Finances for Freelancers and Small Businesses

Level(s) of Study: Professional / Short course
Course Fee:
This course is available at no cost to eligible participants.
Start Date(s): 3 June 2024
Duration: 3 June - 1 July 2024, Mondays 6-8pm, five weeks
Study Mode(s): Short course
Campus:
Entry Requirements:
More information

Introduction:

Please note: This course is delivered through the Enterprising Ashfield project, which is funded by the Government's Towns Fund. Nottingham Trent University (NTU) is pleased to offer free (fully funded) places on this course to support individuals and employees of businesses that are based in the towns of Kirkby-in-Ashfield and Sutton-in-Ashfield.

The standard fee would normally be £295.

Are you a freelancer, small business owner or looking to set up a business?

Would you like to take control of your business finances and achieve sustainable financial success?

This practical course is designed to equip you with essential financial management skills tailored to the unique challenges and opportunities of freelancing and small-scale entrepreneurship.

Whether you're just starting out or looking to improve your existing financial systems, this course will provide you with the knowledge and tools needed to make informed decisions, maximise profits, and secure a stable financial future.

This course has been created in a way that’s easy to understand, so you won’t be overwhelmed by jargon, and you will soon be confident in understanding and organising your business finances.

This course is designed to help you:

understand and manage your business finances
set up systems and procedures that will make your life simpler and meet legal requirements
think in advance and plan (be proactive rather than reactive).

What you’ll study

What you'll study:

On this course you will unlock the skills needed to master your finances with confidence.

During this course you will:

discover the key financial components of running a small business, from setting up a budget and tracking expenses to pricing strategies and cash flow management
gain insights into tax obligations specifically for freelancers and small businesses
learn how to organise your financial records and prepare for the tax return efficiently
look at how to manage and strategically use debt to support business growth without falling into financial pitfalls.

Course outline:

Here’s a breakdown of what you’ll study during the course.

Record Keeping and Cash Flow Forecasting
After being introduced to each other’s businesses, you’ll work on a simple personal survival budget, understand best practice in record keeping, taking money (point of sale & invoicing) and debt management. You’ll learn how to make a simple business budget and complete cash flow forecasting.

Bank Accounts, Tax, and Income
You’ll look at the do’s and don’ts when it comes to spending money, understand more about bank accounts for business, tax and what you’ll need to pay, and look at an income model to suit your business.

Understanding the differences between sole trader, Ltd Company and social enterprise
Considering several factors, you’ll look at control, risk, reputation and image, and applying for funding or loans.
You’ll spent time looking at where you will get your money from and who are your paying customers, taxes and where you’ll be better off, and taking money out of the business.

Growth of your business
Thinking about the growth of your business, you’ll look at the actions needed before growth and the impacts of growing your business. You’ll be introduced to VAT and look at making tax digital.

By end of the course you will be familiar and confident in understanding and managing all the essential financial aspects in running a small business.

Tutor profile: Emma Torrance

Emma Torrance is a SFEDI qualified independent business adviser who understands the complexities of running a business including business planning & finances.

Used to being at the sharp end of retail and hospitality businesses having co-owned a cafe, gallery and meeting venue in Nottingham City Centre, Emma has enjoyed successes and failures and earned valuable insights and wisdom along the way.

Emma has an MBA and has been involved in supporting and mentoring other businesses for two decades, so she understands both the theory and the practical realities of running your own business.

Alongside business advice, Emma also provides one-to-one coaching, mentoring, workshops and small business retreats to freelancers, small private businesses, social enterprises, charities and business support organisations including The Big House, Nottingham Trent University and Derby University.

Working across a range of sectors including creative, music, food, IT, educative, hospitality, leisure and retail, Emma mainly works with new start and early-stage businesses.

Emma also co-runs Blue Stockings Womens Network and previously managed and ran organisations for over 20 years.

Enjoying making things practical and easy, Emma helps people understand how to run their businesses, even the bits they thought they would struggle with like the finances!

Entry requirements

No previous experience is necessary. You must be over the age of 18 in order to attend this course.

To be eligible for a place, you must live or work in the towns of Kirkby-in-Ashfield or Sutton-in-Ashfield. To check if your home or work postcode is eligible visit the Enterprising Ashfield postcode checker page.

Getting in touch

If you need more help or information, get in touch through our enquiry form

Fees and funding

This course is available at no cost to eligible participants.

If you live or work outside the eligible postcode area, you can join our fee-paying short courses delivered on the City Campus.

How to apply

Click to here apply

If you have any questions about this course, you can email EnterprisingAshfield@ntu.ac.uk or call us at +44 (0)115 848 2813.