Develop New Business Ventures

Unit 1 – Investigate business opportunities

• Analyse market information for potential opportunities
• Gather data and sourcing information
• Business ideas and concepts
• How ideas might be limited or influenced
• Organisational capability
• Features and benefits
• Product mix
• Financial skills and options
• Record maintenance
• Digital technology skills
• Business and technical skills
• Specialist skills / selecting a specialist
• Identify market segments
• Market trends and developments
• Ethical and cultural requirements
• Factors impacting business opportunities
• Needs, factors and potential impact
• Promotional activities and campaigns
• Personal motivations and aspirations
• Identify personal strengths and weaknesses
• Criteria to determine the viability of a business opportunity
• SWOT analysis

Unit 2 – Develop and present business proposals

• Business opportunities
• Factors influencing business financial viability
• 8 steps to conduct a SWOT analysis
• Recording evaluations
• Risks associated with business
• Key risk categories
• Communicating risks to stakeholders
• Risk management systems
• Risk management planning and assessment
• Four strategies for risk management
• Proposal audiences
• Cash flow and cash flow reports
• Business description / proposal
• Draft business proposal
• Presentation methods
• Delivering a business proposal
• Feedback
• Legislation, standards and codes of practice
• Policy and procedures

Unit 3 – Organise finances for new business ventures

• Financial situation
• Available funds and commitments
• Equity finance
• Business mix
• Start up costs
• Running costs
• Costing template
• Estimating income
• Calculating income based on price per unit
• Calculating income based on an hourly charge-out rate
• The complex method
• Estimating the first year’s income and expenses
• Estimating costs
• How cash flow works
• Preparing a cash flow budget
• Cash flow projections
• Seeking financial advice
• Finance sources
• Debt financing
• Leasing and hiring
• Grants and subsidies
• Gifts and bootstrapping
• Accessing finance
• Refinancing
• Applying for a business loan
• Accounting software
• Sales and marketing
• Finance focus
• Workplace procedures

Unit 4 – Determine resource requirements for new business ventures

• Business venture profile
• Business resources needed
• Required personnel
• Employees and business advisors/consultants
• Cost benefit analysis
• Type and quantity of resources required
• Methods of acquiring resources
• Risk, cost and ease of access to services and support
• Professionally engage with suppliers and key people
• Negotiating arrangements
• Procedures and systems for resources
• Business requirements
• Designing procedures and systems
• Delivery and receipt of resources
• Storage of resources
• Installation of machinery, equipment and software
• Usage or resources
• Maintenance, repairs and replacement
• Human resources