Workshop 3: Thursday 27th September 2012, 9.30 a.m.
Title: How Much Are You Really Making?
- Introduction to Profit/Loss –How many garments do you have to sell before you start making money? How do you know if your prices are going to cover all your costs? Why wait until the end of the year to find out from your accountant just how successful you were this season? A simple Profit/Loss account is the starting point to answering these questions and helping you manage your business well.
- Recording your sales and purchases – Simple, practical, ways to record your income and expenditure that don’t take up a lot of time but do keep you in control.
- How to treat stock – How to value fabrics, trimmings and finished garments.
- VAT – Do you need to be VAT registered? Would it pay to be VAT registered?
- Cash Flow – How would your business be affected if one of your customers was late paying you? Are you sure you will be able to pay for your garments when they are ready? This section will introduce a simple cash flow tool to help you plan ahead.
These workshops are aimed at designers (and students) at whatever stage their business may be – established, start-up or just an idea.
These workshops are designed to be practical – giving you simple tools to help you manage your business as well as an understanding of the principles behind them. You can attend the whole series to get a good rounded set of business skills or just the ones you need to get a specific insight on the subjects of your choice.
During the workshops you will get a chance to apply your new-found knowledge through a few exercises. You will also get the chance to discuss your own particular needs both during the workshops and in one-to-one surgeries immediately after.
Each Workshop will last about 5 hours, starting at 9.30 a.m. One-to-one surgeries will be held at the end of each workshop – you will be able to book a timeslot as each day progresses.