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Now open—starting a business successfully
Starting a business is an exciting milestone. As the owner, every decision you make will ultimately determine how your vision is realized.
Your expertise may not entirely overlap with the intricacies of bringing your business to market. Here are some things to consider as you’re starting a company.
There are four main types of corporations: C Corp., S Corp., LLC, and Nonprofit. It’s important to understand the difference between them, as each has its own corporate structure, tax obligations, etc.
Think about whether this venture would benefit from partnering with other individuals who might be able to lighten the workload and/or provide valuable experience.
Starting a business takes a lot of time and energy. Set realistic expectations regarding how this might affect the personal relationships for you and your staff.
Determine how much money you’ll need to borrow (if any) and the best option for your business.
Will you need attorneys, CPAs, insurance agents, etc.? Consider engaging a mentor and/or professional associations (e.g., Chamber of Commerce or SCORE) as well.
#1 SBA Lender in New England¹
Move your business forward with confidence knowing you have the support and guidance of the #1 SBA Lender in New England1.
To-do List
If you’re feeling a little lost in terms of first steps, consider the following to-do list.
Take the time to understand your strengths and weaknesses, the marketplace, your customers and—all things considered—the likelihood of success.
Gather financial statements
Assemble the past three years of your finances, including bank statements and tax returns.
Analyze similar businesses to gain a sense of approximate future revenue. This will help inform your business plan, priorities, etc.
This should include clearly defined goals, markets, missions, and financial forecasts. Summarize this information in an elevator pitch.
If you’re applying for an SBA loan2, gather your cash flow projections, profit-and-loss statements and balance sheets.
1Based on total 7(a) dollar volume.
2All credit products, pricing and overdraft protection are subject to the normal credit approval process. Some applications may require further consideration and/or supplemental information. Certain terms and conditions may apply. SBA guaranteed products may also be subject to additional terms, conditions and fees. Requires a Webster business checking account which must be opened prior to loan closing and which must be used for auto-deduct of payment.
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