Schedule
Assessment:
The Student Assessment Guide and Learning
Plan describes the evidence required to be competent in
this unit.
You can track your progress by comparing it against unit requirements and at every stage of your learning and study you can get support from your iTAFE mentor and advisor.
Study Guide
There are many ways that you might choose to make your way through the unit. The diagram and suggested sessions (below) will help to plan your learning through the Establish Legal and Risk Management Requirements of Small Business unit. The sessions outlined below are a suggestion only - you may have another way that you prefer to study.
Session 1 – Identify elements of the business plan – Purple Tiles
- Purpose of a business plan
- the essential components of a business plan
- What are the essential components of a business plan?
- What are business goals and objectives?
- Why would a business have goals and objectives?
- What are Mission and Vision statements? Are they necessary? Why/why not?
- Is it good enough to have a GREAT idea and start up the business straight away?
This includes:
- research viability of a business idea
- research resources for your product, legal and compliance requirements, and workplace health and safety (WHS) issues
- target market identification and marketing strategies
- business financial viability
- specialists to assist
- Why is it important to research viability of a business idea?
- What might you need to do to research resources for your product, legal and compliance requirements, and workplace health and safety (WHS) issues?
- Why is it important to research market needs, and market size?
- Is it important to research what the competitors are doing? Why?
- Who might your target market be (who you will most likely sell to)?
- What do you think would be the most appropriate way/s of telling your potential customers/clients about your product/service? (this is called your marketing strategies)
- How would you know if your business was going to be financially viable? How can you minimise the risk of not having enough money?
- How are you going to produce your product/service? What resources might you need (machinery, office equipment, staff etc)?
- Do you need any specialists to assist you? (solicitor, accountant, insurance broker, any other specific to your industry)
Session 3: Continue to develop a business plan – Pink tiles
This includes:
Writing a business plan
Components include the following:
- Legal structure
- Business name & address
- Mission &Vision statement
- Business goals and objectives
- Business background and name/s of owner/s
- Contingency planning; include strategies for minimising risks to the business
- WHS and duty of care responsibilities; risk management strategies
- Description of the product/service
- Target market and marketing plan/strategy
- Competitor analysis
- SWOT analysis x3 – owners, business, competitors
- Operations
- Staff
- Specialist services – solicitor, accountant, insurance broker
- Capital requirements?
- Projected financial statements/spreadsheets for 2 years – minimum required: start-up costs and cash flow projections
A few points to think about for your blog:
- What is the purpose of doing competitor analysis?
- Why would you do 3 SWOT analyses? What benefit would you get from this information?
- Why is it a good idea to prepare projected financial statements for 2 years?
Session 4: Develop strategies for minimising risks – also under Blue tiles
This includes:- Identify how to minimize risk in a business
- Risk management strategies
- Contingency planning
- How would you use relevant people to minimise risk to your business?
- What risk management strategies could you implement?
- If you are a sole trader, you are not able to access workers compensation – you are not classified as a ‘worker’ – that is staff. How will you manage if you are sick or injured?
- Do you need to do risk assessments if you don’t have staff?
- What is a contingency plan? Why would you have one?
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