Get the proper tools, resources and support system to help you succeed:
Starting your own business can be invigorating, empowering and downright frightening at times. Coastal Credit Union provides the solutions you need as a small-business owner and works with you to help your business get off the ground and thrive.
Starting a Business
You've determined that entrepreneurship is for you and you're ready to take the next critical steps for your business. Before you go much further, it's important to create a reliable support system of mentors who will guide you through the many difficult decisions you will need to make, especially in these early stages of your business. Your mentors should be experienced, successful and willing to share advice and guidance to help your business succeed.
Creating Your Business Plan
Your business plan is a document that's vital to your growth and will be key to securing any necessary loans. Specifically, the executive summary of your business plan is considered the most important. This is where you describe your company's mission and provide specific information about its history, employees and location. Additionally, you'll want to include explanations about the products and services you offer while outlining any relevant financial information along with a summary of your future plans. All of this information should be condensed into a single page that is easy to review.
Financing Your Small Business
If your small business needs a financing plan, you can turn to Coastal, a Small Business Administration Approved Lender. When asking for a business loan of any kind, it's important to outline your current funding requirements and your funding requirements for the next five years. Then outline specifically how you will be using the funds, whether for working capital, debt payments, acquisitions or anything else. Specific plans for the future, such as a buyout, acquisition or the like, should be outlined because they are highly important to a lender that is gauging your ability to repay your loans.
These are just a few of many considerations to make when starting your own business. Coastal is ready to help you succeed and can offer you guidance when you need it. Contact us today to discuss the possibilities.