Getting your business off the ground isn’t always as easy as it seems. With a laundry list of to-do items, it can be hard to prioritize which needs have to come first. Luckily, Putnam Bank is here to help! By following these key stepping stones, we’ll help you get on the path to success with your new business venture.
- Develop a business plan. Determine what it is you want your business to do, and how you want to do it.
- Capital. Capital. Capital. Make sure whether you’re working with investors, securing a business loan, or putting up the money yourself, you have all the funds you need in addition to a large cushion for overhead and operating expenses.
- Get it in writing. With options such as an L.L.C, Corporation, S Corporation, Nonprofit or Cooperative, you’ll want to protect your personal finances with a legal structure for your business.
- Make it official. After registering with state and local tax agencies, you’ll need to obtain the appropriate permits and licenses to make your business compliant with local laws and regulations.
- Get people in the door. Ensure you have an effective marketing strategy, or list of transferred clients to get your business off the ground. The old saying, “If you build it they will come,” no longer applies. Make sure everyone in your area knows you’re opening, and offer a valuable incentive to help encourage them to stop by!
Local businesses are the backbone of small town America. If you’re looking to set-up your own new shop, Putnam Bank is eager to help! Our experienced business lenders are here to find you the best business financing option for your needs!