This unit of competency supports drivers, riders and trainers to prepare for self-management in racing.

This unit can be contextualised for other industries while also maintaining the integrity of the unit.

ELEMENT

PERFORMANCE CRITERIA

Apply business planning and financial management skills.

1. Principles of and requirements for financial recordkeeping and budgeting are identified and applied.

2. Sources of professional advice for investment, insurance, taxation and superannuation are identified and applied.

3. Future career options are investigated.

4. Basic principles of small business management are identified and applied.

Employ marketing techniques.

5. Marketing opportunities within the industry are identified and applied.

6. Marketing of self and enterprise is undertaken.

7. Business promotion and public relations principles are understood and demonstrated.

Required skills

applying marketing and promotions strategies

checking documentation and records

communicating with racing officials, colleagues, accountants, financial advisers and others using assertive communication techniques to prepare for self-management in racing

computer skills, including:

basic data entry and retrieval

email and internet

establishing budgets

following rules of racing

identifying sources of professional advice

identifying principles and requirements of small business management

identifying and evaluating services of riders' agents

investigating future career options

relating to people from a range of social, cultural and ethnic backgrounds and with varying physical and mental abilities

using numeracy skills to recognise and apply principles of financial record keeping and budgeting

written communication skills to maintain business documentation and related records.

Required knowledge

business promotion and public relations principles

career options

communication procedures within stable and wider racing industry

financial record keeping

investments

insurance

marketing and promotion

relevant rules of racing

sources of professional advice

small business management

superannuation

taxation requirements.

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit

The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy all of the requirements of the performance criteria, required skills and knowledge and the range statement of this unit and include evidence of the following:

knowledge of the requirements, procedures and instructions that are to apply when preparing for self-management in racing

implementation of procedures and timely techniques to effectively apply business and financial management skills and marketing techniques

working with others to undertake and complete tasks related to preparing for self-management in racing that meet required outcomes.

Evidence should be collected over a period of time and be focused on business and marketing activities related to self-management in racing. Theoretical components can be assessed in a simulated situation but must be related to racing industry conditions and contexts.

Context of and specific resources for assessment

Competency may be assessed in an actual workplace or simulated environment that provides access to the required resources. Assessment is to occur under standard and authorised work practices, safety requirements and environmental constraints. It is to comply with relevant regulatory requirements or Australian Standards requirements.

The following resources must be available:

materials and equipment relevant to assessing candidate's ability to prepare for self-management in racing

work instructions and related documentation.

Method of assessment

Assessment methods must satisfy the endorsed Assessment Guidelines of the Racing Training Package.

The suggested strategies for the assessment of this unit are:

written and/or oral assessment of candidate's required knowledge

observed, documented and firsthand testimonial evidence of candidate's application of practical tasks

inspection of completed work

simulation exercises.

Where performance is not directly observed any evidence should be authenticated by supervisors or other appropriate persons.

This unit may be assessed in a holistic way with other units of competency relevant to the industry sector, workplace and job role.

Guidance information for assessment

Assessment methods should reflect workplace demands (e.g. literacy and numeracy demands) and the needs of particular target groups (e.g. people with disabilities, Aboriginal and Torres Strait Islander people, women, people with a language background other than English, youth and people from low socioeconomic backgrounds).

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below.

The range statement provides details of how this competency can be used in the workplaces of the racing industry prepare for self-management in racing. Workplaces include administration buildings, harness and thoroughbred stables and racecourses, training tracks and public areas.

Financial record keeping and budgeting may include:

bank statements

business financial structure, for example trust or sole trader

business or personal budgeting of expenditure and income

record-keeping systems, including software programs

records of race rides or drives, including earnings of rider or driver

records of fees for services provided for horse owners or trainers

receipts of expenditure

tax invoices.

Investment, insurance, taxation and superannuation will include:

investment:

accessibility to funds

banks

bonds

financial institutions

property

reasons for investment

share markets

insurance:

accident or injury

income protection

life

motor vehicle

property

public liability

trauma

travel

taxation:

Australian business number

business activity statements

income taxation returns

goods and services tax

pay-as-you-go tax (PAYG)

superannuation:

diverse or specialised portfolio

high risk or low risk

lump sum payment

personal and employment contributions

rollover

tax benefits.

Investigations of future career options may include:

financial goals

identifying alternative career preferences

retraining or new training requirements.

Marketing opportunities may include:

brochure or pamphlet advertising

industry publications

internet, including web page

marketing within rules of racing

media releases

personal contact with drivers, owners, riders or trainers

radio interviews

television appearances

word of mouth.

Business promotion will include:

promotion of services:

drivers

riders

trainers

clients:

owners

trainers

riders' agents (thoroughbred):

assisting rider or employer of apprentice to secure rides

fee for service

licensing and rules of racing compliance.

Unit Sector

Harness and thoroughbred racing codes

This unit contains employability skills.