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If you’re thinking about starting a business, it can be helpful to determine what tools and resources you have – and what you still need. Here are some tips to help you understand where you are in the startup process.
Starting a business takes more than a great idea – it takes time, commitment, and energy. Before you get started, ask yourself several questions, including why you want to start a business and how it may affect you and your loved ones, especially if your family will be involved. It also helps to look at your past experience: Are there any skill gaps you need to fill before you begin running a business? Also, make sure you have a support system in place: advisors, an attorney, an accountant, and a good relationship with your bank can be helpful when establishing a business.
Crossing these steps off your business startup checklist will put you one step closer to turning your idea into a reality:
Next, begin working on a business plan – it will help you estimate the cost of starting your business and do financial projections. Also, research as many sources of startup funding as possible and choose the ones that fit your financial needs and circumstances.
Taking a close look at your financial situation before you start a business is crucial to long-term success. You’ll also need your financial information to be clear and concise when talking to potential lenders and investors. Order a copy of your personal credit report and score to see what potential lenders will see. It’s also a good idea to determine exactly how much credit your business will need and what those funds will be used for. And, above all, get a clear sense of whether you can afford to quit your current job or reduce your hours, and if you have enough money to live on for a few months after starting the business.
If you begin the startup process by addressing some of these key points, you’ll make a smooth transition into your new role as a business owner, and you’ll ensure long-term success for your business in the future.
The Wells Fargo Business Insight Resource Center offers free access to one of the most extensive online offerings of advice and information to help manage and grow your business.
Information and views are general in nature for your consideration and are not legal, tax, or investment advice. Wells Fargo makes no warranties as to accuracy or completeness of information, does not endorse any non-Wells Fargo companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent Wells Fargo's business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.
Wells Fargo & Company or its affiliates do not provide tax advice. Please see your tax advisor to determine how this information may apply to your own situation.