First Bank of the Lake: 5 Tips for Starting a New Business

It's 2018 and you've finally "made the leap" and decided to start your very own business. Congratulations! Starting your own business is a very big step and can take a lot of dedication and hard work. If you are truly passionate about what you do, it can be a very rewarding and self-fulfilling experience. Our bank at the Lake of the Ozarks is here to give you a few tips to help you start your new venture.

5 Tips for Starting a New Business

Tip # 1
Let your passion drive you.
A new business could be a very long commitment so it's important that you are truly passionate about what you do and you enjoy doing it. Plus, customers can appreciate service from someone that is happy with what they are doing. Passion shows and can make for a more pleasurable buying experience.

Tip # 2
Visit with a tax professional.
It may not be wise to jump into starting a business without having an idea of what your taxes are going to be like. You need to know what your legal responsibilities are going to be, before you start your business. Allow for your business to run more smoothly by being prepared.

Tip # 3
Present your business as a solution.
Too many people try to "sell" their services the wrong way, by pushing their services on the wrong people. Qualify your "prospects" and explain how your services could help with their problems. It can be very easy to be overly excited right after starting a new business and push your services. For example, if you are speaking with different members at a local networking group and you are starting a wakeboard sales business at the Lake, it may not be wise to try and "push" your services to someone who clearly isn't into wakeboarding and most likely won't be in the future.

Tip # 4
Have the RIGHT people on your team.
Recruit people to work for your business that share your same values and believe in the mission behind your business. Having the right team can really make a difference.

Tip # 5
Have a plan for bill management.
Running a business can really cause the bills to add up, so have a plan for that before you start. Know what regular bills you will have ahead of time and do your research. Have a back up plan for how you are going to pay those bills, if your business doesn't bring in enough money to cover them.

"You Have to Spend Money to Make Money"

This famous saying has guided aspiring entrepreneurs for decades. Depending on your industry, starting a business at the Lake of the Ozarks can require a sizable initial investment. You may not have the funds you need immediately available to get your business up and running. What can you do? If you're like most entrepreneurs, you'll probably take out a loan so you can have the funds you need to get your company off the ground. This is where SBA or small business loans come in. There are three key benefits to having a SBA loan: long term financing, low down payments, and there are several different loan options. We are proud to have a dedicated SBA lending officer on staff and he has been a great addition to our team. It is amazing to be able to offer SBA loans at the Lake of the Ozarks for the local up and coming business owners. If you are interested in speaking to us about getting a SBA loan, call us at 573-348-2265. We look forward to hearing from you.

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First Bank of the Lake - Striving For Excellence

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