Organise finances for a new micro business
Start anytime | Qualification pathway | Nationally accredited
- Ideal course for budding or new business owners
- Start at any time
- Enrol online for immediate access
- Nationally recognised with a qualification pathway
This nationally recognised and accredited short course will help you develop the skills and knowledge to estimate start-up costs for your new business venture, determine financial viability and projected cash flow. You’ll develop an understanding of how to ascertain your own financial position in the context of resourcing a new small business, forecast business activity, sourcing different funding options and monitor profitability of the business.
This course is structured in four modules:
- Investigate your current financial position and the ability to resource the business
- Determining the financial outlook for the business idea
- Accessing different financial and business funding options
- Monitoring and maintaining key financial records
1. Ascertain own financial position and ability to provide capital or equity for the business
- Realistically detail personal, family or community financial situation showing funds available and commitments already incurred
- Determine equity finance and assets available for micro business from personal, family or community sources
2. Determine projected cash flow for the business
- Determine level of forecast business activity over a year and the business mix
- Estimate establishment costs for the business and repayment schedule for borrowings
- Calculate monthly variable and fixed costs needed to conduct business activity over a year
- Estimate personal drawings needed from the business
- Estimate monthly income generated by the business for a year, based on price per unit item or hourly charge rate for labour
- Develop a cash flow budget for the first year of business operation
- Seek professional advice to estimate goods and services tax and operating finance required for the business
3. Source required funds to establish the business
- Estimate required funding to establish and run the business based on expected sales and activity levels, available finances and commitments
- Investigate methods of accessing alternative sources of finance
- Identify strategies for meeting financial obligations
- Implement plans to access available funds as required
4. Monitor business profitability
- Maintain and review monthly expenditure and income records
- Compare equity at beginning and end of a year to estimate business performance
- Assess financial viability of the business after a year of operation
- Seek professional advice on depreciation, insurance and tax implications of the business
There are no formal educational entry requirements for this course.
To support a successful learning experience students will require:
1. Access to a device (desktop/mobile/tablet), reliable internet connection and use of a personal email account.
2. A proposed business idea or opportunity to use as the context for completing practical assessment tasks and observations.
Course Delivery and Support
This course is delivered online via MiTraining’s Learning Management System (LMS). When you enrol you’ll be asked to setup your LMS student account and will then be granted immediate access to the course materials including:
- Course content and reading materials
- Activities and assessments
- Discussion forums
- Additional course resources
All accredited courses include assessment. To gain a Statement of Attainment you must attempt and be deemed “competent” in each assessment item.
You will be provided with a detailed Learner Instructions document which comprehensively outlines the assessment tasks for the course including detailed assessment procedures and a benchmark for completing each task.
Assessments may take the form of written responses, projects, demonstrations, case studies or verbal discussions with our assessor. It’s all about ensuring you are developing the skills and knowledge requirements of the unit of competency.
This course can be completed flexibly over three months. You will have a full six month’s access to the learning resources to provide additional time and flexibility.
MiTraining recommends committing 3-5 hours per week to your study including reading the course material, attempting course activities and progressively working on the course assessment tasks.
You may complete the course more quickly depending on how much time you can dedicate to the course work requirements.
This course includes the unit of competency:
- BSBSMB303 Organise finances for the micro business
Students who choose to complete the course assessment may gain credit towards the nationally recognised BSB30315 Certificate III in Micro Business Operations offered by MiTraining.
What are the course payment options?
There is a one-off, up front course fee that can be paid by credit card or an invoice (by request).
Do I have to do the assessment?
To receive a Statement of Attainment you must complete the assessment and be deemed competent in the unit of competency.
Who is the course accredited with?
The course incorporates a single unit of competency, BSBSMB303 Organise finances for the micro business, from the Australian Business Services Training Package. This unit of competency is also a core unit within MiTraining’s BSB30315 Certificate III in Micro Business Opportunities. Vocational education and training packages are regulated by the Australian Skills Quality Authority (ASQA).
What kind of support do I get?
A qualified and experienced trainer and assessor will provide you with guidance and feedback on your course assessments. The MiTraining student support team provide exceptional service.
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