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Finance workshop for women starting a business

A workshop designed to assist women starting and operating a small business will be conducted by Latrobe City Council on Wednesday 20 July at the corporate headquarters in Commercial Road, Morwell.

By Latrobe City Council - 15th July 2005 - Back to News

Invest Latrobe Investment Manager, Leo Billington, said that the workshop would assist and guide women to make informed decisions about all the financial considerations necessary for starting in business.

"Going into small business for the first time requires a great deal of financial preparation and planning. There are many people who have the desire to be their own boss and follow a particular passion to start up a new business. However, the excitement and enthusiasm of going into business, can, in some situations, unfortunately be overshadowed by a lack of careful financial planning," Mr Billington explained.

"This workshop will assist women to evaluate their business skills, assess how they may be able to finance a prospective business proposal, understand future forward planning and evaluate alternative debt finance funding options," Mr Billington said.

"The workshop, funded by the Victorian Government, will deal with the essential funding elements to be understood before opening or operating a new business for the first time," Mr Billington explained.

Sandra McPhie, who, last year, opened Viva Shoes and Bags in Morwell, said she had placed great significance on a good, solid business plan before starting her own business.

"I gave plenty of thought to what I really wanted to do. In particular, I established my budget and remained determined to stick to it. Besides searching for the best location, I studied local shopping habits, while assessing if there was a gap in the market. I had a strong passion, knew the industry networks yet I had to be conscious of my overheads, including rent and electricity. " Ms McPhie said.

"Monitoring cash flow against projected and actual financial forecasts is very critical when in business. Raising the necessary finance in the first place and where to go for the best deal must be understood. Women going into business should have a staged, year-by-year strategic plan in place to make sure their business is sustainable all year around."

"Debt and equity funding needs to be given a high priority as the future of any business, new or old, ultimately depends on this. Some sacrifices have to be made but know all about raising finance, what support is available and consider the all important budget before venturing into one’s own business."

"I would encourage anyone considering going into business to attend these workshops and learn what is available and where to go for information. It is all about thorough preparation and groundwork," Ms McPhie said.

The Women’s Access to Finance workshop commences at 6.30pm on Wednesday 20 July, costs $10, and finishes at 8.30pm. Participants will receive a complimentary workbook produced by the Victorian Government specifically to help women in business.

Bookings are essential. For further information, please contact Leo Billington, telephone (m) 0407 541 258.

Source: www.gippsland.com

Published by: news@gippsland.com

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