First Bank of the Lake: Financial Factors to Consider When Starting a Small Business

Starting a new business can be so very exciting! It can be quite tempting to jump in head first and get going, but you should consider certain, important financial factors first. For example, do you have a reliable bank in mind to give you your Small Business Loan at the Lake of the Ozarks to get started? First Bank of the Lake specializes in SBA Loans. "You have to spend money to make money." Call 573-348-2265 for more information on the quality SBA loans we offer. Keep reading for a few important financial factors to consider when starting a new business.

Financial Factors to Consider When Starting a New Business

Upfront Costs

When starting a business consider everything you may need to buy BEFORE you get your business "booming" and bringing in a profit. For example, depending on your business, consider the costs of the following things:

Rent or SBA loan payments
Website costs
Advertising costs
Equipment needed
Payroll
Business license fees
Utilities
Tech. Install costs
Small Business Insurance

Don't overlook these costs when starting a business and make sure you plan financially to cover them in the beginning. It can be easy to forget about these when asking for a business loan, but make sure you either have a loan that covers these costs (if applicable for your business) or you have enough money saved to cover them on your own.

Ongoing costs

Certain costs that should be looked at when starting up your business still cost as your business gets going too, such as:

Rent or SBA loan payments
Utilities
Advertising costs
Hosting fees for your website
Small Business Insurance

There are also new costs that can come up, such as:

Inventory costs
Specific services, such as CPAs, Lawyers, HR professionals, etc.

Need Financial Assistance for Starting Your New Business?

Here's a quick look at some of the unique benefits that SBA loans can offer.

Long-Term Financing
SBA loans offer long-term financing, which helps improve cash flow. In most cases, the loan is for a fixed term and will not have a balloon.

Low Down Payments
One of the uses of an SBA loan is to provide much-needed funding to businesses who are trying to get off the ground. Consequently, SBA loans often offer loan down payment options to make them affordable to their target market.

Several Different Loan Options
SBA loans are not "one-size-fits-all." In fact, there are several different types of these loans you can choose from. Your SBA lender at the Lake of the Ozarks will be able to help you determine which is best for your situation.

To visit with one of our SBA loan officers in Osage Beach, call 573-348-2265 today.

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