|Subject Name||Business Feasibility Project|
|Unit Code & Name||BFP2 – Market Research and Projections|
|Assessment Name||A1. Business Feasibility Project|
|Assessment Due||Topic 2|
|Student Name||Akshay Mohan||Student ID||202100673|
|Trainer & Assessor Name||Ranju Choudhary|
|Student Declaration||I have been supplied with the learning materials.||Yes|
|Due date for assessment submission has been clearly communicated to me.||Yes|
|I understand that I must meet all the assessment requirements to be able to be deemed competent for this unit.||Yes|
|I understand the need of using referencing and consequence of plagiarism (academic misconduct).||Yes|
|I am aware of the post-assessment options (re-submission, re-assessment& appeal procedures) available to me.||Yes|
|By submitting this piece of work and signing below, I DECLARE THAT all assessments will be my own work and have not been previously submitted by me or any other student. I understand that, if there is any doubt of the authenticity of any piece of my assessment, I can be orally assessed by the Assessor.||Yes|
BY NEW MILLENNIUM TEAM
SUCHITRA REDDY VALLAPU-202101217
DIVANSHU SHARMA – 202100347
SUDHARANI MADDURI -202100734
MOHIT SHARMA – 202101198
SUDIP PARAJULI- 202101244
ANY TIME BATTERIES
[Find out about business registrations and choose a business structure.]
Registered or proposed name.
|Any time Batteries|
|State registered in||New South Wales|
|Australian business number (ABN)||567 893 246 32|
|Australian company number (ACN)
If a company.
|34 190 869 193|
|Licences and permits
Australian, state and local.
|Address||Ed square shopping centre, Glenfield. SYD-2443|
Online and social media details
Key details 2
Registration details 2
Contact details 2
Online and social media details 2
The business 4
Plan summary 4
Our why 5
Our vision 5
Our mission 5
Key people 8
The market 9
The problem 9
Our solution 9
Our target market 9
Advertising and promotion 10
The competition 10
Pricing strategy 11
SWOT analysis 11
Risk management 13
Risk assessment 13
Succession plan 13
Laws we’ll need to comply with 14
Goals and actions 14
Goals for next year 14
Goals for the next 3 years 14
The finances 16
Finance needed 16
Sources of funding 16
Current finances 16
Balance forecast 16
Profit and loss forecast 17
Cash flow forecast 18
Supporting document checklist 19
What our business does
The products or services we sell.
|Any time batteries, Inc. is a fully registered and licensed Electric Vehicle batteries Vending station that will be located along a busy community in Sydney – Australia. We will operate a public quick-batteries vending station (fast charging system) that is greater than 40 Kw and delivers over 60 miles (100 km) of range in 10–30 minutes. Our chains of ATB stations that will be scattered all around major cities in Australia will adopt full service, minimum service and self-service as it suits the location.
Our basic services would include charging and providing battery swap for electric vehicles and bikes. We will provide customers with instant swap and go options for batteries. We are being inclusive with various electric batteries to fit all the electric cars available in the market.
We are quite aware that in order to become the number one choice for electric vehicles and electric bike owners who ply the route where our ATB stations will be located, we must continue to make our ATB station welcoming and easy to operate, and that is exactly what we will do.
We are open to the use of the latest technology in the electric vehicle charging industry. Our excellent customer service and the range of additional complementary services we offer will position us to become one of the most preferred electric vehicle battery Vending stations in Australia.
|Our target market
|Before choosing a location for our electric vehicle charging station business, we conducted our feasibility studies and market survey and we were able to identify the location that will benefit greatly from our products and service offerings which is why we decided to settle for Sydney – Australia.
Those who will benefit from our service offering are owners of electric vehicles and electric bikes and they are of course busy corporate executives, business owners, sports men and women, military men and women, households, students and government officials et al. They are the category of people that we intend marketing our electric vehicle batteries vending station services to.
|Our unique selling point||Before launching our electric vehicle battery vending station we have critically studied the market and we know that we have some form of competitive edge. Our competitive advantage is that we are unique and the first company to sell customers batteries on the go using a vending machine system.
Another competitive advantage that we have is the vast experience of our management team. So also, the wide varieties of electric batteries will attract different electric car owners in the market.
