Having your own Business, what's there to think about?

E&E Wednesday 11th May

Lists of things to think about when in your own buisness.

Budgeting

- What for?

- How do you do it? (Have a plan)

- Compass for entrepreneur

- Help with capital raising: Time utilisation

How to make financial predictions:

- Cash inflows

- cash outflows

- Gross Margin

- Over Heads

- Capex

- Working capital

Sources of funding

- Self

- Bank

- Friends/family

- Self funding buisness

- Grants/local funds

- investor

- Buisness Angel

Common mistakes

- Delays in sales and collection

- Need for upfront payments

- Pricing (gross margin) (dont under price just to get your first sale)

- Draw

Budget

- P&L (Profits and Losses)

- Cash Flow

- Balance Sheet ( Assets – Stock, debters. Liabilities - money you owe to others)

- Cash flow is most important