West Bank is pleased to offer this resource for entrepreneurs!
With these 10 Tips find guidance to help you launch and grow your business.
1. Contact West Bank.
- Make an appointment to discuss your business idea with our team in the early stages.
- Consider us a partner for all your business transactions and financial decisions.
We are a proud supporter of Women-Owned, Minority-Owned, and Veteran-Owned small businesses.
2. Develop a business plan.
- View a sample of what we like to see for a business plan (Opens in a new Window).
- Use SCORE (Opens in a new Window) or SBDC (Opens in a new Window) to help you prepare:
- 3-year income expense projection
- Estimated beginning balance sheet
- Competition analysis
- Funding/financing needs
- Use of funds
- Available collateral
- Equity infusion
3. Prepare a financial statement.
- Gather 3-year tax history.
- Organize simple income and expenses spreadsheets.
4. Frame out your financial projections.
- Financial documents we'll need:
- 3 years of all owner's most current personal federal tax returns.
- Amount of your personal investment or “skin in the game.”
- Resumé or business experience and background.
A determination will be made whether to move forward with a conventional loan, or most likely a SBA guaranteed 7(a) loan.
5. Know who your customer/client will be.
- Research your potential target audience—local, statewide, national?
- Who is your ideal customer—age, gender, education, income?
6. Research your competitors.
- Is there a current need for your business model?
- Who will you be battling for your customers’ attention and business?
7. Create a simple marketing plan.
- How will people hear about your business?
- Website, social media, Google Business, and an email database are great starting points.
- What is your marketing budget?
8. Build a powerhouse team of trusted professionals.
- ATTORNEY – direction on business entity set-up, advice on ownership, etc.
- ACCOUNTANT – direction on projections and financial advice.
- BANK – develop a relationship that will grow with your business.
- INSURER – acquire lines of insurance for personal and business needs.
Meet with your powerhouse team to make sure your business
projections are viable. Being a true partner in growth is responding to
customer needs with a new level of presence and accessibility. Our
full-service banking is streamlined, personalized, and nearly
instantaneous.
9. List your strengths and weaknesses.
- You will have to wear many hats when you start your business. What are you great at? Where do you need the most help? What can you delegate?
- Develop a strong understanding of where to focus your attention.
10. What do your day-to-day business logistics look like?
- Where will you store products and supplies?
- What permits or licenses are needed to offer your services?
- What certifications can you apply for? MBE, WBENC, etc.
- How many employees will you need?
All credit subject to review and approval.