One thing is certain, we will ensure that in future, we will open our electric vehicle battery vending stations in various cities in Australia and also sell our franchise. With that our brand will be well communicated and accepted nationally.
|Our business goals||·One of our major goals of starting ATB Station, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on a lower profit margin for a while.
Industry experience, major achievements.
|Our Major Achievement is coming up with the revolutionary idea and being the number one startup company with a unique project plan.|
[Consider why you started this business. Why are you personally invested in this business idea?]
The inspiration behind the business.
|·ATB Station, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken care of. Our organizations’ corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
·We know that if this is put in place, we will be able to successfully hire and retain the best hands we can get in the industry and they will be more committed to help us build the business of our dreams.
[Consider what you want your business to accomplish in the long term. What are your ultimate goals? Be passionate, powerful and inspiring.]
Our hopes, dreams and where we aim to go.
|● Our Vision is to operate chains of electric vehicle battery vending stations all across major cities in Australia.
[Consider the purpose of your business and define what it does for your customers. What do you do, how do you do it and why do you do it?]
Who we are and why we exist.
|● Our mission is to develop a highly successful and profitable electric vehicle battery vending station business with state of the art facility and latest technology; a business that will not only meet the needs of our clients but also supersede their expectations.
Products and services
What we’re selling.
|Product/service||Description||Unit price (incl. GST)|
|Batteries||lending batteries for different car models||$ 85|
|Vending Machine||customized vending machines||$ 3500|
|leasing the land||to stock up our vending machines.||$ 1500|
How we produce our products or services and where we get our main supplies from.
|Our Vending Machines are uniquely designed to fit a wide range of Batteries. The vending machines are customized by our vendor .Ausbox Vending Machines & Micro Market.
They have curated the machines with high combustion insulated material for the battery holding case to prevent the explosion in unforeseen circumstances.We have a legal contract signed with major car battery producers Battery World.
Sales and distribution channels
The channels we’ll use to distribute our product or service to customers.
| e-commerce websites
|Selling our Grad and Go in e-commerce websites and our official website to increase the brand value.||Online sales account for 5% stake as it’s a marketing strategy but not a reliable option.|
|social networking platforms
|promotional offers and benefits displayed on social media to attract customers.||increasing the overall marketing strategy with less investment.|
[Learn about selling online and digital options to improve your business efficiency and profitability.]
Technology we plan to use for our business.
|Nayax is a global fintech company, specializing in payments and M2M communication, offering complete cashless capabilities via its Payment-As-A-Service platform for unattended machines, micro markets, retail and transit sectors. Nayax’s solutions help operators improve their day-to-day operations and long-term planning, decreasing operational costs while increasing revenue and growth. Understanding that digital payment is an integral part of payments, Nayax has also integrated a mobile and consumer engagement platform into its solutions, assisting operators of all sizes with consumer loyalty. As a global company, Nayax’s goal is to provide all payment methods in each region, ensuring consumers can use their preferred payment method, wherever they are located. For more information, please visit www.nayax.com.
We are using 5 major digital technologies in our vending machines.
1. Cashless and Contactless Payment
2. Interactive Screens
3. Connected Devices, Data, and Servicing
4. Side Advertisements via Screens
5. The V21i – The IoT Vendor
[How do you collect, store and use customer and stock information? Do you back up this information? How do you do this and how often? Make sure you comply with industry standards and legislation.]
How we collect, store and use customer and stock information.
|In compliance with Australian Privacy Principles and Guidelines we are following necessary steps to protect the customers data.
Industry Leading MDM Software, TIBCO EBX®
A single solution to govern, manage, and consume all shared data assets
TIBCO EBX® software helps our organization avoid silos with an all-in-one approach to managing data assets across the enterprise.
When we can manage and share all your data assets, you thrive. Data fuels mission-critical operations, analytical processes, and customer experience. With constantly evolving data from diverse channels and sources, business teams can no longer rely on simple office automation or outdated data management tools. EBX® software, a recognized leader in Master Data Management (MDM) and a pioneer in data asset management, is an innovative, single solution for managing, governing, and consuming all shared data assets, including:
● Master data
● Reference data
● Business glossaries
It provides risk mitigation and an accurate, trusted view of business functions, insights, and decisions. When used for integration and analytics initiatives, it empowers better decisions and faster, smarter actions. And unlike other solutions that require integration of multiple standalone applications, EBX software is a single software solution.
