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Evidence Guide: MSFGN3007 - Set up and operate a self-employed contracting business

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

MSFGN3007 - Set up and operate a self-employed contracting business

What evidence can you provide to prove your understanding of each of the following citeria?

Set up a contracting business

  1. Identify and assess the ownership, taxation and liability aspects of relevant business models and determine an appropriate business structure
  2. Identify licences and permits required to operate the business and assess one’s ability to meet license/permit requirements
  3. Identify and document the business’ legislative, work health and safety, taxation superannuation and other obligations to authorities and subcontractors
  4. Identify and communicate with professionals required to meet contractual, accounting, legal, taxation and recordkeeping requirements
  5. Identify required insurances for risks related to income loss, public liability, vehicle operation and workers compensation
  6. Investigate methods of acquiring motor vehicles and other equipment, and decide on the most suitable method
  7. Determine the business’ policy about deposits, payments, timeframes and variations based on information reviewed
  8. Follow processes of relevant agencies and businesses to put in place required arrangements
  9. Identify opportunities to find customers
  10. Identify the customer’s requirements in sufficient detail for accurate costings
  11. Document job instructions according to the customer’s requirements
  12. Cost the job by estimating materials, labour and fixed costs, allowances for contingencies and profit margin and goods and services tax
  13. Prepare a quotation and contract conditions according to business procedures and submit it to the customer within the agreed timeframe
Identify and assess the ownership, taxation and liability aspects of relevant business models and determine an appropriate business structure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify licences and permits required to operate the business and assess one’s ability to meet license/permit requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and document the business’ legislative, work health and safety, taxation superannuation and other obligations to authorities and subcontractors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and communicate with professionals required to meet contractual, accounting, legal, taxation and recordkeeping requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify required insurances for risks related to income loss, public liability, vehicle operation and workers compensation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate methods of acquiring motor vehicles and other equipment, and decide on the most suitable method

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine the business’ policy about deposits, payments, timeframes and variations based on information reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Follow processes of relevant agencies and businesses to put in place required arrangements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify opportunities to find customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the customer’s requirements in sufficient detail for accurate costings

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document job instructions according to the customer’s requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Cost the job by estimating materials, labour and fixed costs, allowances for contingencies and profit margin and goods and services tax

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare a quotation and contract conditions according to business procedures and submit it to the customer within the agreed timeframe

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage and finalise contracts

  1. Maintain records to monitor costs as a job progresses
  2. Identify variations from contractual conditions and communicate with the customer to negotiate outcomes
  3. On completion of the job, produce and submit an invoice to the customer for final payment.
  4. Compare the predicted to the actual financial outcome and modify quoting methods and profit margin for future quotations
  5. Provide timely, accurate financial information to a bookkeeper or accountant in line with their requirements.
Maintain records to monitor costs as a job progresses

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify variations from contractual conditions and communicate with the customer to negotiate outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

On completion of the job, produce and submit an invoice to the customer for final payment.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare the predicted to the actual financial outcome and modify quoting methods and profit margin for future quotations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide timely, accurate financial information to a bookkeeper or accountant in line with their requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge