This is to show that your new RTO has the financial capability to: A business plan provides a detailed overview of your new RTO’s business goals, and provides details and the strategies you will use to achieve those goals.
It makes sense that an RTO regulator requires a good business plan with your new RTO application.
We have many years of experience in establishing RTO’s and managing their compliance requirements.
This has been achieved through setting up, owning and operating RTOs and working in regulatory (auditor and senior compliance management) roles for the Tasmanian Qualification Authority (TQA) and the Australian Skills Quality Authority (ASQA).
Understanding how to become an RTO can be a daunting task when you don’t know what you are doing..
With a huge amount of preparation required, as well as all the compliance requirements, risks, and logistical hurdles – starting an RTO on your own for the first time can be overwhelming.Maybe you are an expert in your field and want to own a company that trains others, or perhaps you simply want to own a highly profitable and successful business?Whatever your reasons, starting a registered training organisation (RTO) is a great way to create an excellent business that thrives by helping others reach their goals.Your RTO Business Plan typically lays out your short and long-term goals for the first couple of years of your new RTO.These goals can include your enrolment targets, revenue goals, and things like extensions to scope, new course goals, and your RTO’s expansion goals and strategy.For new prospective RTO owners, making sense of the National Standards can be confusing and demands a lot of study and analysis.As such, becoming an RTO for the first time can be difficult, particularly for those new to the vocational education and training (VET) sector.This crucial step in the new RTO audit process proves to ASQA that you have the financial capability to meet the startup and running costs of your new RTO.To prove to the regulator that you do meet financial viability requirements, you will need to prepare your RTO business plan, a detailed financial forecast, and complete a financial viability assessment.There are also requirements that the accountant must meet depending on the regulator, such as being independent and external to the applicant’s organisation, and/or being a member of a professional accounting body such as CPA-Australia.Having compliant, good-quality training and assessment resources before becoming a registered training organisation is critical for your RTO application’s success, and will be a major focus of ASQA’s initial registration audit.