National Small Business Week, which is April 30 - May 6, 2023, recognizes the critical contributions of America's entrepreneurs and small business owners.
America is home to more than 28 million small businesses. Those small businesses provide jobs to 61.7 million people.
Over the past decade, Utah regularly ranks as one of the best states for business. In our state alone there are more than 313,500 small business owners.
If you'd like to open a small business, we invited Kyle Guest from Mountain America Credit Union for some tips on how to get started.
- Create a business plan. Have a good idea of what your business is all about and identify who your customer or clients will be. Also, figure out how the cash flow in your business will work.
- Establish financial goals and timelines. First, come up with monetary projections by asking yourself what the expected revenue will be and what it will cost to achieve that goal. Next, draft a realistic timeline of how much it costs to generate that revenue goal, and try to predict how the timing of that cash flow will impact your future business.
- Gather important data like income, expenses, assets, liabilities, equities and projections.
- find a trusted financial advisor to guide you along the way. Someone who works frequently with small business owners can provide clarity and keep your business dreams and goals on track.
- Ask questions of your lender. Be sure to ask about rates, fees and loan structure. Find out if there are any prepayment penalty fees, whether the interest rate is variable, and if so, how often does it adjust? Asking questions can increase the odds of you getting the best loan and lending experience that best meets your future business' needs.
Kyle also says getting an account could be as simple for your business as it is for a personal account. But, as business grows, owners need more than basic account services.
You can learn all about the types of business services that small business owners should be aware of and plan for at macu.com/business.
