Financial Management
Prepare to Prosper Part 3: Starting your own business
If you’ve always wanted to be your own boss, now may be the time to start. You have the skills to turn that side job into a full-time business and build it from the ground up. You have the determination to make your own rules and your own hours. And we have the tools that may help you prepare to prosper. Here are things to consider before starting your own business.
If you’ve always wanted to be your own boss, now may be the time to start. You have the skills to turn that side job into a full-time business and build it from the ground up. You have the determination to make your own rules and your own hours. And we have the tools that may help you prepare to prosper. Here are things to consider before starting your own business.
1. Start with a business plan
Creating a solid business plan is an important first step for anyone starting a business. Be sure to include a company overview, a market analysis, your financial data, and an executive summary. Visit the Wells Fargo Works Business Plan Center for free business planning resources.
2. Determine your hiring needs
When you first start out, you may be the only employee. If you intend to hire full- or part-time employees right away, make sure you’re comfortable with and can afford the costs associated with hiring staff.
3. Understand your financial picture
Most businesses are initially financed by personal savings and credit, but you may need additional financing. Our Wells Fargo bankers can discuss your initial financing needs and options, and help strategize ways to build your credit profile.
4. Build a strong network
Having a strong support system in place is important when starting a business. So build your network with your banker, a lawyer, a certified public accountant and any other professionals pertinent to your industry.
There are a lot of important decisions to make as you venture out on your own to start a business. But upfront planning goes a long way in preparing your business for long-term financial success. Be sure to visit wellsfargoworks.com for resources and guidance that may help you start, maintain, and grow your business. The Prepare to Prosper financial series will soon return with a focus on building better credit. We’ll discuss more tips and solutions for achieving your goals and building your personal wealth.
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