BUSINESS CHECKING ACCOUNTS
understand their needs and preferences, and evaluate your competition. You can conduct market research through online surveys, focus groups, or by analyzing industry reports and market data. Secure funding Starting a new business often requires a significant amount of capital. Depending on your business’s size and scope, you may need to secure a business loan or funding from investors, lenders or other sources. One of the most common ways to finance a small business is to obtain a small-business loan. To
moment could lead to missed opportunities. Others believe that timing is critical and that launching a business at the wrong time can lead to failure. In reality, there is no one-size-fits-all answer to the question of whether there is an ideal time to start a business. The timing can depend on a variety of factors, including personal circumstances, industry trends, economic conditions and competitive landscape. Here are some things to keep in mind:
Personal circumstances – Before starting a business, it’s essential to consider your
personal circumstances, including your financial situation, family obligations and personal goals. Starting a business can be a significant investment of time and money, and it’s important to ensure that you’re ready for the commitment. Industry trends – Keeping up with industry trends is essential when considering the timing of starting a business. Launching a business in a declining industry or during an economic downturn may be more challenging than starting a business in a growing industry with high demand. Economic conditions – Economic conditions can also impact the timing of starting a business. A weak economy may make it harder to secure funding or attract customers, while a strong economy may create more opportunities for growth and expansion. Competitive landscape – Understanding the competitive landscape in your industry is also critical when considering the timing of starting a business. Launching a business in a highly competitive market may require more significant investment in marketing and advertising to stand out from the competition. Starting a new business can be a rewarding and challenging experience. By following these key steps, you can increase your chances of success and build a strong foundation for your new venture. Remember to stay focused, adaptable and persistent as you navigate the ups and downs of
Timing can depend on a
secure a business loan, you’ll need to prepare a detailed loan application, including your business plan, financial projections and collateral. Register your business Once you’ve secured funding and developed a business plan, it’s time to register your business. Registering your business involves obtaining the necessary licenses and permits,
variety of factors, including personal circumstances, industry trends, economic conditions and competitive landscape.
Looking to open a new Business Checking account ? Every growing business needs a checking account — and right now is a great time to open one with California Bank & Trust (CB&T). Because for a limited time, you can receive a cash bonus of $250 when you open a new Business Checking Account and complete qualifying activities. 1
registering your business name and legal structure, and obtaining any necessary tax IDs. The specific registration requirements will vary depending on your location and industry. Build your team Building a strong team is essential to the success of any business. As you launch your new business, you’ll need to recruit and hire employees, contractors or freelancers. It’s essential to identify the skills and experience required for each role and to hire
GET A $250 CASH BONUS when you open a qualifying Business Checking Account 1 Minimum balance and 10 qualifying transactions required. 1
team members who are a good fit for your company culture and mission.
Now that you have a solid foundation in place, the next question to ask is when to get your business off the ground. Some people believe there is never a perfect time to start a business, and that waiting for the perfect
entrepreneurship. With hard work, dedication and a solid business plan, you can turn your entrepreneurial dreams into a reality.
Pick the perfect checking account for your business! Plus, you can save up to $150 on your first order of Deluxe business checks 2 .
For more details visit calbanktrust.com/bonus
See page 33 for important details and disclosures
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IN YOUR CORNER ISSUE 14 | 2023
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