Overview: This masterclass is designed to provide new designers and brands with the essential knowledge and skills to tackle the financial aspects of starting and running a micro business. From understanding basic financial terminology to setting up financial systems and managing cash flow, participants will gain the confidence and practical tools needed to establish a solid financial foundation for their ventures. This one-hour session will cover five key sections, offering valuable insights and guidance to support micro business owners on their financial journey.
Section 1: Introduction to Financial Management
- Exploring the importance of financial management for micro businesses
- Understanding basic financial terminology and concepts
- Setting financial goals and objectives for your business
Section 2: Budgeting and Financial Planning
- Creating a start-up budget and establishing financial projections
- Identifying sources of income and expenses specific to micro businesses
- Developing a financial plan to guide business operations
Section 3: Cash Flow Management
- Understanding the importance of cash flow and its impact on micro businesses
- Implementing effective cash flow management strategies
- Managing cash inflows and outflows to ensure business sustainability
Section 4: Recordkeeping and Bookkeeping
- Establishing proper recordkeeping practices for financial transactions
- Selecting suitable bookkeeping systems and tools for micro businesses
- Maintaining organized and accurate financial records
Section 5: Taxation and Compliance
- Understanding the tax obligations and compliance requirements for micro businesses
- Exploring different tax structures and options for micro businesses
- Seeking professional advice and assistance for tax-related matters
- Q and A
Conclusion: The “Financial Foundations: Navigating the First Steps of Finance for Micro Businesses” masterclass equips new designers and brands with the necessary knowledge and skills to confidently handle the financial aspects of their micro businesses. By understanding financial terminology, setting up effective systems, managing cash flow, and adhering to tax and compliance requirements, participants will establish a solid financial foundation. Through the comprehensive coverage of five key sections, this one-hour session empowers micro business owners with valuable insights and practical guidance, enabling them to navigate the complexities of finance and make informed decisions that contribute to the success and sustainability of their ventures.
This masterclass takes place Wednesday 31st January, 10 – 11.00am via Zoom. Add to basket to register your free place and a Zoom link will be emailed to you closer to the date.