Develops entrepreneurial knowledge & skills in preparation for Clinical Reflexology Practitioners to set up and run a reflexology business.

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

Unit Aims

Develops entrepreneurial knowledge & skills in preparation for Clinical Reflexology Practitioners to set up and run a reflexology business.

Learning Outcomes, Assessment Criteria, and Indicative Contents

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

Assessment

To achieve a ‘pass’ for this unit, learners must provide evidence to demonstrate that they have fulfilled all the learning outcomes and meet the standards specified by all assessment criteria.

Learning Outcomes to be met

Assessment criteria to be covered

Type of assessment

Word count

All 1 to 5

All AC’s under LO 1 to 5

Knowledge Test + Seminar / Business Plan

N/A


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