The first step in the development of your RTO is to research your market and make sure the qualification or accredited course you plan to train and assess against is actually required. Without a clear picture of your customer and their requirements, your business will not succeed. Research is vital in developing a clear picture of your customers’ needs and contributes to the development of your business plan.
This business plan is used in the initial registration information to be provided for ASQA, WA and Victoria.
Research can often identify:
⏩ Any legal requirements in your proposed industry
⏩ What makes your product unique to enable a profitable business
⏩ Who else is out there delivering similar training (SWOT)
⏩ Problems and opportunities in the market place
⏩ Your potential target customers
⏩ Your potential customer’s needs, specific requirements
⏩ Existing marketing and sales strategies, providing you with food for thought on your strategy
⏩ What makes your product different or better than others available
⏩ What environmental trends are happening in the market place
⏩ The need for your service
⏩ Your potential target market
⏩ The successful outcomes required by your target market
⏩ The pricing of competitors
⏩ If the benefits outweigh the negatives
All of this information guides you to determine your business strategy and business structure for the RTO
To have a successful business you need to find a problem and solve it; people are most likely to want and be willing to pay for solutions to problems that affect them and that helps people to improve their personal and professional skills. A problem may look like legislative requirements or entry requirements to a particular industry.
The problem you identify will enable you to establish an RTO where learners, employers and industry have confidence in the integrity, currency and value of certification documents issued, through the high-quality training and assessment practices.
Include in your research:
⏩ Discussions with licensing bodies, or state training bodies
⏩ Industry skills council
⏩ Professional associations
⏩ Websites on relating to Vocational Education and Training
⏩ Discussion with other RTO’s
