FashionistaGH over the weekend held a branding and finance lecture series at the Africa Regent Hotel, for young business owners in the fashion industry.
The three-hour session took them through lessons in how to brand and innovate while managing their finances the right way.
Speaking on how young entrepreneurs should manage their finances, Ayesha Bedwei – an Accra-based accountant said “Young entrepreneurs who are now starting their personal business should not seek loans from the bank to start up a business.
“Rather pursue such money from a family member or a close friend to begin the business with and can later decide to go to the bank and ask for a loan when the business is grown and is making profits.”
She adds “Mixing personal money with business money will help your business collapse within a short period of setting up a business.
“Using personal cars and phones for business is not right and can also ruin a startup business and using of homes for an office is not always the best decision because it’s difficult to draw the line between home and office hours.”
Talking more on how to keep the structure of a young company intact, Bedwei advised:
“Having a very good relationship with your employees and a good relationship with banks is one of the best ways a business can improve.”
“Buying a receipt book, petty cash book and cash box helps a business to succeed. Keeping good records and recording all expenses and revenues, accounting to all hidden points also helps a business to grow she added.”
“Young entrepreneurs should have regular bank reconciliation, manage their cash flow, insure their property, register with the tax authorities and pay their tax. This will help a young business to succeed.”
“Bidding for large project and teaming up with competitors and also reading the newspapers for new opportunities can be one of the most important ways of a small business to succeed.”
“Sharing what you have learnt with others and starting to implement what you have learnt is the way of achieving success”.
Creative Director at Oxygen, Nana k. Duah, also took his turn and lectured extensively on branding.
Last weekend’s event was well attended.
It was a prelude to the third edition of the #fghshop, which takes place from March 28-30 at the Trade Fair Centre in Accra.
By: Maame Yaa Tutu/enewsgh.com
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