10 Tips for Starting a Small Business

Woman in home business office with tablet and on phone

Centric 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 Centric 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.

3. Prepare a financial statement.

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.