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What You Need to Know When Starting a New Business

small business owner standing in his gift shop with arms crossed

Congratulations! You’ve decided to take a big step and make this the year you get your business off the ground. Starting a new business takes a lot of drive, determination, and dedication, and is certainly something to be proud of; however, becoming a business owner comes with a unique set of considerations that should be addressed before your company opens its doors. Here are a few guidelines to follow when starting a new business to help save you time, money, and a fair amount of headaches!

Make a To-Do List

Like many things in life, the success of your new business depends on staying organized and on task. While you can’t possibly anticipate all the curveballs that may get thrown your way, making a checklist of the things you need to do before officially opening for business can go a long way toward helping you stay on track with everything that is involved in running your new company. Some of these things may include:

  • Create a Business Plan- When forming your small business, it is helpful to create an official business plan detailing the company’s mission statement, daily operations, payroll, invoicing, and other essential elements of your company. This will not only help you clarify the purpose and intent of your business but can also serve as a walkthrough of your entire game plan so you can spot anything you may have missed.
  • Do Market Research– Who’s your target market? Which demographic does your business cater to? These questions are important so you know how to market your business to the right local crowd. By identifying the segment of the population most likely to be interested in the goods or services your business provides, you can use the proper marketing strategies to get your message out to an interested audience.
  • Build Capital- Most small businesses need some type of overhead investment to cover the initial startup costs, such as securing an office or retail space, manufacturing a product, or advertising. If you haven’t saved up enough to offset these costs, you can try to raise capital by getting an investor interested in your business concept. Alternatively, you may wish to consider a small business loan from your credit union to get the ball rolling.
  • Start a Business Bank Account– One of the most important things to do when starting a business is to also start a business bank account. This is the account you will use to pay vendors, employees, and taxes associated with the operation of your business. Your credit union representative can help you answer any business banking questions you may have.

Consider the Costs

There’s nothing wrong with dreaming big- after all, some of our country’s greatest accomplishments have been thanks to people who weren’t afraid to dream. However, it can cost money to get that dream off the ground. Be sure to consider all the associated costs of running your business, and create a plan for paying those costs. This may include a small business loan or line of credit from your local credit union, asking a trusted friend or relative to invest capital in your vision, or finding an interested party to invest in your small business.

Business Loans When You Need Them

White River Credit Union is proud to help small businesses in and around Enumclaw realize their dreams. We offer business banking solutions for companies of all sizes, as well as business loans and lines of credit to help get your company off to a great start. Contact White River Credit Union today at 360-825-4833 to speak to a representative.