The Skills Needed by a Small Business Owner

Task 1: The Business Idea

The first part of the pitch should describe the business idea and the  source of the business idea. The description should include any relevant criteria that helped with the idea.

This provides evidence for: P1 

Task 2: Identifying the Target Market.

The second part of your pitch should identify your target market and explain the research used to determine the target market for your proposed business.

This provides evidence for: P2, M1

Task 3: The Skills Needed by a Small Business Owner

Complete a personal skills audit.

Describe the skills required to run your own business successfully and clarify what personal skill areas you feel require further development.

Elaborate on your findings by giving a detailed explanation of each skill gap you have identified and how you will address these gaps.

You will be required to present the findings of your skills audit during a Q&A part of your presentation.

This provides evidence for: P3, M2

Task 4: The Legal and Financial Aspects of Small Business Ownership

As part of your business plan you will be required to present:

●     
ONE double sided A4 pamphlet describing the legal aspects of running your business and their implications for a small business owner.

●     
ONE cashflow forecast for the first year of operations with an accompanying set of notes assessing any possible issues.

This provides evidence for: P4, M3

Task 5: Physical Resources

Describe the physical resources you will need to acquire and use to run your small business.

This provides evidence for: P5

Task 6: The Presentation

The following components of a business plan  will need to be addressed in your presentation.

●     
The type of business you intent to start – including legal structure and its benefits. (Task 1)

●     
Identification of target market and the research used to identify this group. (Task 2)

●     
A market analysis using the SWOT tool. (Task 2)

●     
Human resources plan – including skills audit and legal aspects of hiring staff. (Task 3 and 4)

●     
Physical resources plan – including the capital resources needed and any legal compliance requirements you will need to meet. (Task 4)

●     
Financial resources – including a cash flow forecast and pricing policy. (Task 4) ●            Plans for growth and development.

This provides evidence for: P5, D1

Evidence checklist

[Summarise evidence required, e.g. ‘leaflet’, ‘presentation notes’ etc.]

 [tick boxes]

The presentation must include:

●     
The type of business you intent to start – including legal structure and its benefits. (Task 1)

●     
Identification of target market and the research used to identify this group. (Task 2)

●     
A market analysis using the SWOT tool. (Task 2)

●     
Human resources plan – including skills audit and legal aspects of hiring staff. (Task 3 and 4)

●     
Physical resources plan – including the capital resources needed and any legal compliance requirements you will need to meet. (Task 4)

●     
Financial resources – including a cash flow forecast and pricing policy. (Task 4)

●     
Plans for growth and development.

ONE double sided A4 pamphlet describing the legal aspects of running your business and their implications for a small business owner.

ONE cashflow forecast for the first year of operations with an accompanying set of notes assessing any possible issues.

Sources of information

●     
Bevan, John. BTEC Level 3 Business. Edexcel, 2010.

●     
Kolowich, Lindsay. “How to Write a Business Plan: A Step-by-Step Guide [Examples + Template].” HubSpot Blog, 30 Apr. 2018, blog.hubspot.com/marketing/how-to-write-a-business-plan. 

●     
Ward, Susan. “Business Plan Essentials: Writing a Cash Flow Projection.” The Balance Small Business, 1 Feb. 2018, www.thebalancesmb.com/writing-the-business-plan-section-8-2947026.