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RTO set Up WA RTO Mentor
RTO Business Growth

Are you considering setting up an RTO?

Setting up an RTO starts with planning

Market research should never be underestimated; especially when you setting up an RTO. As a new business owner who is looking for a successful new business,  you need to conduct regular market research to understand your potential target market, identify any consumer problems and pinpoint your realistic competitors.

Market research has always been a part of the key fundamental of setting up and smoothly running a business. Apart from being the simplest way for entrepreneurs to keep up with market trends and maintain a competitive edge, it is mandated by compliance. 

The RTO Standards require market research to be carried out at various stages of a business life cycle, from pre-launch of your RTO and continuing on beyond. This comes from good business sense. Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition. 

Researching your RTO and industries in need.

The foundation of a successful RTO business is really understanding the demographics of the people that you will serve. Who are the people you will attract into your RTO? Where do they live, who do they interact with; are they old, young, men, women; do they enjoy certain activities? Then you need to know what do they want from a training provider? When? Where? How? Who?

Whether you’re a startup or an established enterprise, there is never a period of time in your business life cycle in which your demographics are no longer important. Market research lets you answer the questions that you need to ask to ensure your product or service has a customer base.

RTO Mentor and Business Coach RTO industry Consultation

Working out what's best for your RTO

When setting up an RTO and trying to decide what training is needed in your area, there are some valuable online resources in the following links:

Health Care and Social Assistance is Australia’s largest and fastest growing industry, employing over 1.5 million people. It covers health services like hospitals, GPs, dental and ambulance services, as well as services like child care and aged care. Many workers are female and part-time work is common. Education is important if you want to work in this industry. Jobs like nurses and doctors need a university degree, while child carers and aged care workers need VET qualifications.

In the news recently the Morrison Government tackled urgent workforce needs with a new, fast-tracked training qualifications for the information and communications technology (ICT) sector.

The training reflects the need for Australians to learn the latest in digital technology and cyber security to meet current labour demands.

“The new training products will support the delivery of cyber security and digital skills needs training across multiple industries.” said The Minister for Employment, Skills, Small and Family Business, Senator the Hon Michaelia Cash. 

There are many places to find out where the latest demands are. The following websites provide reports and information. I also recommend you contact your local CCI. 

https://joboutlook.gov.au/future-outlook.aspx

https://www.ncver.edu.au/research-and-statistics

https://www.ncver.edu.au/__data/assets/pdf_file/0041/3179885/Skills-for-a-global-future.pdf

https://www.aisc.net.au/sites/default/files/documents/Future%20Priority%20Skills%20Resource.pdf

https://www.myskills.gov.au/industries/business-education-training

 

Research your RTO business to be successful

Never has a business been able to succeed without conducting a thorough market research of their audience and the RTO services they intend to offer. 

Carrying out market research when setting up your RTO business helps measure the risks involved with implementing various decision-based actions.

Your detailed research for your business idea will enable you know whether to act on those decisions or not. If your market research provides significant evidence of success, you must go for it. However, if your market research doesn’t provide enough data or confidence, you mustn’t take the risk. 

As a recap, for registration of an RTO, if you intend to deliver training to students outside Victoria and Western Australia, or to international students, you will need to register with the Australian Skills Quality Authority (ASQA).

If you intend to deliver training only to domestic students in Victoria, or in Victoria and Western Australia, apply to register with VRQA. You can then transfer to ASQA at a later stage if that is something you wish to do.

Refer to this website for the process and any additional approvals for your scope you intend to have for your RTO.

https://www.vrqa.vic.gov.au/VET/Pages/registrationasatrainingorganisation.aspx

 

See more RTO Mentor posts on setting up an RTO

RTO Business Planning

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. Take the time out now to do the research, the planning and grow the foundations. It will hold you in good stead later down the track. For your RTO to succeed, it is important to fully understand what it takes to start, run and grow. Planning helps to establish how you will stand out from the crowd. This preparation is not only needed for your planning but also for your initial audit through a business plan complete with financial plans/projections. Think of the reasons for your business or career successes to date. You’ll probably come up with a series of traits that are uniquely yours and characteristics that other RTO’s can’t begin to duplicate; because they are yours. That’s why you’ve decided to become an RTO. Planning 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.   RTO Success – The online course to guide you through the steps to set up your RTO What is a Business Plan for an RTO? A business plan is a document which is a blue print of how, when and what your business is going to do with its RTO. It contains a formal statement about your business goals, the reasons why they are believed attainable, evidence to show you can achieve them and the plan for reaching those goals. Your Business Plan is to tell people about your business and will be read very carefully by those with whom you will be having relationships, including accrediting bodies, auditors, lenders and investors. It is valuable information that the Registering body will read and understand more about you and your specific circumstance. The business plan is a long-term planning document and it will cover a lot of ground. Make sure you have a good plan of action so you know what you want to achieve and how to achieve it. A properly developed business plan helps to shape the actual opportunity into a tangible reality. More specifically, for your business the business plan is required by the registering authority and must contain information about how the business is going to run and grow. Business plans can vary enormously, what you are aiming for is providing a clear, informative document that sells your idea to the RTO regulator. Build a strategy for preparing your business plan preparation. Business Plan Preparation  There is a lot to consider which inlcudes information on you and any other Directors for the business. When I mentor clients I want to know their WHY. Why they are doing it, does it have a solid foundation that is going to last one round of funding? We dig deep, so that you really have a business that is going to be sustainable.   Here are some considerations when preparing your RTO Business Plan: Why do you really want to go into the business of an RTO? Is there an identified market for the application of scope Have you asked them how they wish the training to look, what skills are needed, and any specific equipment needs to be covered? What are your goals for the RTO, in the short term and long term? What skills are needed to start, run and grow the RTO? Do you have them or do you need to outsource them? Have you a clear plan the implementation of its training and/or assessment? Organisational chart showing all areas of the business How much money will it cost to commence your specific RTO? How much income will the RTO need to generate to survive? How many students will I need to generate the required income? How much time, effort and resources are you prepared to invest in the RTO? How you will develop a system to ensure you meet compliance to AQTF and all legislation, Acts, regulations. If you are seeking information on an RTO Business Plan contact Merinda.  The RTO Success – The online course to guide you through the steps to set up your RTO – comes with an RTO Business and guidance from Merinda 

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