[Describe your business premises, the location, facilities and whether you own or lease them.
Visit our Business premises page for more information.]
|We are currently leasing 3 vending machine areas in the heart of CBD. with major customers attracting from the city central shopping malls and museum next to our ATB cstations.|
Stock and inventory
[What stock do you have? Describe how you store and manage stock. See our managing inventory page for more information.]
|Raw Material Inventory- These would be the batteries, we would acquire these from the battery company. The quantity of batteries acquired would be dependent on sales forecast, as the stock reaches a threshold value, we would acquire more batteries.
We would store these products in a store house, from where the batteries would be transported to the vending machines.
|Equipment||Date bought or leased||Cost ($)|
[List any intellectual property that you have registered or need to protect. For more information, check our intellectual property guide.]
|our Any time batteries concept is new and trending in the market. To reduce the growth of the market with our concept we have a registered patency business. We can support expansion by providing franchise operations.|
Excellent customer service and efficiency are top priority for us which is why we will ensure that we look for applicants that match the picture of the business who want to build before hiring them. Although we will provide training, we will ensure that we shortlist applicants that are customer centric.
If the role is filled.
|Skills and experience|
|ATB Station Manager||Kate Garden||● Responsible for overseeing the smooth running of the ATB station
● Maps out strategy that will lead to efficiency amongst workers
● Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs
● Ensures that the electric vehicle charging station meets the expected safety and health standards at all times
|ATB Technician/Assistant||Nicole Wilson||● Operates the various charging ports
● Checking the VM’s.
● Responsible for minor repairs and maintenance of faulty charging ports
● Handles any other duty as assigned by the EVC station manager
|Resources and Admin Manager||Jered miller||● In authority of overseeing the smooth running of HR and administrative tasks for the organization
● Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
● Defining job positions for recruitment and managing interviewing process
● Carrying out induction for new team members
● Responsible for training, evaluation and assessment of employees
● Oversee the smooth running of the daily office and station activities
Sources of advice and support
[Sources of advice and support for your business could include a business mentor, your accountant, a valued supplier or even an industry association.
External people or organisations that provide support to our business.
|Support type||Name||Skills and experience|
|Legal Advisor||Yash Gupta||Provides Legal suggestions and requirements for our Business.|
|Accountant||Sid Bordin||Maintains the Audits for Financial supporting documents.|
|Marketing Mentor||Julie Smith||Helps in Promoting the Marketing. Coming up with new strategies to benefit the company.|
Skill and staff retention strategies
[Read about developing and maintaining staff skills.]
How we keep our staff working for us and maintain their skills.
|Excellent customer service and efficiency are top priority for us which is why we will ensure that we look for applicants that match the picture of the business who want to build before hiring them. Although we will provide training, we will ensure that we shortlist applicants that are customer centric.
We want to build a team that will work together to help the organization achieve its set targets. We will not only hire attendants that will help supervise our ATB stations and attend to customers’ needs when they patronize our services.
There’s no better time than now to develop employee retention strategies that increase your chances of keeping employees. Treat them well now and reap the rewards. A boost in job satisfaction results in higher productivity, improved company loyalty, and, ultimately, increased profits.
1. Encourage taking time off
2. Focus on value rather than time spent
3. Over-communicate the company vision for the future
4. Provide a competitive salary and benefits
5.Ensure employees are working under the right manager
6.Adopt a social recognition system to recognize employees
There are many things to consider when deliberating on the benefits of electric cars and whether or not an electric car is right for you. The only concern about the Battery electric vehicles (BEV) is, it could take a long time to charge. Unlike Hybrid Electric Vehicles (HEV) these are electric cars that are powered solely by electricity stored in battery packs. If you buy one, you’ll have to charge it up at home, at work or from a charging point such as on the motorway. There’s no on-board back-up power supply (i.e. an engine), so get caught with a flat battery and you’ll have to be recovered. BEVs include the Nissan Leaf, Renault Zoe and all Teslas, while BMW offers an electric-only i3. In the present scenario, most of the drivers just drive to and from work on a daily basis. So, it’s easy to charge the batteries of a car overnight, however if you reside in an apartment this could be hard. In those cases owning an electric car wouldn’t be worth it. In most of the parking lots it is very hard to find the power outlet. So, the universal charging infrastructure is being a major issue for Battery Electric Vehicles at the moment.
