Colm Watling provides a creative business training session via Zoom on ‘Planning and Finances'. This session was recorded is available as a resource for members of the IW Creative Network.
This was delivered in collaborated with Go For Growth, online via Zoom in June 2023, specifically designed for creative individuals transitioning from being part-time or freelance, to running their own full-time business. It was part of three creative business sessions which were delivered in-person and online. The other sessions were 'The Ready-to-Launch Checklist' and 'Clarity of Marketing'.
Go For Growth, is a programme to support micro businesses and small businesses thrive through online, in-person, 121 programmes and mentoring.
Planning and Finances
This workshop will help creative people who want to be business owners to take control of the finance component. Developing a mechanism, a plan, a strategy, whatever you want to call it, it can be the golden key that unlocks your potential. The workshop will cover creating a cash flow forecast, who and where to get help from, and the SME and start up financial background including available grants and loans. This will help you to survive, grow and achieve goals.
During this workshop we will cover:
- Cashflow
- Business planning
- Systems and processes
- Developing a financial plan
- Knowing when you are making a profit
Colm Watling
Colm Watling is a freelance business consultant based in Ventnor. Colm is an experienced non-executive director, mentor and coach for a number of SMEs and start ups across multiple sectors. He has advised businesses from pre start to established multi million pound manufacturing businesses on their financial plans for many years, from practical day to day management to strategy and raising funds (both equity sales and grants from a variety of sources).
Links
Some useful links/resources mentioned in the Zoom session:
- Colm Watling's presentation slides
- Building 41, co-working space on the IW: https://innovationwight.co.uk/building-41/Innovate UK: https://www.ukri.org/
- Accountancy Software: https://www.quickfile.co.uk/https://quickbooks.intuit.com/uk/https://www.xero.com/uk/
- Flat rate VAT scheme: https://www.gov.uk/vat-flat-rate-scheme
- A useful link to an artist who has created some guidance notes on accountancy for artists/creatives: https://rachel.we-are-low-profile.com/blog/self-employed-beginners-guide/
- Milage tracker for Quick books: https://quickbooks.intuit.com/uk/mileage-tracking/?&cid=ppc_G_QB_UK_GGL_NB_Self_Employed_DSA_Search_ALL_DYNAMIC+SEARCH+ADS_txt&gad=1&gclid=CjwKCAjwyqWkBhBMEiwAp2yUFpGr6pkWDSFrQdoTDpSzorfnHDiUxM8g5EyXd_ofdZm6BfQSPasYRRoCzvsQAvD_BwE&gclsrc=aw.ds
- Arts Council England funding routes: https://www.artscouncil.org.uk/ProjectGrantshttps://www.artscouncil.org.uk/dycp
- If you are looking to make an ACE application, here’s a recorded Zoom session from last year run through the IWCN with a panel discussing arts funding: https:/arts-funding-panel-discussion-on-arts-fundraising/
- Gov website links to setting up as a sole trader / limited company / CIC / social enterprise / partnership:https://www.gov.uk/set-up-sole-traderhttps://www.gov.uk/government/publications/community-interest-companies-business-activities/cic-business-activities-forms-and-step-by-step-guidelineshttps://www.gov.uk/set-up-a-social-enterprisehttps://www.gov.uk/set-up-business-partnership/register-partnership-with-hmrc
Feedback please
If you attended the live session in-person or via Zoom or are watching the recording, please could you spare a few more moments to fill out this feedback form so we can keep improving the sessions and report back to the Arts Council on how we’re doing, thank you!
The video
