10 Steps to Starting Your Small Business

Starting a business requires a lot of planning, patience, and hard work. Our business bankers and lending team have helped countless business owners navigate the steps to opening their businesses, and now they’re ready to help you. 

1. Write a business plan – this plan must be thorough and provide specific details on the products and/or services your business will provide. It will also need to provide information on how you plan to make money. If you at any point need a business loan, this plan will play a critical role in getting approved.
2. Choose a legal structure and get a federal tax ID – choosing the right business structure is key in determining your taxes and what you’re liable for. You will also need an employer identification number (EIN) in order to open bank accounts and file taxes. 
3. Apply for licenses and permits – almost every business industry requires some type of license or permit, from liquor licenses to dog boarding ones. It will be important to identify what you will need to secure before you can open your doors. Your local government officials or Chamber of Commerce may be good places to start. 
4. Open a business bank account – you will want to keep your personal and business finances separate. We offer several business checking and savings accounts from basic to commercial with interest. 
5. Start-up financing – almost every business needs a little capital to get going, and The Bank of Elk River has the lending capacity and seasoned lenders to help guide you to the best loan options. 
6. Get a business credit card – credit cards are great startup financing for purchasing supplies and paying your bills. Our Bank of Elk River Business Visa credit cards offer great rates and rewards!
7. Select accounting software – it’s crucial that you track how much revenue is coming in from your business and how much you’re spending. The Bank of Elk River offers state-of-the-art bookkeeping solutions from Autobooks for small businesses to Cash Management Solutions for businesses of any size. 
8. Find a trusted tax advisor – filing taxes and understanding what products and services need to be taxed can be daunting. You will want a good tax professional on your team to have you navigate the ins and outs of business taxes.
9. Select a payment processor – if you plan to accept credit and debit cards as payment methods, you will need a payment processor and merchant account. We’ve teamed up with TSYS Merchant Services, one of the nation’s leading payment providers. 
10. Growth financing – after being in business for a few years, it may be time to purchase new equipment, expand your office, or add new inventory—The Bank of Elk River has business loan options ready to help you hit your growth goals.

There is nothing more exciting and nerve-wracking than opening a business. The good news is you don’t have to do it all alone – partner with a Bank of Elk River business lender from the start and let us help you with the heavy lifting.