Typically, consumers prefer to buy things that require minimal wait times, especially when it comes to fuel and energy needs. This is a key reason why product swapping came about as a concept. If we look at this same exchange concept for EVs, it may make sense to introduce a similar initiative. Because charging EVs currently takes too long for lengthy trips. Exchanging products such as an empty bottle for one that has been pre-filled with something such as oil or gas is not new. Take for instance the SWAP’n’GO service offered by Elgas Ltd. Their gas refill exchange service enabled people to get instant gas bottle refills without waiting because it took too long for the average person to refill a 4kg or 9kg gas bottle. Plus, the exchanged bottle has already been tested for leaks and checked for expiry dates to make the exchange fast, safe and easy.
The same idea can work very well in the case of Electric cars as well.
- Instead of cash/card, this vending machine should accept used batteries from the EV as its initial feed.
- It should automatically detect the make and model of the used battery, and should dispense an already fully-recharged battery from the stack to the end-user.
- User to just replace this fully charged battery as per the instructions and DONE.
- Once done, the system can still work on the issue of detecting the life of the used battery (that just fed in) and accordingly to decide whether to consider this for another charge (to the stack) or the discard for recycling.
This entire process of taking out the used battery, getting the new and installing it to the car will hardly take 5-8 minutes for the customer.
Our target market
In this case of universal charging infrastructure issues, having a spare battery could resolve all the problems but the cost of purchasing an additional battery pack could be expensive. So, that’s where our service is mostly focused on. All the battery powered vehicles can benefit from this. They include owners of battery operated vehicles, Electric bikes, business owners, sports men and women, military men and women, households, students and government officials. In future we will be collaborating with various transportation companies in order to encourage a clean and green environment and less pollution.
Advertising and promotion
Advertising is the best way to communicate to the customers. Advertising helps producers to know about their competitors and plan accordingly to meet up the level of competition in the market and also create customer awareness. Our products will be advertised via different social media, newspapers and seminars so that we can meet every need of our customers.
|Seminar||Prior to launching the product||We are hosting a seminar in order to let the consumers know about our products and also broadcast it through different channels to keep everyone informed about it.|
|Social Media||Advertising and promotion||We will use facebook, instagram and other social media pages to regularly update our products and promotion.|
|Website||Offers||We are conducting an offer discount for our first 100 customers. Among them one lucky customer will be able to win a cash prize.|
Besides, we are taking feedback from all our customers so that we can improve in the future and enhance the transportation world to the next level.
The top 3 businesses we’re competing against, what they do well and not so well. What we’ll do differently to succeed in the market.
|Competitor name||ChargePoint||Tesla charging stations||Any Car manufacturing companies|
It claims to manage the world’s largest network of electric vehicle charging pointsaround 60,000 in total all over the world.
|It provides two main varieties of stations one is Supercharge network it designed to get you back on the road within half an hour and other is Destination which does not speed charger as other, but you can use it for free.||They have a chance to open EV charging stations for their own brand at low cost and provide the batteries at low price.|
ChargePoint charges seem to be a little unloved once they’ve been installed – with some breakages taking months to fix. ChargePoint is great – if only they would update their charge cables to Type 2.
|It is free only if you own an early Tesla Model X/S and not speed as expected.||It is only a benefit for their own brand that can’t be used for any other car models.|
|What we’ll do differently||We not only provide the EV charging stations we also provide the batteries to exchange. We have Type 1 and Type 2 cables.
|We provide fast charging for any model cars available in the market and we also sell the batteries for exchange which are recycled and open to use at any place anytime.||We provide customers with swap and go options for all types of batteries that are available in the market and also charging stations for all types of batteries.|
[Explain your pricing strategy and why you chose it.]
How we set prices for our products/services.
|At ANY TIME BATTERIES our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more and we don’t intend to charge less than our competitors are offering in Australia.
