Weekly study5 hours
Included in an ExpertTrackCourse 4 of 4
Get full ExpertTrack access$39/month
Start Your Own Business: Financial Viability for a New Venture
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.
- 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
Highlight the new, job-relevant skills you’ve gained and supplement existing qualifications with a hard-earned, industry-specific digital certificate – plus one for every course within your ExpertTrack.
- Learn the latest in your chosen industry or subject.
- Complete each course and pass assessments.
- Receive certificates validated by the educating organisation.
- Impress employers with learning outcomes you can add to your CV.
- Make your career dreams a reality.
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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 developed the course?
LocationMilton Keynes, UK
World rankingTop 510Source: Times Higher Education World University Rankings 2020
- Pay $39 per month to keep learning online
- Have complete control over your subscription; you can cancel any time
- Work at your own pace and set your own deadlines at every stage
- Only pay while you’re learning; the subscription will cancel automatically when you finish
- Complete online assessments to test your knowledge and prove your skills
- Earn digital course certificates and a final award that you can share online, with potential employers, and your professional network
- Keep access to the content of courses you complete even after your subscription ends