Steps to Start a New Business
Are you interested in starting a small business but are unsure how to finance your endeavor? Starting a business is a process that involves many aspects including securing finances, determining a legal structure, finding a location and much more. Fitzsimons Credit Union has put together a few simple steps that will help you begin the road to owning a small business and explain your best option for financing.
Create a Business Plan
A business plan helps you define your vision, mission, objectives and basic strategies over the next few years. It is also a great way to outline monetary goals and figure out how long it will take your business to turn a profit. Check out the U.S. Small Business Administration for guidance on creating the perfect plan for your business.
Find a Location
If your business is not solely online, you will need to find a physical location. Consider demographics, competition, budget, state laws, and taxes before browsing possible locations. It’s best to put a lot of thought and research beforehand to ensure that your business is a success at its chosen location.
Finance Your Business
There are a number of ways to finance your business including credit union loans, credit cards, borrowing from friends/family, and crowd funding. Loans from credits unions are one of the best options for a startup business because you can get a loan relatively quick and easy. Getting approved for a small business loan will take a good business plan and often requires some sort of collateral.
Determine Legal Structure
What type of business are you establishing? Depending on your needs, you will need to file business taxes including state and federal, income tax, self-employment tax, taxes for employers and excise taxes. You will also need to file the correct federal and state licenses/permits in order to run your business legally. If you’re not sure what permits you need to file, visit your city’s finance department. Businesses looking for some tips on taxes are welcomed to come to our financial literacy event on Small Business Tax Issues, presented by H&R Block.
At Fitzsimons Credit Union, we offer loan products for our business members, including secured and unsecured loans, real estate loans, lines of credit, auto loans and VISA credit cards. We have business loans available for eligible businesses to help you start up a new business or to help businesses improve their operations. To learn more about our small business loans and services contact one of our Business Account Specialists by calling 303-226-8509.