sustainable enterprise financial model
agreeing terms of business
preparing quotations for clients
creating your breaks
managing
finances in
design practice
The effective management of finances in creative practice is critically important, as it is in any enterprise
The objective is to achieve a renewing and competitive balance between business costs and enterprise income
Key budgetary components make up an effective financial plan
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Personal Survival budget
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Forcast of 'trading days' per year
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First year start up budget - sole trader
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Pricing of products + services
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Business model financial plan
The basis of any viable financial planning is the accurate calculation of a 'desirable' personal budget.
This sum is typically debited to the business finances as a personal salary or wage
calculating a personal survival budget
personal survival budget - PSB
forcasting your first year trading days - 'business time'
days per year of
'business time'
Trading days are those days when work is being completed and which shall generate income for the enterprise
A creative practitioner sole trader will only gain work for so many days of the year
first year start up budget - sole trader
The first year start up budget shall require a forcast of business income and accommodation of the start up costs. These budegtary components place an equal measure of pressure and also uncertainity on the accuracy of first year financial planning
calculating first year trading budget + forcast income
exercise: calculating project costs
The first year start up budget shall require a forcast of business income and accommodation of the start up costs. These budegtary components place an equal measure of pressure and also uncertainity on the accuracy of first year financial planning
calculating your
project costs
when your clients says you are too expensive
how to ensure you are charging enough
product and services costing model
calculating your
freelance rates
design industry enterprise reports
DESIGN WEEK
Top 100 2015
THE DRUM
salary survey 2016
DESIGN WEEK Salary Review 2015
Major Players Salary Survey 2016
UK Design Council - 'Insights' report
UK:DC - The Design Economy report
NESTA - Creative Clusters Report
The Financial Services Authority (FSA)
Free money management online calculators and advice
Other useful money advice websites:
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www.bbc.co.uk/moneybox
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www.guordion.co.uklmoney
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www.moneyodviceservice.org.uk
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www.grophicdesignforums.co.uk
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www.skillset.org
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www.videoforums.co.uk