Starting a small business is no small feat — there are numerous steps you have to take to get it off the ground and turn it from an idea into a real business, from developing a business plan to opening a business banking account. If you're considering starting a business, here’s what you should do right away.
A Guide to Starting a Business
Create a Business Plan and Determine Structure
Before launching a business, you'll need to have your business plan fleshed out. This will serve as a guide for your company from the beginning and set future goals. Many small businesses will have this to look back through as they grow to ensure they're headed in the right direction. Additionally, you'll need to determine what business entity you'll have. For example, a limited liability company (LLC) or a sole proprietorship.
Set Up a Business Banking Account
Having your finances together in the beginning will ensure you're on track to hit previously set goals as the business grows. Business owners will experience financial ebbs and flows, especially in the first year, so establishing funds that can support you and your company is essential. This begins with opening up a business banking account so that your money is separate from your personal funds. A trusted bank will have staff who can help with this and ensure you have the accounts needed for your business' growth.
Register Your Business and Get Appropriate Licenses
Once you determine the company's name, you'll finally need to register it. Always check to see if it's trademarked or licensed prior to making your final decision. If you're starting a business as a sole proprietor, it can be registered locally, but if it’s an LLC, you'll usually need to file paperwork to the government. Additionally, check to see if there are any licenses you need, such as permission to do business in the local area or a permit to sell products in your state.
Starting a business can be an overwhelming process, but working with a trusted bank who can help you with all of your business banking needs will make the process simpler. Having your finances together from the start will set you up for success in the long-run. The team at Magnolia Bank has helped businesses in the Hodgenville, KY area, for years. Whether you're in need of personal banking, want to learn about business banking, or need mobile banking for convenience, their team is dedicated to helping your local business. To learn more about their services for small businesses, visit them online or call (270) 358-3183 to speak with an associate about opening an account.