Scenario A: You MUST first get approval from your trainer to use a scenario of your own choice. It could be the company or business you are currently working for or a business that you are in the process of establishing.
Scenario B: You have convinced ten (10) investors, friends and family, to invest $5,000 each into a business that you want to start-up. But before they hand over the money they want to see that you have a Risk Management Action Plan in place that is sound and that shows that you are taking this venture seriously. They want to be convinced that you will succeed and that you have planned this business venture properly and taken everything into consideration.
You are opening up a small restaurant located at unit 3, 118 Mawson Pl, Mawson in Canberra. The name of the Malaysian Restaurant will be:
Spices of Melacca
It will cost $440 to open a company if you do it yourself (and that will copyright the name Australia wide). Applications can be found on ASIC website. You need to hire staff and develop a menu. The rent is $800 per week with a bond of three months and you must pay one month rent in advance. The lease-contract is for a two years minimum stay with option for extension to be negotiated. You need an ABN, food licence and you have decided to get a liquor licence instead of having a BYO. The location has a functioning kitchen because it used to be a restaurant before, but the rest is all empty, so you need to buy all chairs, tables and dishes.
You will be employ employees before the restaurant opens up for business, but you will not engage in any specific training for the new staff, as it will all be on-the-job training. For advertising you have decided to spend it on pamphlets in the immediate suburbs and on google advertising.
You will not initially buy expensive POS software but will operate through old-fashioned cash register. You will take out insurances for burglary, fire and flood. There are council restrictions for outside seating which at the moment allow up to six tables to be used for the business outside of the premises. Deliveries will be done through an external source which will be Uber eats or Menu Log. You will renovate the interior and exterior of the shop in a traditional setup.
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