Certificate in Planning a New Business Venture
(Level 5 – 15 Credits)
 

The Certificate in Planning a New Business Venture is a 15-credit Ofqual regulated qualification and is the equivalent level to a 15- credit level 5 course. This course will develop knowledge and understanding of new business ventures and skills associated with planning a venture. By studying this course, learners will develop an understanding of business types and the factors that determine the success or otherwise of a new business venture. They will also learn how to determine the market potential of a new business and develop an associated business plan. In order to achieve this certificate learners must produce work which demonstrates achievement of the learning outcomes at the standards provided by the assessment criteria. Learners will develop a practical understanding of establishing a proposed new business venture. Through consideration of this proposed new business venture, they will go through the process of understanding relevant legal considerations, identifying their market, developing a business plan and learning about how to secure business funding.

Total Qualification Time: 120 Hours

Total Guided Learning Hours: 60

Total Credit Value: 15

Planning a New Business Venture

This course aims to develop knowledge and understanding of new business ventures and skills associated with planning a venture. The learner will:

• Be able to determine the market potential of a new business venture
• Explore legal forms of a new business venture
• Be able to developing a business plan
• Identify ways to securing funding for a new business venture

Indicative Content

1. Determining the market potential of a new business venture

• Market conditions: PEST (Political, Economic, Social/Ethical, Technical), Competitor analysis e.g. characteristics and strategies of the competition, Estimating the market size.
• Market need: PEST (political, economic, social, technological), Gap analysis, Market conditions, Specifying a product to meet the need e.g. details, dimensions, purpose, longevity, target market, international or national market, pricing, distribution, and marketing, New products or services, Emerging trends e.g. due to aging population, because of new technology, Changing requirements.
• Target markets: Socioeconomic, Age, Gender, Occupation, Sources of finance, Special factors, Personality indicators, Geographical.
• Potential benefits, limitations and risks for the proposed new business venture: Potential benefits – ownership, control, managing risk, Potential limitations – growth, image, operations, finance, Potential risks – unlimited liability, loss of control e.g. to shareholders, closure, bankruptcy/insolvency.

2. Legal forms of a new business venture

• Legal and regulatory considerations
• Health and safety
• Environmental
• Employment and redundancy
• Contract
• Insurance
• Data protection
• Equality

3. Developing a business plan

• Vision and mission: Market conditions, Target market, Market gaps.
• Skills/experience: Project Management, Business Planning, Marketing, Accountancy/book-keeping, Leadership, Communication skills both oral and written, Delegation, Organisation, Sales, Customer relations, People Management.
• Other resources: Human (fully committed and capable personnel), Financial (financially secure, access to funding), Physical (suitable premises, equipment), Mentoring (support, guidance) and training, Information (in-depth knowledge of industry, stakeholders etc.).
• Financial requirements: Financial forecasts, Physical forecasts, Sales forecasts, Short and longer term.
• Business structures and systems: Organisational structure, Resource management systems, Supply chain management, Technology requirements/systems.
• Strengths, weaknesses, risks and mitigations: SWOT analysis, Risk identification and register, Use of contingency funds, Closure, Insolvency and bankruptcy, New markets, Risk mitigation.

4. Securing funding for a new business venture

• Sources of finance: Savings, Loans, Profit, Investors, Share capital, Crowd funding, Private equity, Pitching for funding, Application forms, Meetings with funding providers
• Benefits and risk associated with different sources of funding