N17 Creative Callings – Budgeting, Finance and IP with Nigel Rust

Packed full of essential need-to-know information Nigel Rust gave an informative N17 Creative Callings seminar on Budgeting, Finance and IP.

Nigel’s free online Zoom seminar was one in a series under the business support programme N17 Creative Callings. If you have just started or are looking to grow a business in the Tottenham CEZ area, then please get in touch and we will advise on how N17 Creative Callings, supported by the Mayor of London and the European Social Fund, can help you and your business. Contact Esme: esme@fashion-enter.com

Nigel’s three-hour seminar covered the following topics:

• Elements of financial management
• Costing sheets
• Profit and loss
• Cashflow
• Book keeping
• Managing cashflow
• Funding
• Intellectual Property

Each section was fully explained, clearly and simply by Nigel with supporting presentation slides, template examples and client case studies. Over 30 participants were signed up to the seminar and they were welcome to ask questions throughout the session.

As many of the participants were at the beginning stages of their business Nigel explained the difference of being a ‘Limited Company’ and a ‘Sole Trader’. “Most people start off as Sole Traders and then covert to Limited Company’s’ when the business gets bigger.”

Fashion-Enter CEO Jenny Holloway added that it is so important to keep track of KPI’s (key performance indicators) on a weekly basis and to adapt the business if those KPI’s are not met. Finances need to be kept tight and Nigel was clear that the best business people tend to be mean! “You may be generous in your personal life but in business you have to develop a mean streak, so that you don’t spend where you don’t need to.”

Working through each of the sections many of the participants had questions on IP (Intellectual Property). Nigel responded to each one with plenty of advice on where to get specific business advice for free. “I always advise my clients not to be too free with the name (of your brand) until its registered.” He also warned about use of images, and that even if the product in the image is yours, the rights lie with the photographer, so always be clear on what the images can be used for and for how long.

Nigel also talked about the use of freelancers or partners, who owns the copyright of a design? Along with how to protect your designs by keeping a good record; signing and dating everything so that you are completely covered.

Feedback from the attendees included:

“I learnt about differences between cash flow and P&L, for example.”

“All the spread sheets and step-by step-information was really useful.”

“Very informative and a refresher.”

“I found out that the British Library has free sessions on IP.”

“The info on IP was most relevant to me.”

“I learnt about cash flow examples and explanations.”

“Nigel spoke in straight-forward and concise terms, and made the topic of finance and IP easy to digest, the session was also a good length of time to cover all the sections in enough detail without being to long-winded or too short.”

“Learning how to book keep. Jargon-free and not shamed for not knowing basic terminology.”

“I would like a 1-1 session with Mr Rust, but would need to develop my ideas further.”

“Thank-you so much for this seminar. It was really useful.”

“I really enjoyed the course, great especially during quarantine and would recommend.”

“I have found this session extremely useful and I am really grateful that you have given the opportunity to enjoy it free of charge.”

“Thank-you very much. I find N17 Creative Callings an excellent initiative and I have been wanting to join these session since they started a few weeks ago.”

“Many thanks. Nigel was a great speaker, the most helpful/insightful session thus far from N17 Creative Callings.”

For more N17 Creative Callings seminars tap here.