Description
In this detailed criteria around every entrepreneur who wants their business.
Smart advice
for launching your
new business.
So, you’ve got a great business idea. You might even have a pretty good plan
about how to put it into action. But, to be successful in business, you need to line
up a team of experts that can offer you advice on crucial elements – like how to
?nance your new venture!
Do I need a business plan
and what goes into it?
Yes! Every entrepreneur who wants their business to succeed should start
with a business plan. It is a necessity in order to get ?nancing – and even
if you don’t need ?nancing, it provides a road map to success. A well
thought out business plan will include the following items:
• Mission, Vision, and Position – What will your company do?
Where is it headed in the future? What is your unique claim of
distinction that will position you to stand out in the marketplace?
• Structure of your Organization – Will you be an LLC, an S or
C Corp, a DBA?
• Competitive Analysis – Who are your main competitors and what
are their strengths, weaknesses? Where is your opportunity?
• Financial Forecast – What are your monthly and annual revenue
projections? What are your monthly operational expenses?
What is your “best,” “most-likely,” and “worst-case” scenarios?
• Start-up Capital – How much will you need? What level of inventory
will support your sales objectives? What is the cost of new
equipment? What will your starting payroll be?
• Financing – How will you ?nance your new business? How
much in personal funds or capital are you able to put up?
How much are you looking to ?nance? Do you have
outside investors?
• Marketing Plan – What is your brand and how will you promote it?
How much are you setting aside to develop your brand? What is your
marketing and advertising budget?
• Your Resume – That’s right, a good business plan includes outlining
who is going to run the show.
What’s the best way to ?nance my business?
There are numerous ways to ?nance your business from
personal sources, to outside investors, to bank loans. Unless
you are personally wealthy, or have won the favor of the guys on
Shark Tank, most small businesses need to apply for a loan. Your
friendly, local Business Maker advisor can offer advice on which
type of loan is best for you. Here are some various loan types:
• Business loans
• Real Estate loans
• Lines of Credit
• Small Business Administration (SBA) loan – An SBA loan is for small
businesses that are unable to get a loan through normal lending
channels with reasonable terms – you can obtain an SBA loan through
Southbridge Savings Bank.
www.southbridgesavingsbank.com
The good news is, that the Business Maker team at Southbridge Savings Bank is by your side.
Consider us your trusted mentor in the ?nancial sector. From assisting with the ?nancial components
of your business plan, to outlining a favorable loan, to providing the cash management products
needed to open your doors – we will be with you every step of the way. Here are some common
questions asked by entrepreneurs like you who are just starting out.
Do my personal ?nances matter?
Absolutely. Anyone offering ?nancing to a start-up business wants to know
who they are lending to and what their personal ?nancial history is.
Credit History – Your banker can pull your credit report, or you can
contact one of the three credit bureaus for a free report: Experian,
Equifax, and TransUnion. Your score will re?ect your credit for up to
10 years! A low credit score can hurt your chances at getting ?nancing,
so make sure your credit score is healthy!
Money Down – Additionally, the bank will
want you to put up some of your own money
and/or collateral. This means you have skin in
the game and that you are serious about your
new venture.
Which business tools do I need to
have in place before I open my doors?
There are lots of tools available to ?rst-time businesses, but the most
important tools to have in place are your money management services
so that you can con?dently run your business. Consider things like:
• Payroll services
• Credit card processing services
• Business credit and check cards
• Line of credit
• Bill pay services
• Remote deposit capture
• Lock box service
• Wire transfers
What are examples of successful start ups?
The Southbridge Savings Bank Business Maker Team has helped many
entrepreneurs ful?ll their dreams of owning successful businesses.
Here are just a few:
Alternative Energy Projects – When an eco-minded company wanted
to add a 162,500-kilowatt rooftop solar array, Southbridge Savings Bank
provided $650,000 through the SBA 504 program, which provides funding
for major ?xed assets, such as equipment or real estate.
Tapping the SBA 504 program, Southbridge Savings Bank provided
$4.2 million to a hydroelectric plant to ?nance capital improvements.
Line of Credit Financing – In business, ?nancial ?exibility is crucial.
So when a steel building contractor came to Southbridge Savings Bank
to ?nance the construction of a 85,000 square foot gaming facility,
a line of credit ?nancing was the perfect solution.
Equipment Financing – When a local landscape contractor had an
immediate need to buy 5 pieces of equipment to complete the landscape
projects in his backlog, Southbridge Savings Bank approved a term loan
in just 24 hours!
Please call 800-939-9103 for additional information.
All loans are subject to credit and underwriting approval. Certain fees and restrictions may apply or other terms and
conditions may apply.
www.southbridgesavingsbank.com
www.facebook.com/southbridgesavings
The best advice we can offer is to get the right people in your corner. Find experts you can trust, and who have your back.
From a lawyer that specializes in business, to an insurance broker who makes sure you’re covered, to a banking professional
who knows how to make business happen – like the Business Maker Team at Southbridge Savings Bank. We make getting
down to business easier.
doc_561148988.pdf
In this detailed criteria around every entrepreneur who wants their business.
