6 Reactions

  1. Great list here. #1 – Opening a business account is a very important step. You never want to mix your own personal account with your business monies. So many things could go wrong with this and it’s just not proper. Thanks for sharing this useful info with our community.

    Ti

  2. Great article.
    We actively work with startups and all financial decisions, especially early on in the business formation, are very crucial. Many entrepreneurs have started relying on crowd funding, which is a great alternative, since you receive outside funds without an obligation to repay (versus a bank loan).

  3. One very important issue that is a must when setting up if you have partners is to ensure you have a correctly drawn up legal partnership agreement. It can cause major problems down the line if this important step is missed out!

  4. Another good tip is to offer free advice or consulting to charities or companies that are in the same locality. The more you help them the more business they will refer.

  5. When starting a business over eBay or any other platform such as Amazon, it actually bypasses most of the necessary steps involved with other type of businesses, and that enables the startup to focus mostly on their products and the market when their time is most precious.

  6. I advise all of my start up and novice business owners to reach out and establish banking relationships from the get go. Interview with a commercial loan officer. Find out about the process and what banks are looking for; how they make their decisions. Seek out smaller, regional banks and credit unions. They are much easier to deal with. You’ll find out that its important to have your paperwork and financials organized and together.

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