Detailed Business Plan for a Vocational Education Business

This document presents a comprehensive business plan for a vocational education business, named ABC Company, focusing on providing basic education in events and tourism programs. The plan includes an executive summary, business details like structure and location in Sydney, Australia, and a detailed market analysis targeting local residents, particularly youths and females. It outlines operational strategies, key personnel, and a SWOT analysis highlighting strengths, weaknesses, opportunities, and threats. The plan also details the company's vision, mission, goals, objectives, and financial projections, including startup costs, funding sources, and performance targets. Stakeholders considered include industry skills councils, government departments, and employee/employer organizations. The plan also describes the steps followed in developing the business plan, from researching to crafting a company snapshot and preparing for the target audience. The document concludes with financial data and an overview of performance monitoring.

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Implementing the business plan
Name
Institution
Course

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ASSESSMENT ONE
1. What is a business plan? Describe briefly what it is and its purpose
A business plan is a document which is written to describe the nature of a business,
financial background, marketing and sales strategy and contains a projected statement of profit
and loss (Fernández-Guerrero, Revuelto-Taboada and Simón-Moya, 2012 p.2440). In addition, a
business plan provides a business with directions to plan its future and assists in the avoidance of
issues along the way. The time businesses spend to prepare their business plan thoroughly and
accurately is an investment that pays back dividends to the organization. The purpose of a
business plan is to assist the management in running the business in a manner which is more
cohesive thus acting as the organization’s roadmap.
By truly analyzing the business’ plan for website design, manufacturing, sales, marketing
etc. the business greatly increases their chances for success. In addition, a business plan assists
the organization to secure support from lenders and financial institutions through investment
since the business plan demonstrates that the company has the roadmap to success (Jones and
Penaluna, 2013 p.806). Lenders and financial institutions want to mitigate their risks of default,
and private investors want a focus that is realistic on when they expect to reap returns from their
capital.
2. Why should a business use plans? Give at least two (2) reasons.
Using a business plan gives a business direction through the definition of its objectives,
mapping out strategies to achieve the goals and helps entrepreneurs in the management of
possible bumps in the road. Preparing a business plan helps entrepreneurs work out the goals
they want to achieve and the strategies to achieve them (Chen, Yao & Kotha, 2009 p.209).

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3. What is the difference between the business plan and strategic plan?
While a strategic plan is primarily used for implementing and managing the strategic
direction of an existing organization, a business plan is used to initially start a business, obtain
funding, or direct operations (Casadesus-Masanell & Ricart, 2010 p.199).
4. Write a brief description of what you would expect to find in each of the following
sections in the structure of a business plan.
Section Description
Executive Summary A concise overview of the business plan which is short and
written well so as to draw readers for them to learn more about
the company.
Business summary An explanation of what the business is, how it operates and
what its goals are.
Management / operational
plan
A highlight of the expertise and qualifications of each member
of the team in the business plan.
Market planning An analysis of the market to define the competition and the
state of the market as a whole
Future plans, vision, goals
and milestones
Explains the future plans of the business, its vision, goals and
milestones. A description of the relationship between the
business future and company functions.
Financials and funding A description of the finances required by the business.

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5. Give three (3) examples of performance objectives that you could have for a
vocational education business.
a. Develop Lifelong Learning
b. Ensure that minority groups develop professionally and create for them opportunities for
employment.
c. Support student mobility
For each one, describe how you could measure its success
Performance Objective How success will be measured
Ensure that minority groups develop
professionally and create for them
opportunities for employment.
Students are supporting themselves professionally
and are developing in their careers.
Develop Lifelong Learning Students are competent in their jobs and are
developing skills in their daily work activities.
Support student mobility Students are flexible in different roles and
responsibilities in their careers through skills
learned.
6. If you were developing a business plan for a vocational education business, which
stakeholders would you need to consider? List at least five (5).
a. Industry skills council
b. The government department of education and training
c. Tertiary education quality and standards agency
d. Apprenticeships centers
e. National and State Employee and Employer Organizations

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7. If you were developing a business plan for a vocational education business, from
whom could you access assistance or professional advice?
a. State Commerce Departments
b. Organizations that offer consultancy services
c. Government agencies
8. Describe the steps you would follow if you were developing a business plan for a new
business. Include at least six (6) steps.
1. Researching – Researching is important in the proper development and communication of
a business plan.
2. Having a purpose – Understanding the reason for writing the business plan
3. Crafting a company snapshot – Important for readers to access the business’ information
and its operation.
4. Completely detailing the company – Including key features such as unique strengths,
copyrights, licenses and patents.
5. Writing the marketing plan beforehand – Nailing the marketing plan before planning the
rest of the business.
6. Being Willing to Change the Plan for the Audience – Matching the message and plan to
the addressed audience.
7. Including my motivation – Having a reason to assure people of the business’ success no
matter the challenges.

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ASSESSMENT TWO: BUSINESS PLAN
Executive Summary:
Business name, structure, location, business concept and style – to be completed after the
‘Business Section’ of the Plan
Business Details:
ABC Company is incorporated in the state of Sydney in Australia. The business is
equally owned and managed by three partners. Mr. Eric has extensive experience in Human
resource management and was president of Human resource in Aboriginal Centre for the
Performing Arts. Miss Erica brings experience in the sales and marketing area and was the
former president of marketing in the National Aboriginal and Islander Skills Development
Association. Mr. Enrique brings experience in Finance and administration having served as a
chief financial officer with both Southern Cross and Kengan University. The partners intend to
renovate and operate ABC Company as a medium vocational educational business.
Registration Details
Business name: ABC Company
Structure: partnership
Licenses and permits: State permit and license, Educational or activity license, Work health and
safety (WHS) licenses,
Legal requirements: intellectual properties such as copyrights, trademarks and patents,
compliance to employment acts, business structure, supplier agreements, terms of leasing
premises, contracts agreement, leasing apartment agreements and work health and safety.

