SmartBanking Blog

Getting Started Building Your Business

               So, you’ve come up with your business idea and written a business plan. What’s next? If you are just starting the process of opening and financing your business, there are certain things you need to do and others that can make the process much easier.

1. Register your business with the federal government and applicable state agencies. When you register with the federal government, they will issue you an EIN (Employer Identification Number). It serves much of the same purpose as an individual’s Social Security Number. You must have this in order to open a business bank account.

2. Open a business bank account—and yes, it must be a business account. Businesses have many federal and state regulations they must remain in compliance with. Having a business account is one step in maintaining your compliance and signals to the IRS that your business is legitimate.

Check out The Savings Bank’s full array of business accounts here: https://www.thesavingsbankohio.bank/business/business-accounts

3. Once you have a business bank account, you can get to work financing your business’s specific needs. Banks will often offer a wide variety of commercial loans that can help businesses with the costs of operation. These loans include commercial real estate loans, equipment and machinery loans, operating loans, lines of credit, and business term loans. Equipment and machinery loans can be helpful if a business needs expensive machinery, while real estate loans may help a new business acquire space.

Learn more about business loans offered by The Savings Bank here: https://www.thesavingsbankohio.bank/loans/business-loans

4. After all this, you are ready to start thinking about your business’s day-to-day operations. Accepting and making payments is one of the most important things businesses need to be able to do efficiently and accurately. Software that aids with functions like deposits, ACH and wire capabilities, and secure credit card payments are essential.

Learn more about the SmartBusiness Suite offered by The Savings Bank that includes many of these functions here: https://www.thesavingsbankohio.bank/business/smartbusiness-suite

While obviously so much more goes into opening your own business, these are some of the areas that your bank can help you with. Choosing the right bank to work with you on your business venture is pivotal. The right tools and the right people can ensure your business hits the ground running.

At The Savings Bank, we can help you make sure your business is prepared and ready to succeed. If you would like to learn more about what we can offer your small business, contact our Business Relationship Banker Morgan Windsor today! Just call 1-800-582-2265 ext. 6108.

Member FDIC.

Loans subject to credit approval.