First Bank of the Lake: New Year, New Business?

Is 2020 the year? Is it the year that you finally start the business of your dreams, be your own boss? Starting and managing a profitable business is not for the weak-minded. In addition to being passionate about what you are doing, you should be financially prepared. That's where our Lake of the Ozarks SBA loan officers come in. We can help you find the financial help you need to get your business up and running. For more information on that, please call our bank at the Lake of the Ozarks today at (573) 348-2265. In the meantime, keep reading for a few tips for starting a new business in 2020.

Be passionate about what you do 100% of the time.
If you are serious about becoming a business owner, it's important to you truly love what you do because you will likely be working more than you ever have before in order to get your own business up and running. That will be much harder to do if you are not passionate about what you are doing.

Thinking about starting your business on the side.
It can be a good idea to keep your day job when starting a new business. If the business fails, you have a steady income to live on still. If the business takes a long time to become profitable, which is highly likely for new businesses, then it can be a good idea to have your day job still.

Build a customer base.
Plain and simple, you need customers in order to be successful. So it's important to build a strong, loyal customer base as early on as possible. Be the company that your customers have to go to because they're so happy they won't even consider going to a competitor.

Check out the competition.
Be aware of your competition and do your research. You need to stay updated on your market and how your industry is performing. You need to know how your competitors are marketing their businesses, what services they're offering, and how their pricing compares to yours. Being informed is being smart.

Market your business in a strategic way.
At the end of the day, ask yourself, did I communicate with my customers the way they like to be communicated to or the way I like to communicate? For example, if your primary target market is affluent women, then you should be advertising on Pinterest because they are the known market using that social media platform.

The SBA Loan Officers at First Bank of the Lake Are Here For You!

At First Bank of the Lake, we don't try to sell you a loan or service you don't need, but if you're in need of a small business loan at the Lake of the Ozarks, give us a call. Our SBA loan officers say "You have to spend money, to make money." For more information on our small business loans, please give us a call today. We can be reached at (573) 348-2265.

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.