Be that as it may, the management of ANY TIME BATTERIES have put plans in place to offer discounts for our complimentary services and products once in a while and also to reward our loyal customers especially when they refer clients to us.
● Payment Options
The payment policy adopted by our business is all inclusive because we are aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulations of the United States of America.
Here are the payment options that ANY TIME BATTERIES will make available to our clients;
● Payment with cash
● Payment via credit cards
● Payment via gift cards
● Payment via vouchers
● Payment via mobile money transfer
● ATB Mobile App
In view of the above, we have chosen banking platforms that will enable our clients to make payment for our services without any stress on their part. We use the top encryption third party payments processors in the market to keep the information of our valuable customers safe and secure. We also launch our ATB Mobile app where the customers can pay online and swap the batteries on the Go. The details of the ATB Mobile App and all other information related to payment is available on our Website.
Starting an electric vehicle charging station is indeed capital intensive especially for aspiring entrepreneurs who may not have a huge sum of money saved up in a bank. We are aware that it will require loads of cash to set up a standard electric vehicle charging station in Sydney – Australia which is why we decided to do all that is required to build a profitable business. One of the tools that is required to position us in building a successful electric vehicle charging station business is a SWOT Analysis.
We hired the services of Dr. Memphis Iverson, an HR and Business consultant who is based in Sydney – Australia to help us conduct SWOT analysis for our company and he did a pretty good job for us. Here is a of the results we got from the SWOT analysis that was conducted on behalf of Anytime batteries, Inc. Sydney – Australia.
Our business strengths, weaknesses, opportunities and threats.
What’s good about our business?
|Anytime batteries, Inc. is centrally located along one of the busiest communities with loads of electric vehicles and electric bike users in Sydney – Australia; our location is in fact one of our major strengths. Aside from the basic service that we offer, we also offer complimentary services that most of our competitors are not offering. So also, the vast experience of our management team will count in our advantage, and our attendants are well groomed to handle various classes of customers.
What’s not so good about our business?
|Our perceived weakness could be the fact that we are a new EVC station, and we may not have the financial capacity to sustain the kind of publicity that can give us leverage to start operating chains of EVC stations in various cities in Australia as planned.
External factors we could take advantage of.
|Electric Vehicle batteries Vending station that will be located along a busy community in Sydney – Australia. and we are open to all the available opportunities that the city has to offer. Our business concept is providing a quick battery vending station for fast charging that is greater than 40Kw and delivers over 100 km of range in 10-30 minutes. Sydney is one of the densely populated cities in Australia, and indeed population translates to opportunities.
External factors that could cause problems for us.
|One of the major threats that confronts electric vehicle charging stations all over the world is the fact that people have not fully embraced this technology. Another threat that we are likely going to face is the emergence of a new EVC station within the same location where ours is located.
How we’ll address each weakness and threat
|We try to advertise and promote our business through different social media and giving seminars prior to launching a product and through websites by giving offers. To become financially fit we get loans from banks and try to get sponsors to open new branches across Australia.
To confront electric vehicle charging stations for people aside from the basic service that we offer, we also offer complimentary services that most of our competitors are not offering. We also offer complimentary services that most of our competitors are not offering and get prepared for future competition.
We must reduce or eliminate risks in order to achieve the project’s targeted outcome.
Risk Register: We’ve built a risk register that will identify the project’s or organization’s potential risks. This risk register also keeps track of and records any difficulties or faults that occur during the event.
Risk key areas:
Scope Area Risk :
These risks occur just because of the following reasons-
- resources risk
- Schedule risk
- Technical issues
Schedule Risk: The most serious threat linked with automotive batteries is explosion, which can occur when the battery emits flammable hydrogen gas owing to a condition known as “gassing.” If a spark ignites the hydrogen gas, the entire battery can explode, spraying you with sulfuric acid. The chemicals used in batteries are caustic and dangerous, and if they escape from any battery, they can cause physical injury or equipment damage. Under typical user conditions, the majority of batteries accessible in regular commerce are relatively abuse resistant and efficiently contain corrosive and poisonous chemicals.
How to Mitigate:
- We are using insulated cases to hold the batteries and using high end technology to mitigate the explosion risk. This test is approved and tested to be implemented.
