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Workshop to help women starting a small business

A workshop designed to assist women starting and operating a small business will be conducted by Latrobe City Council on Thursday 13 July at the Civic Centre in Kay Street Traralgon.

By Latrobe City Council - 4th July 2006 - Back to News

According to senior economic development officer, Leo Billington, the workshop will 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 the lack of careful financial planning," Mr Billington said.

"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 how to evaluate alternative debt finance funding options.

"The workshop, 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, will deal with the essential funding elements to be understood before opening or operating a new business for the first time."

Sandra McPhie, who two years ago 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 need 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 get to know all about raising finance, what support is available and consider the all important budget before venturing into one’s own business," Ms McPhie advised.

"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 5.30 pm on Thursday, 13 July, costs $10, and finishes at 7.30 pm. Participants will receive a complimentary workbook produced by the Victorian Government specifically to help women in business.

Source: www.gippsland.com

Published by: news@gippsland.com

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