So, you have a product or service you want to share and you know that your business could be successful, but you’re just not sure where to begin.
You’re not alone. Starting a new business can be very intimidating to someone who is not familiar with the process. With so many things to consider and decisions to make, it can be easy to get overwhelmed. You may not even know what your first step should be. In order to keep you from getting discouraged, I put together a three-step plan that will help you get started and put you on the path towards success.
1. Put together a solid business plan
The first thing you will want to do is to put together a business plan that details what your business is and your research into financial projections. A business plan is what a commercial lender will look at to determine how successful your business is likely to be, so it is very important to put some time, thought and research into preparing your business plan. We offer tips and suggestions on how to write a successful business plan in the C&N Library section of our website. After you complete your plan, you can contact someone at our bank giving us a call at 877-838-2517, send us an email, or you can request someone to contact you through our Business Financing Center. Once this process is started, you’ll be assigned a Relationship Manager who will coordinate your other needs with the rest of the bank.
2. Explore the services your bank offers that will help manage your finances
Depending on your business, you may rely on different technologies to help keep your finances in order. Once you and your Relationship Manager have talked about your business and they have gotten to know your plans and operations, they will coordinate someone from the Treasury Management Department to help identify which products and services would benefit your business. If you are paid mainly by check, maybe you would be interested in Remote Deposit, which allows you to scan checks from your office without having to go to the bank. Or if you plan to be paid primarily with credit cards, you should look into their Merchant Services technologies. There are many products and services that a bank can offer a business, so make sure you have a good conversation with your Relationship Manager so that all of your financial needs are addressed.
3. Trust your Relationship Manager
A Relationship manager will be your go-to person in the bank that brings everyone together to service your business. A relationship manager will coordinate all of the expertise in the bank with you to develop a plan that will set your business up for success. Whenever you have a new financial need or question, you should contact your relationship manager. You should put a lot of trust into your relationship manager, because they will work tirelessly to help your business grow.
Learn more about these steps for new business owners at C&N Bank.
Ryan J. Satalin is a Regional Commercial Lending Executive at C&N. Ryan has a wealth of experience in the financial arena, joining C&N in 2011. He previously spent four years with M&T Bank Corporation in Baltimore, Maryland as a commercial relationship manager. He later moved to the M&T offices in Williamsport, Pennsylvania, where he served as a business banking relationship manager.
He holds his BA degree from Johns Hopkins University and his MBA degree in finance from Iona College.