Unlock your business ambition through effective financial planning

Many people starting a new business believe that the financial aspects rest solely with their accountant. However, it’s crucial that as a credible business owner, you can communicate with potential investors and stakeholders to show them you understand the financial implications of your decisions.

On this two-week course from The Open University, you’ll learn to evaluate the financial viability of your venture using tools to forecast cash flow, assess profitability, and understand a statement of financial position. You’ll discover how to judge the impact of changing aspects of your business idea and understand whether this may lead to success or not.

You’ll also learn the strategies for financial survival with the low levels of resources that most new ventures will have available.

Assess the financial viability of your business idea

How much profit you expect to make from your business will give you an indication as to whether it can provide you with a personal income. If your business will be loss making, as can often be the case, you’ll learn how to plan resources to see you through the lean period.

You’ll also understand why even profitable businesses can fail and how you can effectively plan so this doesn’t happen to you.

Discover how to run a legal business

You’ll uncover the different legal formats you can choose for your venture, from sole traders and partnerships to limited companies and social enterprises. You’ll understand the implications of value added tax (VAT) and how to identify sources of funding, support and advice for new ventures.

By the end of the course, you’ll have the confidence and awareness to be sure you have put all the correct plans in place to operate your business legally and with the best chance of financial success.

What topics will you cover?

Assessing the financial viability of your venture
Pricing your product or service
Sales and revenue forecasting
Legal entities, their implications and intellectual property
Sources of funding and support

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Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll be able to...

Interpret and use financial planning tools so that you can communicate your ideas effectively to financiers
Identify what financiers look for and create a plan that corresponds
Improve different parts of your business plan to ensure they are consistent

Who is the course for?

Whether you plan to create a full-time venture or part time ‘side-hustle’ alongside a day job; you’re starting a brick-and-mortar business or an online venture; or you plan to utilise established platforms such as Etsy, Amazon and the like, this course will teach you how to get started.

It is suitable for learners at all levels, whether you haven’t ventured into self-employment and entrepreneurship before or have previously run a business and wish to refresh your skills for the current landscape.

Who will you learn with?

Haider Ali

Haider is a Senior Lecturer in Marketing at the Open University and a visiting Professor at other Universities. He has consulted & taught globally and published in the Journal of Marketing Management.

Who developed the course?

The Open University

As the UK’s largest university, The Open University (OU) supports thousands of students to achieve their goals and ambitions via supported distance learning, helping to fit learning around professional and personal life commitments.

Established
1969
Location
Milton Keynes, UK
World ranking
Top 510Source: Times Higher Education World University Rankings 2020

About this ExpertTrack

Gain the knowledge and practical skills to turn your small business ambitions into reality, with The Open University.

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