Episode 21 transcript

Host: Hello and welcome to the official podcast of the Australian Securities and Investments Commission. On today's episode, we'll be discussing ASIC MoneySmart's new First Business App, which is designed to assist young people starting a small business. My name is Andrew Williams and joining me this time around is Miles Larbey, Senior Executive Leader of Financial Capability at ASIC. Miles, thanks very much for your time on the podcast.

Miles Larbey: Thanks Andrew, pleasure to be here.

Host: So why did ASIC create this First Business App? Tell us about it.

Miles Larbey: So the reason we've created this new app is to help build the financial capability of people, particularly young people, thinking of setting up their own small business. ASIC is the financial corporate regulator and our vision is to allow markets to fund the real economy and promote economic growth. And we know of course that small business plays an essential role in that, accounting for around 45% of employment and about 35% of output nationally. We also know that a large number of new sole trader and microbusinesses are started by young adults. Research shows that the lack of business knowledge, experience and planning are some of the challenges that they face when starting out in business. And so our new app, the First Business App, is designed to help address those challenges and provide young people with help with the financial decisions they'll need to make as a small business owner.

Host: So how does it actually work? Once you download the app, what are the features involved?

Miles Larbey: Sure. What the app does, in a very user-friendly and simple way, is to provide checklists, tips, case studies and links to information to guide you through starting and running your own business. So some of the key features of the new app are:

·         A business health check, to help you really work through if you're ready to start a business. Test your motivation and understand what's going to be involved if you go ahead and start up a business;

·         A starting your business checklist to help you understand your obligations as a small business owner, including things you might need to register – licences, taxation, superannuation and various legal requirements;

·         There's a number of business case studies, including advice on what can go wrong and how to avoid those pitfalls; and

·         Importantly, a networking section with tips and ideas about how to develop your business network. Because that's really essential, particularly for young entrepreneurs starting out.

Host: And where can people find it – if they'd like to download it, where is it available?

Miles Larbey: So you can download the new app for free via the App Store or Google Play. It's also available on business.gov.au and of course head to ASIC's  MoneySmart website, moneysmart.gov.au, for more information about the app and a whole range of tips and guidance, practical support for anyone going into a small business or indeed anyone looking for impartial, trusted help with their personal finances.

Host: Miles, thanks very much for your time on the podcast.

Miles Larbey: You're very welcome, thank you.

Host: We'll be back with another episode of the official ASIC podcast very shortly, thank you for listening.