Type your question here…Part A?Research the regulatory requirements which exist in a particular area within the Pacific Rim region. The area you choose will also be the context for your work in Part B and Assignment 2. Your research should be undertaken with respect to the aspects of small business commencement and continuing operations listed below. You should address requirements that might apply at all levels of government (local, state and federal). And, where possible, you should include published documentation relevant to each discussion point.
The aspects you should address are:
Business name registration.
Business activity registration.
Any other government requirements and/or fees payable relative to commencing and operating a small business (not covered in the two points above or the following points).
Insurance requirements (including any Workers’ Compensation cover).
Taxation requirements (both business and employee)
Employee entitlements (must include superannuation, sick leave, holiday leave, long service leave).
Occupational health & safety requirements.
Reporting requirements deadlines, financial and otherwise.

Part B
Part B of Assignment 1 is the ground work for the business plan you will undertake in Assignment 2, your major assessment task. Before beginning Part B, you should read through the instructions for Assignment 2 including the notes business plans.
Identify an enterprise which you might wish to establish as your own small business. This enterprise will be located in the specific area that you identified in your response to Part A above, that is the Pacific Rim region.
Prior to getting started, you may wish to contact your lecturer to confirm the suitability of the small business selected.?With respect to the material covered in Topic 2, Getting into a small business – considerations and Topic 3, Getting into a small business – basic skills, you should:
describe the nature of the business;
identify your start-up mode (new or franchise business). Why did you choose this mode?
identify the ownership structure you would use. Why did you choose this structure? What are the personal risks associated with this structure?
prepare a detailed market research plan to establish the viability of your enterprise choice (how you intend to conduct your market research); and
outline your preliminary budget preparations with respect to sales mix and finance requirements (you must include an initial 12 month cash flow forecast and monthly sales mix).

You will also need to discuss the following:
Location: A specific site need not be selected yet but the general location, i.e. the city or specific rural area, should be known.
Market positioning: Are you expecting to aim at exclusive elements of the market or will your approach be broader? Market research may change your perspective on the optimal positioning for your business.
Competitors: The design of your market strategy will be dependent upon the expected number and type of competitors. You are not expected to know the number or type of competitors in detail until an analysis of the market is completed. However, you probably have some idea of the competition you anticipate. Do not ignore competitors in associated fields. An operator of an indoor ice skating facility, for example, must consider any leisure time activity provider as a competitor … not just other skating facilities.
Promotional ideas: Newspapers, radio, television, trade journals, brochures … keep your promotional concepts cost effective.
Primary data instrument: Interviews, questionnaires, observation … how might you expect to collect first hand information about your potential market and about the requirements of this type of business?
Secondary data sources: Where do you expect to be able to obtain most of your secondary statistics?
Equity sources: Will your own resources, combined with family and friends, be sufficient or will you need to seek equity from somewhere else? If you will need a further infusion of equity capital what are the sources you are likely to consider?
Debt sources: It is unlikely that your businesses can be started entirely with the funds available from your personal savings, family and friends. What sources of debt might be available and how will you determine if it would be available in your circumstances?
Employees: Will the operation of this business require help from another individual? If so, how many will be required and what skills and training will be required?
Management structure: How do you intend to organise your operations? If the entrepreneur will be running the business alone what time will be devoted to various activities?
Information systems required: These may be formal or informal. They may be expected to change over time as the business develops. At this stage you should have some idea of the major areas in which information will be required.
Timing of goals and objectives: While the timing of objectives cannot be known this early in your research into the feasibility of your project, you should have some idea of the primary objectives to be reached.
Students must restrict their efforts in this assignment to the specific topics listed above, and not include material which belongs in Assignment 2.
Rationale
This assignment should assist students with their understanding of the following objectives:
understand the nature of small business and entrepreneurship;
understand the importance of small business in Australia and the Pacific Rim;
understand the strengths and weaknesses of small businesses;
understand and examine the issues involved in starting a new business, buying an existing business, opening a home-based business or opening a franchise; and
understand issues involved in family businesses.