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Business Premises
Business location: Sydney city in Australia, few miles from Sydney College of the Arts of the
Institute of the Arts.
Buy/lease: purchase at $150,000
Product and Services
ABC Company offers a variety of services including providing basic education to citizens
who are interested to study events and tourism programs. The differentiation of the product
offers little competition to the organization as in comparison to other vocational education
business. Furthermore, with lower prices on the programmes, the company attracts many
citizens. Some of the students prefer joining the vocational training because of this pricing for
market penetration. With many local and international residents joining the vocational training,
the organization is expected to experience rapid growth in the near future.
The Market:
The dominant target market for ABC Company is a local resident who has an interest in
events and tourism courses. Furthermore, the ABC organization customer demographics include
gender, age, income and occupation. The key targets of the company are youths aged below 35
years who are willing to gain education and skills in events and tourism sectors. Furthermore, the
company also targets female gender as the majority of them prefers tourism programs. In terms
of occupation, the organization has a small size and therefore will target low and middle class of
incomes.

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Operations
ABC Company has different suppliers who supply the organization with different items.
ABC Company groups the supplier in accordance with the department. For example, suppliers
for co-curriculum department supplying sports items and suppliers for curriculum supplying
other essentials like books. The digital technology is used in the operation with all student
receiving progress updates on their portal.
Key Personnel
The key required a staff of the ABC Company includes Tutors, technicians, managers
(CEO, MD and departmental managers) and other staff necessary for running vocational
education. Tutors have different leadership roles in the organization. Some have been promoted
to be head of departments, senior tutors, discipline masters and dean of students. Others are
normal tutors without ranks. Technicians are grouped depending on specialized fields. For
example, the Electrical Technician is mandated to handle all issues related to electrical while IT
Technicians handles all technology-related issues. Managers are also classified according to the
group of staff they governed. For example, IT Manager is in charge of all staff under the IT
department including IT Tutor. Human Resource manager or assistant and departmental manager
recruits qualified staff and conduct training programs. The training programs are conducted in
forms of team building, brainstorming seminars and conferences.

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Proposed Organisational Chart:
SWOT Analysis
Strengths
 Experienced and qualifies managers
 Knowledge retention
 Regular supply of skilled teaching and
non-teaching staff
Weaknesses
 Insufficient budgets
 Lack of qualified tutors and key staffs

Opportunities
 The high number of students ready to
join vocational training
 Good reputation and examples from
other vocational training schools
Threats
 Competition from already established
vocational educational businesses
 Change in government policies
 Mismatching of student skills and
CEO &
Directors
managers
tutors & other
staff non
teaching staff
students
Technical
managers
technicians

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hence attracting a huge number of
foreign student
 Proximity to school
 A good relationship with a public
organization like Voluntary Labour
Corps
educations programs
 Lack of well-prepared workshops for
running Abc organization.
 Lack of teacher’s training
 The low prestige of apprenticeship
education
The Future
Vision statement
The vision of the ABC Company is to enrich and improve lives by enhancing lifelong
education and training; to promote personal success in a higher education and workplace and to
increase cultural, entrepreneurship, economic and social development.
Mission statement
At ABC Company, our vision is a vocational training college that exceeds the
stakeholder’s expectation for effective lifelong education, training and development in the
workforce through the provision of excellent programmes and services.
Goals and objectives
 To provide the student with a dynamic and conducive learning environment through
instructions, curricula, policies.
 To promote job creation, entrepreneurship, and economic growth through educational
partnerships.
 To provide the student with skills necessary for success in the transformational economy.

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 To provide citizens and student with opportunities of developing and upgrading
necessary skills for the workplace and lifelong learning through customized training
programmes
Finance and Funding
The financing of ABC Company will come from partner’s capital and loan from
Commonwealth Bank of Australia.
Startup Requirements cost
Premises renovation $20,000
Legal $3000
Expensed equipment’s $50000
others $13,000
Total start-up expenses $85 000
Startup Assets costs
Cash required $80,000
Long term assets $70,000
Other current assets $70,000
Total Assets $210,000
Total requirements $295,000
Startup funding cost
Startup expenses to fund $85,000
Startup Assets to fund $210,000
Total funding requirements cost
Cash required to startup $80,000
Non –Cash assets for startups $140,000

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Additional cash balance $0
Cash balance on starting date $80,000
Total Assets $210,000
Liabilities and capital
Liabilities cost
Long-term liabilities $200,000
Current borrowed liability $0
Account payable( outstanding Bills) $200
Other Current Liabilities (interest-free) $0
Total liabilities $220,000
capital
Planned investment
Mr. Eric $50,000
Miss Erica $45,000
Mr. Enrique $35000
other $0
Total planned investment $130,000
Startup expenses $85,000
Total capital $45000
Total capital and liabilities $265,000
Total funding $260,000
Productivity and Performance Targets for Key Result Areas and Financial Indicators