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I love the first quarter of the year. I quickly became one of the most popular people in town.
That’s because many people make New Year’s resolutions to start their own business. As the calendar turns into March, aspiring entrepreneurs come to me for help.
I would like to share with them these four tips that I learned as a small business banker.
Lester Romero
Start with a business plan
Creating a solid business plan is an important first step for anyone starting a business. A well-thought-out business plan helps you establish and stay focused on your company’s goals and objectives. First, many banks have free business planning resources available. It includes a step-by-step business plan tool to create and maintain your own written business plan.
Understand your financial situation
Every business has different start-up costs, but they all have one thing in common. It’s about having a financial cushion. Most small businesses are initially financed through personal savings or credit, but at some point they may face the need for additional financing. As you focus on strengthening your business operations, it’s important to have savings to fall back on. To be in the best position to obtain financing before you need it, a relationship with a small business banker who can help you understand your initial financing needs and options and develop a strategy for building your credit profile. Let’s build it.
Determine your hiring needs
Many businesses start out as sole proprietorships, while others require support staff and employees from the beginning. If you plan to hire full-time or part-time employees soon, make sure you are comfortable hiring staff and can afford the costs associated with it. Take the time to understand what type of employees are right for your business. For example, contractors can be a great alternative to full-time employees for a newly established business.
build a strong network
Running a small business is not easy. Having a strong support system in place can be the difference between success and failure. Take the time to build relationships and network with other professionals who can help you. In addition to small business bankers, you should also develop relationships with attorneys, CPAs, and other professionals related to your industry. It’s also a good idea to join your local chamber of commerce or other trade associations to network with other small businesses.
Founding Father Ben Franklin once said that a failed plan is a failed plan. By planning early with these four of his tips, Las Vegas small business entrepreneurs can start on a solid path to starting the business of their dreams.
Lester Romero is a senior manager of business growth strategy for Wells Fargo in Las Vegas.
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