Whilst there are hundreds of questions to be considered before jumping ship to start your own Registered Training Organisation there are some important aspects wannabepreneurs need to take into account before leaving their day job.
Of all the applications ASQA have had for new start up RTOs, fewer then ¼ are found non-compliant in the initial audit. That means 75% of the applications are NON-COMPLIANT. It is found that people are not paying enough attention to every compliance requirement.
So, my point here, is you need assistance; surround yourself with people who have done it before, and can get you through and achieve your RTO Success.
If you’re thinking of taking the plunge or have thoughts of doing so in the near future here is some food for thought:
- Do your homework: Research your intended scope and test it through networking and focus groups to make sure a market exists.
- Moonlight first: Develop your RTO whilst in the safety of employment. This way you have the best of both worlds and allow the process to flow with your commitments. You will also make it easier to transition to RTO ownership when the auditor gives you the big tick.
- Strategise: Consider all the personal and professional support services that you will require to start-up and run your own business.
- Finances: Make sure that your financials are in order and that your personal credit record is strong. As for any business you will need at least 6 months living expenses along with start-up capital for your business, fees for registration incidentals and your consultant. With becoming an RTO you also need to meet the comply with the VET Quality Framework and specifically the Financial Viability Risk Assessment Requirements.
- Planning: Whilst excitement and enthusiasm is great it doesn’t replace good business practices, which is something the auditor is also looking for. Work with other trainers and assessors so you can learn from them, network via the internet and surround yourself with experts and consultants who can assist in the areas of your RTO and business needs where you lack in knowledge.
- Knowledge: Read the regulatory requirements. Go to the ASQA website or Victorian and WA registering body to ascertain the information that you need to provide. It may not be always clear immediately how you will meet the standard, however that is why you have experts on your team…ask them.
Go to www.becomeanrto.com to find out how you can use RTO Success to set up your own RTO. One of the benefits for using a team of experts include the ASQA application processing times are shorter if the RTO is compliant, and everything is done correctly.