The reality of setting up an RTO is that the process is complex. The registration application alone can take months to prepare for. Going about everything properly and efficiently is in the best interest of your business. The following are some vital points for understanding and preparing for your initial RTO registration audit.
A RUNDOWN OF INITIAL REGISTRATION REGULATORS
ASQA (Australian Skills Quality Authority) is the main regulator throughout Australia. ASQA manages RTOs providing programs throughout Australia’s states and territories as well as online and also includes The Commonwealth Register of Institutions and Courses for Overseas Students (CRICOS) programs that cater to international students. In Western Australia or Victoria, the Training Accreditation Council (TAC) coordinates RTOs based in these regions. The Victorian Registration & Qualifications Authority (VRQA) supervises RTOs based in Victoria or Western Australia.
It's suggested that you visit the appropriate regulator's websites, as per the above, to learn all about their requirements. Especially the VET Quality Framework:
the Fit and Proper Person Requirements,
the Financial Viability Risk Assessment Requirements,
the Data Provision Requirements,
the Australian Qualifications Framework.
Familiarizing yourself with the directives and rules of the Standards for RTOs 2015 and the VET Quality Framework is an essential start to becoming an RTO.
FINANCIAL REQUIREMENTS FOR BECOMING AN RTO
ASQA and TAC need you to meet the financial viability risk assessment for your leadoff registration. They both have directions and instructions to guide you in preparing what they look for in determining your eligibility. Some elements required to properly demonstrate your eligibility are, a business plan and details of your financial forecast and history. They can then determine whether you can achieve the stipulations of the Financial Viability Risk Assessment Requirements 2011 as well as the capability of your business to help students to complete training with your RTO and your business's ability to survive financially.
YOUR RTO BUSINESS PLAN
A completed and thorough business plan provides you with the essential information and structure that will guarantee your RTO will be prosperous. Like any other small business, it is essential to establish some important points from the onset. The key to a successful business is understanding your target market, identifying what makes you unique, and developing a service that matches the needs of those who buy from you. A proper plan will impress upon the regulators that you have contemplated and calculated your business goals and how to achieve them.
RESOURCES FOR INITIAL REGISTRATION
The next step is to evaluate where you will get your training and assessment resources from. You can create these yourself or purchase them from a valid supplier. Many sources claim to be authentic and comply with regulations but it's not always necessarily true. An RTO's success largely hinges on the availability of relevant compliance and training resources, as these are essential to qualifying for being approved. To successfully register your RTO, you must have all training and assessment resources required for every course and product that will be taught. This is an essential part f your overall RTO setup.
COLLABORATING WITH AN RTO CONSULTANT FOR INITIAL REGISTRATION
If you do not feel confident or comfortable in organising your business plan and registration on your own, it is a great idea to choose to work with an RTO consultant. A good consultant should have experience with running and managing RTOs, so they can address the issues when setting up an RTO. A consulting company that specialises in this area will be well-equipped to handle any issue that may come their way as a result of working on such projects; however, it is important for consultants not only to understand how these projects work but also what goes into getting one started because there are many factors involved.
Here at RTO Intelligence, we have extensive experience running and managing RTO so can assist you with your initial RTO registration. Get in touch to discuss your Initial Registration Audit today at 1300 833 424 or email firstname.lastname@example.org