Small business prospective information

| August 1, 2016

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Task

Section A: Australian regulatory requirements

Research the regulatory requirements that exist in Australia in relation to small businesses. Your research should be undertaken with respect to the aspects of small business commencement and continuing operations and address requirements that might apply at all levels of government (local, state and federal).

 

The aspects you should identify and explain are:

 

Where, how, why and with whom do small businesses register their business?

Government requirements and/or fees payable relative to commencing and operating your small business (not covered in the point above or the following points).

Insurance requirements (including any workers’ compensation cover).

Taxation requirements (both business and employee)

Employee entitlements (must include superannuation, sick leave, holiday leave, long service leave).

Occupational health & safety requirements

Reporting requirements deadlines, financial and otherwise.

Section B: Prospective financial information

With respect to your business respond to the following:

 

Identify and explain the nature and location of the new or franchise enterprise in Australia that you wish to establish as your own small business; identify the start-up mode and ownership structure.

Identify and explain your product / service selling price and compare and evaluate it against your key competitors.

Identify and discuss the sources of finance available to a small business – indicate which you will be using in your business. Please note: The amount of cash you have available for the venture from personal assets, including assistance from friends and family is AUD$15,000. You may of course seek additional debt or equity funding from other sources.

Address all of the following financial forecasts including:

 

Basic assumptions and information

Sales mix forecast (monthly for year 1)

Cash flow forecast (monthly for year 1)

Income statement (for year 1 only)

Statement of financial position (year 1 only)

Statement of cash flows (year 1 only)

Statement of changes in equity (year 1 only)

Personal expenses (monthly for year 1)

Rationale

This assignment provides the foundation for the business plan you will undertake for assessment item 3. It has been designed to develop your ability to interpret and evaluate the concepts covered in topics 2, 3, 4 and research regulatory requirements and financial projections to establish if a business idea is feasible prior to commencing a business plan. Specifically, this assignment assesses your ability to:

 

define key characteristics and issues involved in starting and running a small business;

identify the sources of finance available to a small business;

describe the components of basic accounting reports and use accounting reports and tools such as budgeting and cost-volume-profit analysis for decision-making;

collate data from many sources and create information in the form of reports for a small busines

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