Investigate micro business opportunities
One of the most important first steps toward establishing a new business is to understand the environment in which it will operate. Researching the market for your idea will help you to work out if your idea could succeed.
This course covers the skills and knowledge required to consider the major elements of a business idea, undertake research to determine viability of the business opportunity and present the idea with reference to the legislative frameworks affecting the business.
It's designed for individuals who are establishing or operating a micro business for self-employment.
This course is structured into three modules:
1. Detailing and describing alternative business ideas, target customers, available resources
2. Identifying market opportunities, investigating trends and emerging markets and addressing risk factors
3. Understanding what market forces may impact viability of the business idea
This course is designed to help you explore new business ideas and research whether their is a demand the business services/products together with highlighting market opportunities.
Decribe business ideas
- Gather information for business ideas from appropriate sources
- List details of business ideas and opportunities
- Research alternative business ideas in light of available resources
- Specify and list products and services to match business ideas
- Identify and research potential customer information for business ideas
- Identify and take into account available financial, digital technology, business and technical skills when researching business opportunities
Identify market needs
- Collect information regarding market size and potential from appropriate sources
- Investigate market trends and developments to identify market needs relative to business ideas
- Gather market information from primary and secondary sources to identify possible market needs in relation to business ideas
- Identify ethical and cultural requirements of the market, and their relevance for business ideas
- Identify new and emerging markets and document their features
- Identify and organise information on expected market growth or decline and associated risk factors
Investigate factors affecting the market
- Identify projected changes in population, economic activity and labour force that may impact business ideas
- Identify movements in prices, and projected changes in availability of resources
- Review trends and developments and identify their potential impact on business ideas
There are no formal educational entry requirements for this course.
To support a successful learning experience student will require:
1. Minimum technology requirements including access to a device (desktop/mobile/tablet), reliable internet connection and use of a personal email account.
Course Delivery and Support
This course is delivered online via MiTraining’s Learning Management System (LMS) which includes:
- Course content and reading materials
- Supplementary learning materials
Optional Course Assessment
You have the option to undertake formal assessment at an additional cost.
If you choose to undertake the assessment you will be assigned a dedicated, qualified trainer to support you through the course and assessments.
The assessments may take the form of questions, written projects, case studies, workplace scenarios or observation. Each assessment method provides a different type of evidence. Taken together, the complete assessment provides a holistic view of your ability to perform competently and confidently in the workplace to the level set down in the Competency Standards.
To gain a Statement of Attainment you must attempt and be deemed “competent” in each assessment item.
You will require access to a current or previous workplace to support the completion of work-based assessment and observation. Students who do not have access to a work environment will be supported with an alternative scenario.
To talk to us about undertaking assessment call 1300 549 190 or email us at email@example.com
What does the course cost?
The course fee is a one-off, upfront payment. For more information see the Course Details and Course Inclusions box on this course page.
What's a micro business
The terms micro business and small business are often used interchangeably. According to the Office of the Chief Economist, micro businesses represent around 25% of all businesses in Australia. A small business is defined as one with an annual turnover of less than $2 million (excluding GST) and employing fewer than 15 people.
Micro businesses also fall into this turnover category but will usually only employ between one (being the owner/operator) and four people.
Examples of micro business operators include freelance consultants, web and creative designers, personal trainers, small café or retail owners, individuals in private practice or those using a skill to provide personal services such as hair dressing or a trade.
YOU MAY ALSO LIKE
BSB30220 Certificate III in Entrepreneurship and New Business
Are you thinking about starting your own small business? Do you have a great idea and need the know-how to take it from concept to reality? This nationally recognised qualification will develop the skills and knowledge you need to investigate, develop, plan for and launch your new small business.
Develop a Micro Business Proposal
This course will help you develop the skills and knowledge required to research the feasibility of a small business opportunity and produce a compelling proposal as a tool to attract support from different stakeholders.