills. This is one component Searls says he would make better use of next time given the opportunity.

“The onus is really on you when it comes to seeking advice and getting the most out of these guys.” Organisational, marketing, finance, accounting and strategic advice is all on tap from the mentor group.

So if you’ve got an entrepreneurial streak and have ever dreamed of starting something yourself, think seriously about giving it a crack today. Never has the outlay and risk been smaller thanks to this great Government initiative.

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