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.

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.