You finally made the decision to start your own business, but you’re neck deep in the details and worried you’re going to forget something. To help you finish preparations, let’s talk through a few basics to make sure your business is ready for the big opening day! 

Apply for Licenses and Permits

Based on your business activity, you may need to apply for a license or permit with the federal, state or local government. Do your research on what business activities need a license or permit in your area. If you need additional help, consult a professional. The U.S Small Business Administration’s website sba.gov is a great resource for those starting up a new business by walking you through step-by-step instructions on how to launch your business. 

Set Up Collection and Payable Solutions

Receiving payments and paying vendors is important for the livelihood of your business. Having a smooth process in place for this task will help prevent hiccups on opening day. Things like Merchant Services can make transactions easy for both clients and employees. Having business debit cards can be a secure and convenient payment option. Think about how your business will operate and what tools you’ll need to operate smoothly & efficiently.

Be Ready for the Unexpected 

Anyone who has owned a business before will tell you that while it’s rewarding, each day comes with its own unique set of challenges. When facing the unexpected, be ready to assess the situation and pivot if necessary. You could face unexpected expenses that you need to save for or have larger issues like a rent increase. Being prepared ahead of time will help you manage the situation with ease. 

Finalize Business Financing

You’ve crunched numbers, drawn up a business plan, and are ready to embark on your new endeavor. Don’t forget to talk with your loan officer about financing options. There are different loan types that can help meet your financial needs and get you one step closer to your opening day. Loan types such as a commercial real estate loan, commercial equipment loan or business line of credit all have specific uses to help you reach your goals. If you haven’t found a loan officer that’s meeting your needs, I’d love to help you discuss your options! 

It’s true that the devil is in the details but with some proper planning & forethought, you and your business can be ready for a successful opening day!

Brad Roling is the Columbia Market President for Mid America Bank. Brad has more than 10 years of banking experience that he uses to help businesses in and around Columbia thrive. When he is not helping your business with its financial needs, Brad is serving the community in a variety of capacities. He is proud to serve on the Ronald McDonald House Mid-Missouri Board of Directors as Treasurer, the Columbia Chamber Foundation Board, and Beta Theta Pi Advisory Board. Brad is a proud Mizzou grad and loves cheering on the Tigers!

573-615-2343 | midambk.com