Money Basics

Small business

September 22, 2020

Most people hear “small business” and immediately think of a store with a physical location. And that can be intimidating to people thinking about starting one. But remember that a small business can also be a food truck. Or an Etsy store. Or a hairstylist. But all small businesses started somewhere.

Starting your own business begins with good personal finances. The first and most important step to launching a small business is having a strong financial foundation to open, grow and thrive off. From loans to payroll, your bank will be an important partner and investor in building your business’ foundation.

Having a good relationship with your financial institution while opening a business has its benefits. When your personal debt is low and your credit score is high, you will have more opportunities to take advantage of these benefits. Your bank can provide you with useful guidance, connect you with other beneficial contacts, be more responsive to your financial needs and help you qualify for better rates. To take advantage of these benefits, research if the bank has a good reputation in customer service and if its services fit your needs. Once you’ve decided on who you think can give your dream the best reality, start to build relationships, as you can benefit from long-term relationships with financial institutions.

Learn how to set your business up for success by building a relationship with a financial institution that offers the banking services your company needs by reading our online tutorial.

This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

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