ASSESSMENT TASK - BUSINESS PLAN
PURPOSE - This scenario requires you to research and apply the essential knowledge required to develop a basic business plan that addresses strategy and risk; outlines operational, marketing, and financial plans, and incorporates the legislative requirements to set up a natural therapies practice.
Practical application of the theory is designed to demonstrate your ability to identify and effectively manage the tasks and contingencies required to establish a business.
ASSESSMENT TASK - You will soon be graduating, and intend to set up your own practice. Expanding on the knowledge you have gained throughout your study, and strategies you have developed in Assessment Task 1, prepare your business plan.
This is intended to be a professional, working document that you can update, and present to financial lenders to source any external funds you many need to access to set up your business.
Using the recommended sources listed in the instructions, in 2000 - 2500 words develop a basic business plan, which complies with the statuatory and regulatory requirements applicable to natural therapies practice in your state/territory:
Your plan must include the following. You should use these headings and aspects covered as subheading in your business plan:
Table of Contents
1. Executive Summary
A snapshot overview of the business (less than one page), that gives a brief description of the business, industry, market, future plans, and finances.
2. Business Details
- Business type and legal structure, licensing and registration
- Vision and Mission Statement, Values
- Goals and objectives
- Industry and market overview including brief competitor analysis
3. Risk Management Plan
- S.W.O.T. analysis
- Insurance requirements
- Regulatory compliance, legal and ethical considerations
- Workplace Health and Safety - hazard identification and risk minimisation strategies
- Contingencies
4. Marketing Plan
Identify your target market/s and briefly describe them in terms on market size, potential and key features (demographics, lifestyle, values etc.)
What are their key wants and needs?
What communication channels and methods would you use to reach your target market/s?
Marketing mix
- Product - what services and products will you offer them?
- Placement - what are your distribution channels? E.g. direct purchase from practice only, online, wholesale?
- Pricing - what is strategy?
- Promotion - what is your advertising and sales strategy? What low-cost promotional strategies will you use, for what purpose and when?
- Positioning - how will you differentiate your practice from others that are similar? What is your unique selling proposition?
- People - describe the skills and experience of your people? What are the core values? What sets them apart?
5. Operational Plan
- Management structure and key personnel - who does what?
- Location of premise/s - identify any regulations, licensing or planning permits required
- Suppliers
- Equipment
- Inventory / stock control strategy
- Required technology - hardware and software
- Trading location/s and hours
- Communications channels (contact methods)
- Payment options, billing and accounting policies (e.g. HICAPs, credit card payments)
- Professional memberships, networks and / affiliations applicable
- Contingency plan for when operations might be disrupted
- Identify key policies and procedures required for ensuring legal, ethical and regulatory compliance
6. Financial Plan
- Description of financial considerations including:
- Key financial goals and objectives
- Start-up costs - estimated expenses
- Fixed and variable expenses for first 12 months
- Revenue projections - forecast your first 12 months of appointment fees and product sales
- What assets you have / business funding you have secured
- Identify potential sources and costs of finance, and who you should consult for financial advice
Appendix
Include any financial calculations / draft reports; charts / tables etc. that are relevant to your assumptions, objectives or goals.
References
Acknowledge the original source of information you have used and adapted, using APA6 format.
PRESENTATION REQUIREMENTS -
Instructions on how to format your response:
Formal report using the suggested headings and content requirements.
Table of Contents
- Executive Summary
- Business Details
- Risk Management Plan
- Marketing Plan
- Operational Plan
- Financial Requirements
- References
Attachment:- BUSINESS PLAN.rar