While funding a business is essential for success, many people fail to first observe their personal finances before moving forward with other funding. While many of us are dependent on monthly or bi-weekly paychecks to help sustain our lifestyle, when starting a business, this dependence changes to customers and generated income. You should consider how starting a business will affect yours and your family’s current lifestyle and understand the financial support you need in order to sustain your personal financial needs. Once this is established, then focus on understanding your business’s financial needs.
In order to receive funding, you must first estimate the start up cost of your business and determine how much funding you will need. For helpful step by step directions, visit SBA.gov.
When you have established the amount of funding you will need, start researching different lending options available. Often times, business owners are unaware of the banking services and products available; all designed to help optimize funds, reduce costs, and operate more efficiently. Plus, there are valuable online resources you can access directly, all available to help your business grow, prosper, and succeed.
Find the Right Account
Every business is unique, with unique banking needs. When you have the right accounts for your business, you won’t be assessed unnecessary fees. Ameris Bank offers a wide range of checking accounts available ranging from completely free to completely analyzed. There is even an account specific for law firms, medical offices, and CPA firms. Want to learn more? Contact a banker at your local Ameris Bank location.
Obtain the Funds Needed
Different businesses need different types of funding. Depending on the services your business provides, you may need one of many business loans, a line of credit or both. A line of credit is having access to funds at any time, up to a certain amount. It can be a true asset to your business to help meet short-term capital needs like covering a cash flow shortage or seasonal expenses. Ameris Bank also offers SBA Lending options to qualified businesses through the Small Business Administration. Want to learn more? Contact a banker at your local Ameris Bank location.
Take Advantage of Everyday Tools
There are several banking tools designed to help your business gain more, save more and add convenience to daily operations. Ameris Bank brings the bank to your business with Remote Business Deposit – this service allows you to make deposits from your office, eliminating trips to the bank. Merchant Services give your business the opportunity to offer easy and affordable electronic payment solutions to your customers. Learn how credit cards, fraud protection tools, payment automation services and efficient and easy account access can help your business grow and prosper.
For helpful tips on managing your everyday business finances, visit SBA’s Managing Business Finances and Accounting articles.