Smart advice
for launching your
new business.
So, you’ve got a great business idea. You might even have a pretty good plan
about how to put it into action. But, to be successful in business, you need to line
up a team of experts that can offer you advice on crucial elements – like how to
?nance your new venture!
Do I need a business plan
and what goes into it?
Yes! Every entrepreneur who wants their business to succeed should start
with a business plan. It is a necessity in order to get ?nancing – and even
if you don’t need ?nancing, it provides a road map to success. A well
thought out business plan will include the following items:
• Mission, Vision, and Position – What will your company do?
Where is it headed in the future? What is your unique claim of
distinction that will position you to stand out in the marketplace?
• Structure of your Organization – Will you be an LLC, an S or
C Corp, a DBA?
• Competitive Analysis – Who are your main competitors and what
are their strengths, weaknesses? Where is your opportunity?
• Financial Forecast – What are your monthly and annual revenue
projections? What are your monthly operational expenses?
What is your “best,” “most-likely,” and “worst-case” scenarios?
• Start-up Capital – How much will you need? What level of inventory
will support your sales objectives? What is the cost of new
equipment? What will your starting payroll be?
• Financing – How will you ?nance your new business? How
much in personal funds or capital are you able to put up?
How much are you looking to ?nance? Do you have
outside investors?
• Marketing Plan – What is your brand and how will you promote it?
How much are you setting aside to develop your brand? What is your
marketing and advertising budget?
• Your Resume – That’s right, a good business plan includes outlining
who is going to run the show.
What’s the best way to ?nance my business?
There are numerous ways to ?nance your business from
personal sources, to outside investors, to bank loans. Unless
you are personally wealthy, or have won the favor of the guys on
Shark Tank, most small businesses need to apply for a loan. Your
friendly, local Business Maker advisor can offer advice on which
type of loan is best for you. Here are some various loan types:
• Business loans
• Real Estate loans
• Lines of Credit
• Small Business Administration (SBA) loan – An SBA loan is for small
businesses that are unable to get a loan through normal lending
channels with reasonable terms – you can obtain an SBA loan through
Southbridge Savings Bank.
www.southbridgesavingsbank.com
The good news is, that the Business Maker team at Southbridge Savings Bank is by your side.
Consider us your trusted mentor in the ?nancial sector. From assisting with the ?nancial components
of your business plan, to outlining a favorable loan, to providing the cash management products
needed to open your doors – we will be with you every step of the way. Here are some common
questions asked by entrepreneurs like you who are just starting out.
Do my personal ?nances matter?
Absolutely. Anyone offering ?nancing to a start-up business wants to know
who they are lending to and what their personal ?nancial history is.
Credit History – Your banker can pull your credit report, or you can
contact one of the three credit bureaus for a free report: Experian,
Equifax, and TransUnion. Your score will re?ect your credit for up to
10 years! A low credit score can hurt your chances at getting ?nancing,
so make sure your credit score is healthy!
Money Down – Additionally, the bank will
want you to put up some of your own money
and/or collateral. This means you have skin in
the game and that you are serious about your
new venture.
Which business tools do I need to
have in place before I open my doors?
There are lots of tools available to ?rst-time businesses, but the most
important tools to have in place are your money management services
so that you can con?dently run your business. Consider things like:
• Payroll services
• Credit card processing services
• Business credit and check cards
• Line of credit
• Bill pay services
• Remote deposit capture
• Lock box service
• Wire transfers
What are examples of successful start ups?
The Southbridge Savings Bank Business Maker Team has helped many
entrepreneurs ful?ll their dreams of owning successful businesses.
Here are just a few:
Alternative Energy Projects – When an eco-minded company wanted
to add a 162,500-kilowatt rooftop solar array, Southbridge Savings Bank
provided $650,000 through the SBA 504 program, which provides funding
for major ?xed assets, such as equipment or real estate.
Tapping the SBA 504 program, Southbridge Savings Bank provided
$4.2 million to a hydroelectric plant to ?nance capital improvements.
Line of Credit Financing – In business, ?nancial ?exibility is crucial.
So when a steel building contractor came to Southbridge Savings Bank
to ?nance the construction of a 85,000 square foot gaming facility,
a line of credit ?nancing was the perfect solution.
Equipment Financing – When a local landscape contractor had an
immediate need to buy 5 pieces of equipment to complete the landscape
projects in his backlog, Southbridge Savings Bank approved a term loan
in just 24 hours!
Please call 800-939-9103 for additional information.
All loans are subject to credit and underwriting approval. Certain fees and restrictions may apply or other terms and
conditions may apply.
www.southbridgesavingsbank.com
www.facebook.com/southbridgesavings
The best advice we can offer is to get the right people in your corner. Find experts you can trust, and who have your back.
From a lawyer that specializes in business, to an insurance broker who makes sure you’re covered, to a banking professional
who knows how to make business happen – like the Business Maker Team at Southbridge Savings Bank. We make getting
down to business easier.
doc_561148988.pdf