October is Indigenous Business Month, an initiative created by the alumni of Melbourne Business School's MURRA Indigenous Business Master Class to showcase the success and impact of Indigenous businesses.
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Indigenous Business Month is now in its eighth year and this year's theme is Actions Today, Impact Tomorrow, to inspire and support the next generation of First Nations business leaders.
Ungooroo's Aboriginal Business Advisory Initiative Manager, Craig Layer, says the benefits of Indigenous-owned business goes beyond just the economic.
"The Indigenous business sector provides more than just an economic impact in communities. These businesses create opportunity for local employment and leadership, they showcase innovation and preserve cultural knowledge and they can foster community and mentorship," explained Mr Layer.
Research from the University of Melbourne found there was a 74 per cent increase in the number of Indigenous businesses in the twelve years from 2006-2018 found and more than 22,000 jobs were created.
"These businesses offer a range of services for their communities. This might be providing health and social services in a culturally sensitive way or through art and tourism which helps preserve traditional knowledge and practices and educate the broader community about the world's oldest living culture," explains Mr Layer.
Ungooroo's Aboriginal Business Advisory Initiative (ABAI) program offers on-to-one local and culturally appropriate business coaching and advice to Aboriginal and Torres Strait Islander peoples and business owners.
"Our business advisors all have experience in small business operations and management, and we work closely with local industry, business development and government agencies to help Indigenous businesses along every stage of their business journey.
"We work with people who are at the start-up stage, doing their market research and developing a business plan through to business owners who are already up and running and need help developing their marketing strategies or ongoing training. For businesses that are established and looking to expand, we can identify procurement opportunities and support the business in building capacity to bid and win contracts.
"By supporting Aboriginal-owned businesses, you are contributing to the economic growth of the sector and providing opportunities for Indigenous communities," explained Mr Layer.
During October, Ungooroo will be highlighting Indigenous businesses across the region. Find out more on their Facebook page and learn how the ABAI program is supporting Indigenous business at www.ungooroo.com.au
