5 Reasons to Register for the Budgeting, Finance + IP Online Workshop
Many creatives need support and mentoring on the financial aspect of their business. This N17 Creative Callings employer session, supported by the Mayor of London and the European Union, provides a three-hour workshop on ‘Budgeting, Finance and IP’. The workshop is led by Nigel Rust, himself an experienced entrepreneur and specialist Business Mentor and Coach to small creative businesses. Nigel gives a full overview of how small creative businesses should look at their finances to be successful. There is also an introduction to Intellectual Property (IP) and how you can protect your IP rights.
Five reasons to attend this workshop:
- Businesses that keep a close eye on their finances are far more likely to survive and thrive – the workshop starts with a look at all the things you need to think about to maintain the financial health of your business;
- Product costings are vital – the product costing template will help you work out your product costs and margins, which in turn will help you take important decisions on pricing, discounting, and even whether you can afford to sell wholesale or only online;
- Know how to work out if you are making a profit – the section on Profit & Loss explains in a clear and concise way how to calculate your profit or loss and how to forecast what your future profits might be. This section also focuses on how to use financial planning to make sure you take good decisions on every aspect of your business – like how much should you spend on the next collection, how big is your marketing budget, when to take on a studio or bring in employees, etc. etc.
- Cash is King – every business lives or dies on its cashflow. So knowing how to do a cashflow forecast and how to manage cashflow is a fundamental skill that everyone in business should learn. (And it isn’t as difficult as you might think!). The workshop presents an easy-to-use cashflow template. Understanding the way cash comes into, and goes out of, different creative/fashion business models is also explained in eye-opening detail. Knowing where to look for funding once you have worked out how much you need is also covered;
- Keeping financial records needn’t be a nightmare – learn how to keep on top of the figures without it having to be a pain.
The workshop covers the fundamentals of financial management with specific reference to fashion and similar creative sector businesses. Templates are presented that can be immediately applied to your own business. But more than that, the way the principles of finance – costings, profit & loss, cashflow, budgeting, forecasting, book-keeping, funding – are used to keep your business on track and to help your decision making on all explored in an engaging and relevant format.
Many real-life anecdotes and examples are used to illustrate the topics discussed and participants get plenty of opportunity to ask their own particular questions.
Feedback from previous attendees:
“Everything was useful. Very clear and informative.”
“Nigel has a full understanding of the industry and gives you a clear picture and perspective of costings and budgeting for your business. The reality of giving this overview will enable you to pursue your passion in a solid and directional way.”
“I learnt a lot about cashflow etc. Thank-you.”
“It was a great seminar to understand how finance works in the fashion industry as it gives me realistic expectations.
Click here to book on this free online seminar due to take place Thursday 30th April 2020.