Financial Fundamentals -- Professional Development Workshop for CT Artists
Part 2 -- Tue., June 23, also 3 pm to 4:30 pm
Free, but registration is required
Presented in collaboration with the CT Office of the Arts and the Greater Hartford Arts Council.
Creative minds may legitimately enjoy art for art’s sake, but some must rely on their work to bring home the groceries. The path to sustainability involves assembling essential business knowledge and applying the principles when making decisions that impact the work and your livelihood.
This two-part introduction lays the groundwork for understanding small business financial fundamentals so you can temper decisions with a balanced eye toward the long term.
Whether you are a visual artist, performer or educator hoping to make your passion pay the bills, the truth is you need the same knowledge as the owner of any small business.
What you’ll learn in this course
— Paths to success in the world of art
— Why artists don't want to learn the art business (but why they should)
— Why is financial management important?
— Important financial attributes of successful businesses
— Why do some businesses succeed and some fail?
— Small business best practices
— Who does the work of bookkeeping, accounting and tax preparation?
— Learning the language of accounting
— Forms of business organization
— A little more accounting than you might want to know.
— The chart of accounts
— How long you have to keep various kinds of business records
— Which entities collect taxes from a Connecticut business
— The two most common small business mousetraps
— Why financial reports are necessary tools for measuring success
— The accounts that appear in an income statement
— How an income statement is structured
— Basic ratios that can be used to evaluate an income statement
— The accounts used in a balance sheet
— How a balance sheet is structured
— Basic ratios to evaluate a balance sheet
— About those words “cash flow”
Frederick Welk is a CEDF business advisor and serves as director of education and communications. Before joining the organization, he spent more than 30 years in specialty retailing and franchise development, operating his own company for 23 years.