As with any business decision, planning should always be the first step in developing your RTO. Starting and running an RTO, as in any other business is hard work. The more preparation you do before start-up, the better your chance of avoiding financial and personal heartache. This preparation is reported for your initial audit through a business plan complete with financial plans/projections.The plan gives your business direction and helps you prepare for a lot of what you may need to overcome in the future. It also tells anyone who reads it, namely the registering body, what your intentions are.
Business plans are needed for the initial RTO application.
RTO Mentor provides a quality business plan specifically written for RTOs. you can find the template and resource to assist you with the process. Click the above “RTO Systems” button to learn more.
Does your initial application include a business plan that sets out the following?
- set of business goals
- background of the applicant
- business objectives
- the reasons why they are believed attainable
- evidence to show you can achieve them
- and the plan for reaching those goals
- analysis of the market
- basic SWOT analysis, describing how you will address the strengths, weaknesses, opportunities and threats.
- financial projections for the next 12 and 24 months?
Remember the business plan is a long-term planning document and it will cover a lot of ground. This doesn’t mean you create it, send it away and then never look at it again. Make sure you have a good plan of action so you know what you want to achieve and how to achieve it. Also make sure you review it at least annually. Planning in your RTO equals better results, better targeting and will help minimise any problems you may encounter. Paint a picture with words that brings to life how you will get your business started and how you will continuously grow and improve it for the next three to five years.
Whilst you have probably commenced your research and information gathering to ascertain which area you will concentrate on and the general structure of your RTO; for your RTO to succeed, it is important to fully understand what it takes to start, run and grow.
It is valuable information that the Registering body will read and understand more about you and your specific circumstance.