New research from the Commonwealth Bank reveals a significant rise in new businesses, with young entrepreneurs dominating the figures.
The bank recorded a 10.4 per cent jump in new business transaction accounts in the last financial year, with almost two-thirds initiated by Millennials and Generation Z.
New business owners are looking for extra income (51 per cent of owners), but they are also looking for new opportunities that give them more control, freedom and independence over their career (23 per cent), CBA said.
Starting a business can seem like an intimidating project, but there are a number of resources available to help guide prospective entrepreneurs and streamline the process of setting up a business.
The Small Business Commission has put together a collection of important information, support and materials to help get your venture off the ground. See our guide to the Basics of Starting a Business.