Starting a New Business?

If you are starting a new business and are interested in obtaining credit for your company, please answer the following questions:

• Have you completed a business plan for your new business?

• Have you summarized and computed the costs of starting your new business?

• Do you have access to 30% of your total start-up costs to invest in the business?

• Have you obtained a business license and/or identified your business location?

• Do you have at least 2 years direct management experience in your industry?

• Have you identified support to help you manage your finances and accounting for your business?

If you answered NO to ANY of the above questions:

Access to quality start-up resources is a vital step in establishing a solid foundation for your business. Many resource providers offer consulting support and/or training at little or no cost.
 

Start-Up Resources

To write your own business plan, consider the use of Biz Plan Pro. Biz Plan Pro is one of the leading software packages to help prospective entrepreneurs create a comprehensive business. Get Biz Plan Pro from Palo Alto Software.

For assistance in creating a business plan for your company, contact your local Small Business Development Center, which offers free consulting at no cost to you. You can find local SBDC, by visiting the SBA website at www.sba.gov.

Planning Your Start-up Costs

Knowing how much capital will be needed to launch your business successfully is a very important step.  How much money will come from equity or your own pocket? How much will be borrowed? Get definite answers to these questions. Determine which capital fund is going to be used for equipment, payroll, inventory purchases. Creating a statement of cash flow to estimate your cash needs on a monthly basis will help you project when additional funds are necessary to keep your business operating. 

To download a Healthy Start-Up Cost Planning Worksheet, click here

Other Start-Up Resources

Small Business Administration (SBA)

Small Business School

USPS

Entrepreneur Online