If you are dealing with a non-real universe, such as star wars, D&D, or WoD, race balance can be kinda tricky. A starting werewolf character is essentially more powerful than a starting vampire in WoD (with built in Celerity, Protean, Potence, and Fortitude), while an Elf and Human are balanced, a lizard man character has a bit of an advantage at it's lowest level (because you can't really play a 'level 1' lizard man).
My idea for balance comes to this: If you have a race that can see in the dark, make them pay for the ability 'see in the dark'. This way the mundane human gets more points to spend after the GM sets character power. This also makes it so that a player who wants to play a 'powerful' race get lets say 50 character points (below average for a Minotaur maybe), while a player who wants to play a 'weak' race still gets 50 character points (WAY awesome for a freakin' goblin). Of course, the goblin also has to pay for 'see in the dark', so he only really has 48 character points left.
A particular race might show off a large number of potent natural abilities, and end up costing most of the character points just to be able to play (I'm operating also from the idea that the GM sets character points based on how strong the character should be). For example, an angel charater has to buy 2 levels of flight, and 2 levels of healing magic, which come out to say 28 points. If the GM sets the characters at 40 points, the angel only has 12 free points, while the human has all 40. If the next race (maybe the ifrit) has 45 built in points, they aren't even playable unless the GM gives 45 or more free points.