The key to starting a successful business is lots of careful planning. If you’re considering starting your own business, consider these tips from the Small Business Administration and First Commonwealth.
Get Your Business Started
Write a Business Plan
No matter what type of business you’re hoping to start, a business plan will act as a guide for getting started, as well as for maintaining and growing your business down the road. A good plan defines your business and clearly identifies goals. It will help you allocate your resources, handle problems, and make smart business decisions. It is also a critical tool to have in hand as you try to secure funding for your business. For tips on how to write a business plan, visit www.firstcomcu.org/learn.
Find a Mentor
Find another small business owner or someone with entrepreneurial experience. He or she will be a valuable resource for information and advice, a sounding board for ideas, and a source of guidance. You might also consider joining a trade association or networking group where you can connect with other small business owners.
Learn the Basics
Before you get too far with your business venture, take a little time to educate yourself about the money side of things. We offer an educational module on our website specifically for small business owners. Topics include how businesses use credit, how they obtain credit, understanding business financial statements, etc. Find it all now by clicking the “Learn” tab.
Get Affordable Financing
All businesses require some financing, and First Commonwealth can help with a variety of low-rate loans tailored to the unique needs of small businesses. When you’re ready to get your business off the ground, visit the lender you can trust. Our offerings include real estate loans, term loans, and lines of credit.
Turn to Us for Your Banking Needs
Once your new business is up and running, our business banking products and services can make managing your money easy — so you can focus on growing your company. We offer a complete range of products and services, including business checking, online cash management, business savings and money market accounts, merchant card services, and more.