So, you've decided to jump into the world of running your own business. First of all, well done.
This is not an easy route to take, and the decision to remove yourself from the 'secure' world of employment might not be one that those around you understand.
I'd like to be able to write something like 'the hardest part is over' or 'the toughest decision has been made', but sadly that would be a lie.
There will be many new challenges which you will face as a business owner. The comfort that you can take, however, is from the knowledge that you are in control. You have proven this by putting yourself in the position that you now find yourself in, and ignoring any doubters around you.
Part of the encouragement to start your business may have stemmed from a background/working experience or a long found hobby. You may already feel comfortable working in the sector, and it may be that you are reading this blog because you are just looking for help with the 'business side of things' from the BIPC Northamptonshire.
If so, the BIPC Northamptonshire’s Build Your Business programme is here to do just that.
It includes 5 modules covering the main areas of business (such as knowing your market & customers to market to them, strategies for growing your business, developing your personal skills as a business owner, as well as financial planning) for those either looking to start a new, or develop an established business.
These are all areas of business which you will need to take control of.
The Financial Planning module is commonly the one which many new business owners fear. Yet, realistically, this area is the metric that most on the outside will use to gauge the 'success' of your business.
So it is only right, therefore, that you do all you can to ensure the business starts with the best foundation it can.
You, as a business owner, will need to know your numbers. There is very little tolerance for 'just seeing what happens' when it comes to your finances.
Managing finances for your new business isn't just about crunching numbers as you go along, it's about predicting (and being prepared for!) the unpredictable, to make sure the 'car of expenses' doesn't run out of petrol halfway down the motorway.
On a day to day level, this is likely to be just as exciting as you are expecting it to be, but it is nothing to be fearful of. Forecasting the peaks and troughs of your customers placing an order is only the start of it. The joys of chasing invoices and the cash received for a job well done is potentially yet to come for you.
As your business develops and your customer base grows, you may start to find even larger gaps in your cash flow. How do you buy a greater amount of stock to sell to new customers, if your existing ones aren't due to pay you for another 14 days??
The Build Your Business Programme includes webinar sessions which will introduce some of the most tried and tested tools for managing your business's finances, to help keep you in control of your own business's destiny. The tools help break down the potentially daunting tasks of creating a sales and cash flow forecast so that you can enter into the new world as a new business owner with confidence.
You must know your numbers, so let us show you how.
More information about the Build Your Business Programme, its £2,000 grant, and webinar sessions can be found via Build Your Business | BIPC Northants.