GRADUATE DIPLOMA IN MIGRATION LAW

LML6008 MANAGING A MIGRATION AGENT BUSINESS ASSESSMENT TASK 2 Semester 1, 2022

• Students must answer all questions as indicated. Make certain all answers are clearly labelled.

• Make certain that you enter your NAME and STUDENT NUMBER on each page. Insert them into the header or footer for ease.

• This assignment comprises 20% of the assessment in this unit.

• Students should note that English expression; grammar and spelling are taken into account in assessment of their answers.

• SUBMISSION OF ASSESSMENT: Please check the online centre for the due date. It is the responsibility of the student to ensure that the date for receipt is complied with. It is intended that all assessment be lodged electronically. This will automatically generate a receipt. Students must ensure they keep a copy of their work.

• WORD LIMIT: Word limits are indicated for certain questions and should be adherred to with each answer.

• All answers should be supported by reference to the relevant legislative provisions.

• A student, whose answer to any question depends upon facts which are not stated, must discuss all relevant alternatives.

Assessment Criteria:

1. Information is clearly and concisely presented in a businesslike manner.
2. Business objectives are clear, realistic and has an integrated approach.
3. Ownership and management structures are clear, logical and permissible under the Act.
4. Source of customers and analysis of the market is realistic and consistent with the business objectives.
5. Set up costs and finance arrangements demonstrate a realistic understanding of the financial obligations in setting up a business.
6. Business risks are realistically assessed and appropriate strategies identified.
7. Checklist presents a comprehensive understanding of the requirements in setting up a business.

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.

Note:

This task can be completed as a hypothetical business or you can use it as a real opportunity to plan for your future business. Remember it is a business document so set it out using headings. Business writing needs to be concise and clear. It should be easy to read and locate information. Use of lists and bullet points and tables are advised. Presentation is part of the assessment criteria.

All information provided will remain confidential and only be used for the purpose of assessment in this subject.

(20 marks) (Maximum Word Limit: 1000 words)

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