Business Fundamentals for Reflexology Practice

Unit Reference Number

J/650/5040

Unit Title

Business Fundamentals for Reflexology Practice

Unit Level

5

Number of Credits

10

Guided Learning Hours (GLH)

40

Total Qualification Time (TQT)

100

Mandatory / Optional

Mandatory

Sector Subject Area (SSA)

1.2 Nursing and Subjects and Vocations Allied to Medicine

Unit Grading Structure

Pass/Fail

Learning Outcomes – the learner will:

Assessment Criteria – the learner can:

Indicative contents

1. Understand the steps necessary to setup and run a reflexology business

1.1 Describe different types of business.

1.2 Explain the legislative procedures and processes necessary to set up a business.

Sole trader, partnership; limited company

Definition of key legislation: Disability, Discrimination Act; Health & Safety; Safeguarding of adults and children; GDPR; Advertising Standards Agency (ASA), Committees of Advertising Practice (CAP), Music Licence; Risk Assessment; Insurances; Professional responsibilities; Environmental responsibilities.

2. Understand the importance of business planning

2.1 Develop a business plan to include:

• Strategic goals

• Market Research

• Target Markets

• Niche/Specialism Markets

• Market Opportunities

• Competitors

• Entrepreneurship opportunities

• Diary Management

• Financial forecasting and budgeting

• Identifying potential obstacles

• Business Growth

Future planning with clear objectives for 1st and 2nd year trading. Research the market to identify treatment costs and types of treatment.

Identify opportunities for niche and/or specialist treatment sectors. Identity competition and additional opportunities to develop entrepreneurial skills. Price structuring, Fees, and Charges.

Financing large purchases.

Diary management and forward planning to accommodate new, returning and/or specialised treatment clients (managing risk).

Financial planning and budgeting: cash flow; holidays; illness; seasonal trends. Potential obstacles:  changes in global economy; opportunity for professional development.

Promotion activities; social media marketing; website management; developing USP/own brand personality. Research to support business growth: loans; grants; business specialists.

3. Know the financial requirements of setting up a business

3.1 Explain the principles of bookkeeping and accountancy relevant to a setting up a business.

3.2 Explain the importance of financial record keeping

Definition of key legal finances:  Tax; National Insurance and Insurances.

Which category to trade in Communication and record keeping

4. Be able to summarise revenue projection as a self-employed Reflexology Practitioner

4.1 Formulate the revenue projection for self- employed practice

Factors that need consideration for establishing a new and financially viable business: Financial forecast; Fees and charges; Cash Flow; Price structuring; Membership organisations

5. Understand entrepreneurial opportunities for business growth as a reflexology business

5.1 Investigate and evaluate entrepreneurial opportunity for business

Establishing your brand: Logo; mission statement; Service user requirements; Goal & target setting; CPD research and opportunities; Evaluating current employment opportunities; Target audience; Potential clients; Sources of support for skills and funding;

Key Personnel; social media and Marketing