Essay LML6008: Managing a Migration Agent Business – Business Assignment Help

Assignment Task:

QUESTION
Write a Business Plan for starting up your migration agent business, for the purpose of this assignment the key items you are required to include are the following:

1. Business objectives:
 State these very clearly for the first year and then in 5 years’ time.

2. Ownership and management structure:
 Explain the ownership and management structures that you will create for your business and why these are the appropriate structures for your business.

3. Source/s of customers and marketing:
 Identify your market and opportunities, what are the common characteristics and why you are targeting this market. Ensure it ties in with your business objectives.

4. Financial requirements:

 Set up costs: Clearly identify the set up costs to open the business.
 Operating costs after opening: Identify your ongoing operating costs for the business in its first year.

 Funding: What funds you will require to start the business and sustain it through to the time when it will earn enough income to pay expenses. You must identify what funds you will require and where you will source them from. If you are borrowing funds, what documents will you need to produce in order to obtain the loan?

5. Business risks and mitigation strategies:
 Identify and discuss the key business risks for your business, including management of employees, in the first year. Assess the risk as to whether it is low, medium, or high and explain why. Describe the mitigation strategies that you will put in place to reduce the risk. These risks must be the specific to your business operations.

6. Developing and improving your skills and knowledge:
Identify any areas that require improvement in your skills and knowledge as part of a continuing professional development plan any external assessment and formal and
informal educational opportunities.

7. Check list:
 Write a checklist of issues to be completed before you can commence the business. This includes all statutory requirements, financial requirements and operational matters. Include other professionals or organisations that you will need to contact for each item where relevant. Ensure this is consistent with the business you will be setting up and ensure you include all the requirements for establishing the business structure.