- We will make sure the work area is well-ventilated.
- Never lean over the battery while boosting, testing or charging.
Resource Risk: Resource risk is another concern. As we are getting our initial resources, example batteries and vending machines from electric car manufacturing companies and Vendors respectively. There is always a risk if the suppliers raise the pricing or deny the services.
How to Mitigate:
- To mitigate the resource risk for our business we try to sign a legal contract with our vendors for a period of time.
- With the Manufacturing company we offer the best in the market and foresee the strategies we use for marketing. We also promise to upsell their brand as it’s a unique business with high credibility.
Technology Risk: Despite this, the industry continues to face two key basic technological issues that are impeding the use of batteries: Trade-off between energy and power: Every battery made today has to make a power-to-energy tradeoff. Batteries have the ability to store more energy or charge/discharge more fast.
Every electric car on the road is powered by lithium-ion batteries. However, these batteries have issues like overheating and flammability, short life spans and underperformance, toxicity, and logistical issues.
how to Mitigate this risk
1.Minimize exposure to extremely high temperatures when parked.
2.Minimize the batteries at 100% state of charge.
3.Avoid using fast charging.
4.Control the optimal battery state of charge during long storage.
|Possible risk factors||Risk results||Likelihood||Consequences
(if these risks
|Scope creep||Venture will be uncontrollable and the required information may not be delivered.||Low||Major||Project scope ought to be well-documented.|
|Schedule risk||Incompletion of project behind the schedule||Low||Major||Should be well estimated before the starting of the project.|
|Technical problems||Hardware or software issues may arise halfway of the project||High||Major||Verification of all the software|
|Lack of access to the venue place||Less number of people may present in the conference due to the lack of access.||Low||Major||Provision of the proper map of the venue.|
|Budget||Project may run over cost.||Low||Major||Make sure the cost supporters are responsible.|
|Environmental issues||Noise from the outside areas hinders the completion of the undertaken.||Medium||Major||Selection of the venue at the appropriate place.|
Insurance is a contract in which an individual or entity receives financial protection or compensation from an insurance firm in the form of a policy. The firm pooled the risks of its clients to make payments more reasonable to the insured. Specific types of insurance are needed by law in Australia. Compulsory third-party insurance, public liability, professional indemnity insurance, and employer liability, such as Workers Compensation, are examples of these types of insurance and regulatory obligations.
What insurance does our Business need?
Public and Products Liability: This is a basic business insurance coverage that is necessary for all types of businesses, large and small, including vending machine operators, to protect you against damage to a third party or their property.
Theft: Theft of vending machines and their contents
Fire: Preventing the loss of your vending machine due to a fire.
Malicious Damage: Protect your vending machine from malicious damage.
Succession planning is a method of transferring leadership duties, such as firm ownership, to an individual or group of employees. It’s also known as “replacement planning,” because it guarantees that firms keep running efficiently after key employees leave for new opportunities, retire, or pass away.
Succession planning can also serve as a liquidity event, allowing rising staff to take over ownership of a business.
Important key factor:
ØSuccession planning is a method of transferring leadership duties, such as firm ownership, to an individual or group of employees.
ØSuccession planning guarantees that a company’s operations continue to run efficiently after its most key personnel retire or leave.
ØEmployees are cross-trained to build skills, company knowledge, and a holistic view of the company as part of succession planning.
Succession planning assesses each leader’s abilities, identifies possible successors both inside and outside the organisation, and, in the event of internal replacements, trains those people to take over. Succession planning is not a one-time affair; it should be reevaluated and maybe revised each year or as the company’s needs evolve.
In future if I have to step out from the business, due to my health issue or some other issue. I will offer my share to the existing partner who is working on that time, if they agree that is the best thing but if that cannot happen then I will sell it to that small company who is ready to merge with our company. By doing this our business will be strong by the aspect of assets, money and will be easy to expand in future if the business team members want.
