Following on from previous blogs you have seen that building a solid foundation for your RTO is very important in the long-term health and success of your business.
An essential part of the solid foundations is to develop a formal business plan, a document that you work with through the beginnings and growth of your RTO. A good business plan presents you well in the eyes of your registering body as well as helps you to obtain financing, arrange strategic alliances, attract key employees, and boost your confidence. A business plan sells your company to the world and gives you direction as the world answers back.
There is no set way to present the information, and there is much discussion and many forums available on the internet. Once you have decided a strategy and commenced inputting the detail, I would recommend having someone review the plan. A third party view often sees things you didn’t when developing it.
One of the first steps in your plan is to research your target market and niche and learn what frustrates them – what keeps them up at night. In my experience this also is one of the steps that many people want to ignore. DON’T. It is the best way to determine the best business model to build and the best services to offer.
The business plan is where you compile ALL the aspects regarding not only the clients you expect to service, the services you will provide, how you will run, maintain and grow your RTO, your goals, professional and personal. As with other RTO documents it is to be used not just at the setup but for years to come. The business plan anchors you to the reason you’re in business, and it must also reflect both your personal and professional goals to ensure you align with the business and will stay in it. Make sure you tailor your business plan specifically to you and your RTO, so it clearly shows what you want your business to be.
If you don’t know where you’re going, how will you get there? Your business plan is one of the most critical aspects of your business and should not be skimped on.