This unit is all about Starting up a Small Business. This should be a fun and hands on assignment which hopefully you will enjoy completing, however it will be highly demanding if you complete this to the best of your ability. 

The resources below should be of some use to help you complete the demands of this unit.

 Criteria  Detail  Resources  Assignment
 P1 present the initial business idea using relevant criteria To meet P1, learners must present the initial business idea using relevant criteria. These criteria should be 

clear from the business idea, for example the type of business, what its unique selling points may be, any
external influences (eg location) and so on. Learners should discuss the development of their evidence with
their tutor and, where possible, a business mentor. This presentation can be in the form of a formal report or
a presentation to a group. Where this is the case, tutors should ensure that any business mentors used are

 Business Type Presentation

Unique Selling Point Presentation

External Factors Presentation

Business Aims and Objectives

 P2 explain how to identify the target market For P2, the presentation should include an explanation of how to identify the target market, which will be informed by the business idea and the criteria used to define it.

Introduction to Primary and Secondary Market Research and Questionnaires 

Secondary Market Research; Competition Analysis

Secondary Market Research; Market Trends

Secondary Market Research; Target Market

 Example Business Presentation Structure

 P3 describe the skills needed to run the business successfully and what areas require  further personal development

For P3, learners must be realistic about their skills and personal development analysis. Although the small
business idea may not come to fruition, intentions should be realistic and evidence should highlight learners’ awareness of their skills and development opportunities. Learners are not expected to undertake additional development work but need to be aware of what the requirements would be.

 Personal Skills and Development Presentation

 Skills Assessment (External Website)

360 Appraisal Review Form (External Site)
 P4 describe the legal and financial aspects that will affect the start-up of the business For P4, learners must produce a proposal which describes the legal and financial aspects that will affect the start up of the business. They may need to consult with specialists (this should be guided by the delivery of the unit) and should address aspects such as the legal status of the business, the form of trading it will undertake,
together with specific relevant legal and financial issues. Learners should presume that their ideas can become reality and should consider these areas accordingly.

 Legislation in Business Presentation and Activity

Financial and Legal Aspects of Business

Sale of Goods Act (SOGA)

 P5 produce a proposal containing the essential information for the start up of a business

For P5, the outline business plan should follow a formal report format and can be developed into a
comprehensive document. This should reflect legal aspects relating to the start up of a new business,
but monetary aspects will need to involve some simulation. The report should be supported by an oral
discussion, which may be undertaken with a specialist such as a bank manager

 Business Plan Check List  
 M1 explain methods used to identify the target market for the proposed business For M1, learners need to demonstrate their understanding of the methods used to identify the target market 

for the proposed business. This will require them to consider a range of methods that could actually be used
and to provide reasons for their choice. Market research will almost certainly be included but learners need to
explain why. Other methods may prove more challenging but the selection and justification should contribute
to a possible business launch, rather than just being a descriptive account of how they could be applied.

 See P2 Resources to enable the skills development to achieve this.  
 M2 analyse the personal development needed to run the business successfully

For M2, if learners were to launch a business, they would certainly need to undertake further personal
development. P3 has already addressed what areas require further development. At merit level, learners
need to analyse these areas of development and explain how they would pursue each in order to strengthen
their ability to start a business. Examples could include sources of training with appropriate timelines that fit
with the business launch dates.

 See P3 Resources to enable the skills development to achieve this.  
 M3 assess the implications of the legal and financial aspects that will affect the start up of the business.

For M3, learners also need to consider the impact of legal and financial aspects. This may require them to describe systems they will have in place for addressing such issues, such as recording systems for tax and VAT liabilities. Learners may wish to include a summary of how these will be embedded within the overall business

 Financial and Legal Aspects of Business

Sale of Goods Act (SOGA)

 D1 present a comprehensive business proposal that addresses all relevant aspects of business start up.

To meet D1, learners need to draw all their evidence together into a comprehensive business proposal that addresses all relevant aspects of business start up. Other pass and merit criteria will already have covered much of the evidence they will need. For distinction level, they need to present all the evidence in a fluent
proposal. Learners should be encouraged to seek guidance on the preparation of their proposal, much as they would do in the real world. They should discuss a draft with their tutor and/or business mentor, making improvements and revisions, before presenting the final version.

 Business Plan Check List  


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