Laws we’ll need to comply with
ERAC: Electric regulatory Authority council
ERAC is the Electrical Regulatory Authorities Council; an organisation formed to coordinate the activities of Australian and New Zealand electrical regulators. In Australia, technical and safety electrical regulatory functions are largely the responsibility of state and territory governments. The Electrical Regulatory Authorities Council (ERAC) is the peak body of electrical safety regulators in Australia and New Zealand, working together to ensure electrical safety regulatory systems are contemporary and harmonised wherever possible.
A person may apply for Australian certification of electrical equipment to an Australian Certifier under the Recognised External Certification Scheme (RECS) or a Regulatory Authority (RA).
A Certificate is issued by a RECS or RA to claim that an item of equipment has been independently assessed and shown to meet the relevant standards and is electrically safe.
There are two types of certificates:
- Certificate of Conformity: for In-Scope electrical equipment risk Level 3. The Certificate of Conformity is also known as ‘Certificate of Approval’.
- Certificate of Suitability (voluntary): for In-Scope electrical equipment Level 1 or Level 2.
To gain Certification for an electrical product:
An application for certification to one of the Certifiers includes (for full details of all required documentation see Appendix B of the Equipment Safety Rules):
- A test report from an approved testing entity showing compliance to the relevant standard for the product,
- The equipment itself or colour images showing the internal and external construction of the equipment;
- Technical documentation describing the item
- Instruction for the safe use of the equipment
- Other documents as required by the certifier and as per the Equipment Safety Rules; and
- The required application fee.
Goals and actions
[Learn how to set goals that will help your business grow.]
Goals for next year
|Add 6-8 more vending machines in Sydney.||Increase in sales by 20-25%.||Business expenditure in Melbourne.|
|Actions to achieve goal
|● Search for more location
● Order for more vending machine
● Getting more funding for this operations
|● Attract more customers
● Band promotion to be increased
● Improvement in customer service.
|● Search for more suitable locations for project
● Order for more vending machines and customize them depending on the location.
● Being updated with our competitors in the market.
|Who’s responsible||Operations team||Marketing team||Risk and Operations team.|
Goals for the next 3 years
|Business expenditure in all the other major cities of Australia||Try to go global.||Make an investment in a R&D team.|
|Actions to achieve goal
|● Search for more suitable locations for the project.
● Order for more vending machines and customize them depending on the location.
● Getting some investors to make this idea go national.
|● Research for other countries which are going green.
● Look for rules and regulations to meet the project and those countries’ laws.
● Look for some collaborations or takeover similar companies if required
|● This team will be working on designing the vending machines for places like shopping malls and other lookouts.
● Collaborating with other car battery giants to get on board and work on further advancement of the product.
|Who’s responsible||Operations and Marketing team||Marketing team||Risk and Operations team.|
[You may find the Australian Taxation Office’s small business benchmarks useful to compare your performance when completing this section.]
[Delete this section if you aren’t seeking finance.]
How much money we need and what it’s for.
|We would need a total of 30,000 $ initially. This amount would be used to acquire the vending machines and the batteries from the companies. We would also need to hire some staff to deal with the marketing of the product and promote our product.|
Sources of funding
[Describe sources and amounts of funding that your business has received. Include your own investment in your business.]
|We acquired 30000$ from the 6 members combined and could get further funds if needed from the banks.|
Break Even Analysis
Profit and loss forecast
Cash flow forecast
Supporting document checklist
Attached documents (where relevant):
☐ Balance sheet forecast (including assumptions)
☐ Balance sheet for last financial year
☐ Cash flow statement forecast (including any assumptions)
☐ Cash flow statement for last financial year
☐ Market research
☐ Profit and loss forecast sheets (including any assumptions)
☐ Profit and loss for last financial year
☐ Staff resume/s
We worked like a well fuelled machine from the star to end of this project. Every member actively participated in every activity, and we were able to successfully complete the report in time. The presentation was also done as per the standard set and was a success. I worked on the financial part of the business project, and I worked on several forecasting techniques. Through this project I learned on how to setup a business from bottom to top. I learned on how to register a business using ABN and how to give a effective business pitch. It was a really good learning experience and I had the privilege to work with such a good group. The biggest takeaway would be that, through this project I gained the knowledge of how I would be able to setup my own business in the future and the keys things to keep in mind to make it successful.
Social Media Communication
The images below shows us selecting the logo, the vending machine design, dividing the task and sharing of information.
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