Unit of competency Outline

Date retreived
23/07/2026 5:57 AM AWST

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Organise finances for new business ventures

Organise finances for new business ventures

Unit of competency
National Code
BSBESB303
State Code
OCF48
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080301 - Business Management
Original Release Date
16/03/2021
Nominal Hours
50
Description
This unit describes the skills and knowledge required to estimate start-up costs, financial viability and projected cash flow and budget for a new business venture. It involves assessing the need to access required finances based on calculations and estimates undertaken.The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Prepare to organise finances for new business venture
  • 1.1 Establish current financial situation, showing funds available and commitments already incurred
  • 1.2 Identify equity finance and assets from available sources
  • 1.3 Identify business mix and forecast expected business activity over a year
2. Determine required finances for new business venture
  • 2.1 Estimate start-up costs for business venture according to established business activities
  • 2.2 Estimate income and expenses for first year of operation
  • 2.3 Project cash flow for first year of operation
  • 2.4 Seek specialist financial advice as required according to workplace procedures
  • 2.5 Record cash flow and budget and required finances
3. Plan to access finances for new business venture
  • 3.1 Investigate and source suitable types of finances
  • 3.2 Establish methods of accessing finances and servicing any repayment schedule
  • 3.3 Complete required documentation
No information
No information
Replaces
State Code National Code Title Type
AUG99 BSBSMB303 Organise finances for the micro business Unit of competency