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Business Loans, Business Checking, Business Savings, SBA Loans Article

Essential Small Business Start-Up Guide

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Making the decision to start and grow a business can be exciting and challenging, especially in today’s fast-paced, quickly evolving market. According to the US Chamber of Commerce, small business is booming in America, with more than 5.5 million new business applications filed in 2023 alone. 

If you are ready to take the leap and start a new business, Stellar Bank wants to help. Read on to learn the essential steps to get your business off the ground.

1. Conduct market research

Prior to launching your business, it's essential to pinpoint who your target customers are and comprehend their typical buying habits. Additionally, acquaint yourself with potential competitors and the current direction of market trends. This initial step is crucial for adapting to any significant shifts in consumer behavior and lifestyle preferences.

Ask yourself these questions:

2. Write a business plan

3. Choose, register, and protect your business name

Conduct a trademark search prior to settling on your business name to ensure the name isn’t already registered as intellectual property. After deciding on your business name, take steps to protect it:

4. Determine your legal business structure

There are several types of legal structures to consider:

5. Register your business with the government and IRS

After deciding on your legal structure and location, you can register your company with the proper authorities. There are several documents you’ll need prior to registration:

6. Determine how you will fund your business

Most business owners will need additional funding to launch and grow their startup. Do your research and learn which types of loans or credit are right for your business. Stellar Bank offers a full suite of small business loan options, all designed to fit your business goals, including:

7. Open a bank account for your business

In order to protect your personal credit and assets, you should open a separate business checking account. Things to look for are low fees, good benefits, incentives like introductory offers, and competitive interest rates for checking, savings and lines of credit. You'll also want to look at transaction, early termination, and minimum account balance fees.

Stellar Bank understands that every business is unique. That’s why we offer a variety of checking solutions that can grow with your business, in addition to these small business banking services:

Starting a business is a long, challenging journey; but it’s also incredibly rewarding. If you’re ready to become a small business owner, Stellar Bank wants to help you succeed. Our small business banking solutions will streamline your financial needs, so you can focus on what matters most. Contact us today to learn more, or to schedule a visit with one of our small business banking experts.

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