(BPT) - For many aspiring small business owners, it's not the lack of ideas that stops them from starting a new business. It's often the operations and finances: Do you really have the business know-how to turn your bright idea into a thriving enterprise?
Today, there are many tools and resources to help you set up shop - so you can focus on bringing your idea to success. Below are a few ways to get started.
Get advice: Meet with your local banker and build a strong relationship no matter where you are in your business journey.
It's never too early or too late to meet with your local banker, who can be an invaluable resource. They can discuss your business plan, help you apply for credit, identify payment solutions, and find business tools and resources to help you manage your daily finances and operations and navigate your future.
When choosing your banker, look for one you can trust to evaluate your holistic set of circumstances and needs. For example, at U.S. Bank you can walk into one of the more than 2,200 branches across the country and meet one-on-one with a banker. U.S. Bank also offers virtual sessions to address your questions from anywhere.
If you are early on in your journey to becoming a small business owner and need more information and guidance, know that U.S. Bank advisors specialize in businesses of all sizes - from sole proprietors to more mature businesses. U.S. Bank also has Business Access Advisors (BAAs), including in Los Angeles and Oakland, who specialize in helping business owners from underrepresented groups.
'Recognizing that nearly 30% of businesses in California are owned by underrepresented groups, according to 2022 U.S. Census Bureau data, our team is here to help these businesses thrive. We can build custom growth plans and find the right tools for each business's unique needs,' says Delphine Pruitt, a Los Angeles-based U.S. Bank BAA.
Get financed: Get funds and put them in the right place.
When evaluating loan options, it is critical to work with your banker and find options best suited to your needs and goals. One option prospective business owners may not be familiar with is a Small Business Administration (SBA) loan, which is backed by the federal government.
'SBA loans offer lower down payments and make it easier to get your business going. It's also a great idea to see if you can benefit from programs like U.S. Bank's Business Diversity Lending Program, which is designed to help expand access to funding for minority, women and veteran small business owners,' says Pruitt.
'You should also make sure you're separating your personal bank account from your business funds,' said Will Jackson, an Oakland-based BAA for U.S. Bank. Services that can help small businesses include checking and savings accounts, credit cards, and merchant services that allow them to accept credit and debit card transactions. A business savings account can offer higher interest rates and the ability to separate your savings from the potential ups and downs of revenue and operating expenses.
Get growing: Invest and manage your cash flow.
At the center of nearly every small business is its cash flow - from managing your invoices, to setting aside emergency funds and keeping costs under control.
U.S. Bank helps business clients gain more insights into their cash flow with an online banking tool leveraging both internal and external data sources that gives a forecast of account balances up to 90 days ahead, as well as a 90-day historical view.
Whether your small business is still in the idea phase, you started planning, or you have already launched - these are just a few important ways to get closer to realizing or achieving your business goals. Reach out to your local U.S. Bank branch office to learn more.
