7.13.16

What to know before you launch a business

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Are you on the road toward entrepreneurship? Among young people, the trend is growing. A Bentley University study shows that over 67% percent of millennials (who will make up 75% of the workforce by 2025) want to be their own boss. Compare this to just 13% who want to climb the corporate ladder. If you’re among the new entrepreneurs, here are some key things to know for success.

Start With a Plan

Before you do anything, develop a business plan. This outline for your success will include:

  • Funding sources
  • Your value proposition
  • Marketing assumptions
  • Operation plan
  • Financial plan
  • Staffing plan

A solid business plan can help guide decisions, attract talent, and drive the future of your business. A clear picture of your finances will help you manage cash flow. Keep in mind: in the beginning, your business may generate little or no income; do you have enough cash in personal savings to carry you through until the cash starts flowing?

Be Your Own Keeper

Good bookkeeping can make or break a business. You need an accurate accounting of your expenses and income on a day-to-day basis, as well as annually. Decide if you’ll keep the books yourself or hire this task out. For the DIYer, bookkeeping software like Quicken or QuickBooks can make the task manageable. These and other accounting programs can sync with your accounts at Consumers and other financial institutions to streamline your accounting workflow.

Partner with Your Financial Institution

Your financial institution should work with you, not against you. At Consumers, our Business Development Managers can help you save time and money. Their experience with small, medium, and large businesses means they have the expertise to help you make smart financial decisions. They can also show you how to keep fees to a minimum or avoid them altogether. To get advice on business loans, savings, Online Banking, credit cards or QuickBooks, call us at 800.991.2221 or email businessservices@consumerscu.org. We’re here to help!

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