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Finance Workshop For Business Minded Women

A workshop designed to assist women starting and operating a small business will be conducted by Latrobe City Council on Thursday 23 August at the civic centre in Kay Street Traralgon.

By Latrobe City Council - 21st August 2007 - Back to News

Latrobe City senior business development officer, Leo Billington, said that the popular workshop is designed to 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 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 the lack of careful financial planning. Those who attend this workshop will find it to be very useful," Mr Billington said.

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

"The workshop is funded by the Minister for Consumer Affairs from the Estates Guarantee Fund and coordinated by the Department of Innovation, Industry and Regional Development as the ‘Under New Management’ program. It deals with the essential funding elements to be understood before opening or operating a new business for the first time," Mr Billington explained.

Karen Griffith, who with her mother Debra owns and operates Traralgon business ‘Nan’s Cupboard’, said that when she established her business in Church Street, six years ago, there tended to be a lack of education for small business operators about the importance of appropriate business planning before starting a business.

"In my particular case, I started my business some years earlier at my kitchen table and I had to devote plenty of thought to what I really wanted to do. In particular, I established a realistic budget and remained determined to stick to it. Besides planning for future growth, I knew there was a gap in the market. I had a strong passion and I knew the wholesaler networks, yet I was aware of my overheads, including rent and electricity. I basically had to learn for myself when it came to financials," Ms Griffith said.

"Now I know that monitoring cash-flow matched against projected and actual financial forecasts is 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 need to be given a high priority as the future of any business, new or old, ultimately depends on this. Some sacrifices will be made but people need to know all about raising finance, what support is available and consider the all important budget before venturing into their own business."

"Because I did not have access to these workshops, and from what I have had to learn, I would encourage anyone considering going into business to attend this workshop and other workshops that are available to know where to go for information. It is all about thorough preparation and groundwork. This has always been my approach," Ms Griffith said.

The Women’s Access to Finance workshop commences at 5.30pm on Thursday 23 August, and is expected to finish at 7.30pm. The cost of the workshop is $10 and includes a complimentary workbook produced by the Victorian government specifically to help women in business.

Bookings are essential. For further information, please contact Emilio DiSisto, telephone 0429 977 440.

Source: www.gippsland.com

Published by: news@gippsland.com

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