Business Coach RTO set up

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 Business Plan – Template to guide you through RTO planning 

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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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