There is a local bus service between Daylesford and Hepburn Springs, but it only runs Monday - Friday.
Departs Daylesford: 8.30 am, 11 am, 2 pm, 4 pm
Returning from Hepburn Springs: 8.45 am, 11.15 am, 2.15 pm, 4.15 pm.
(The bus continues to Old Hepburn Tuesdays & Fridays, 2 pm and 4 pm)
There's not a lot of transport to Daylesford, but here's how to find out about what there is:
See timetable here: http://www.metlinkmelbourne.com.au/timetables/timetable_options.php?type=vline&id=V301
If you are headed on a long weekend to Daylesford, I would definitely recommend driving. The nearest airport is Melbourne (Tullamarine), but then there still quite a bit of road in between and very little public transportation.
Hire cars are available in downtown Melbourne as well as out in the airport, so if this is your destination, grab one before you head out.
If you are planning a trip to Daylesford and do want to make alternate means due to your financial situations, you could get in contact with Anne12 who has been known to organize VT meets for those who need a ride :)
Daylesford is not serviced by train at all.
Buses can be caught at Melbourne's Spencer Street Station and reach Daylesford via Mt Macedon.
Easier still, hire a car so you can really explore the region (it's too spread out to see on foot!)
No public transport in the town to get about except taxi.