National Small Business Week: April 28 – May 4, 2024
If there is any doubt as to the importance of small businesses in our economy,
let’s put it to rest now. Small businesses comprise close to 99% of all businesses in America. They are the engine in our economy that drives our progress and helps keep us competitive in the global market.
As a long-time supporter of small businesses and their owners, we’re very excited about National Small Business Week, taking place this year on April 28 – May 4. This annual event celebrates the entrepreneurial spirit along with the vital contributions small businesses make to our economy and culture.
If you have an idea for a business that you want to bring to life, or if you
already own a business and want some ideas to help you take it to the next
level of growth, we’re here to help. We’ve put together an outline of key things
you’ll need to consider before opening your business as well as tips and ideas for managing and growing a healthy business.
Getting started
Congratulations on making the bold decision to open your own business! The first thing you’ll want to do is to write up a business plan for your new venture. You can find a list for what to include in your business plan here.
Even if you decide not to write a formal business plan, a good amount of planning is crucial. Here are just a few of the things you’ll want to work through before you begin:
How do you want to structure your business? Will it be a sole
proprietorship or an LLC or will you incorporate from the very beginning?
How much start-up money will you need? The old saying “It takes money to make money” is certainly true when it comes to opening a business. Estimate how much you’ll need to get started so you know how much to ask investors for, if that is how you plan to fund your business.
Who are your competitors? Knowing who might be working in the same space as you and what they offer gives you the opportunity to differentiate your
business and offer something new, or different.
Will you conduct business solely through a brick-and-mortar location or
will you set up an online store? Or will you have both?
10, 9, 8… time to launch!
With your initial planning done, it’s almost time to open your doors and (hopefully) soar. Before you do, there are still a few details to take care of, including registering your business, acquiring the proper federal and state tax numbers, applying for licenses and permits, establishing business credit and opening a business bank checking account.
Mastering the day-to-day
Now that your doors, real or virtual, are open for business, you’ll need to pay
attention to the everyday operations, including hiring and managing employees
and overseeing your finances and cash flow. Also, now’s the time to get the
word out about your new business. Whether or not you sell your product or
service online, most businesses find that establishing and maintaining a social
media presence is an important marketing tool.
Grow, grow, grow!
Once you’ve proven that your business is successful, you’ll want to capitalize on
your success and grow your business. There are many ways to grow and expand your business so the first question you’ll want to answer is, “How big do you want to be?” Do you want to establish a larger local or regional presence? Or do you want to expand to the national level? How you answer that question will inform the next steps you take, whether it’s to pursue lucrative government
contracts, gain market share by purchasing competitors, invest in new
technologies or equipment that can help you operate more profitably or look to serve a larger customer base by opening new locations.
We’re here to support your success
From a full range of merchant services to fraud prevention resources and beyond, California Bank & Trust has a broad array of accounts and services designed to help your business succeed. Call or visit your local branch to learn more. You can also visit us online.