A small business start up can be an exciting endeavor that allows you to use your skills and abilities in a unique way. If you’re thinking of starting a business, there are several things you’ll need to think through before launching.

Conduct market research

Whether you’ll be selling a product or offering a service, it’s important to get a sense of who you’ll be competing with in your area. Learning more about the needs of your area along with the competition may give you valuable information about positioning your product or service for success.

Write a business plan

At the root of every business is a business plan. Writing a business plan allows you to create a strategy for how to run and grow your business. It also provides a way to outline your goals so you can measure success down the line.

Select your location

If you are opening a brick-and-mortar business, finding the right location will be a very important piece of the puzzle. For example, if your business is a shop that requires a lot of foot traffic to draw in new customers, you may want to look for a space in a bustling city where lots of people will walk by regularly.

Find funding

Businesses need cash to get started. Having your business plan in order can help you raise or borrow capital by getting others on board with investing in or supporting your endeavor.

Choose a business structure

Some common types of business structures include sole proprietorship, partnership, limited liability company (LLC), corporation (C Corp, S Corp, or B Corp), or Nonprofit just to name a few. Each type of business structure offers various benefits and legal protections. The taxes you are required to pay may vary too, so it may be helpful to speak with a business counselor, attorney and accountant to weigh the pros and cons of each option.

Select your businesses name

This step is easier said than done. Whether you already have a name in mind, or you have no idea what you want to pick, it’s important to be thoughtful about it because changing the name down the line may be a hassle. Consider your future company’s brand and what type of culture and vibe you want to give off. Maybe your brand is going to be fun and whimsical. Maybe it will take a serious, professional tone. It’s important to consider this when picking the name. Next, make sure to google the potential name, and check for it on social media. If it is already being used, or if it has a negative connotation for any reason, you may want to go back to the drawing board.

Register your business name

Once you have picked a name, it’s time to set it in stone by making it legal. Make sure to register the name to protect it. There are several ways to protect your name. Entity name protects you at state level. Trademark protects you at a federal level. Then, secure the domain name for your business website address and secure the social media handles for any social media platforms that may be relevant like Facebook, Twitter, Instagram or LinkedIn.

Get federal and state tax IDs

Your employer identification number (EIN) will help you in the process of growing your business because you’ll need it to open a bank account or to pay taxes. It’s similar to a social security number for your business.

Apply for licenses and permits

Depending on the industry you are operating in and the product or service you’re offering, you may need to apply for licenses and permits to operate legally. Be sure to check your specific state’s requirements for your specific product or service.

Open a business bank account

No matter what type of business you are operating, you will need a way to manage your money. At Guaranty Bank, we have several different types of business accounts that could work for you depending on your business’ specific needs.

Our checking accounts include Guaranty Edge Checking, Business Analysis Checking, Civic Checking and Business Checking with Interest. All of our accounts offer free Online Banking and Bill Pay, free Online Statements with Images, and Cash Management services.

We also offer business savings accounts including a Guaranty Prime Investment Account and Commercial Money Market account.

Plus, we offer business loans and lines of credit to help with day-to-day costs, inventory, equipment, real estate and development.

Contact a member of our team to learn more about which of our accounts suit your business and your goals the best.

Heat up your savings this summer with some strategies that will give you a sunny feeling. Summer is usually a time when people spend more. The weather is warm, there’s more to do, people typically pack up for a vacation and have a more carefree approach to spending.

Create a summer fun budget

In addition to your standard monthly budget that covers standard items like bills, groceries, mortgage payments, etc, make sure you set aside some money to have fun over the summer. If the summer is a time where you like to spend more time outside, or go on adventures with loved ones, make sure you plan head and set aside money for fun. By planning and budgeting for fun, you are less likely to feel deprived and then overcompensate by overspending down the line. Plus, it will help you prioritize the things you really want to do, compared to the things you only kind of want to do.

 Save money on summer fun

Once you establish your summer budgets, take a look at the areas where you can save money. Below are some areas you can start

Take a staycation

Swap out a weekend away for a thoughtful staycation and be a tourist in your own area. Check out local spots you don’t usually have time to discover.

Get the season pass

Depending on how often you go to the beach, the theme park or the museum, you may save money by buying the season pass up front.

Visit your local library (or check their website)

In addition to offering free books, movies and other entertainment, they also typically have free museum passes to local museums or aquariums.

Seek out free events

Many towns have free events like concerts in the park, outdoor movies or festivals. Visit your town’s website for local details.

Wash your own car

Everyone likes having a clean car, but the cost of bringing it in for a proper detail and car wash can add up fast. Grab a hose and some sponges and wash your car at home on a hot day.

Have a garage sale

Summer is a great time to clear out old items that you don’t want any more. Host a garage sale and you may be able to get some cash in return for your items!

Shop on tax free weekend

Some states host a tax-free weekend where you can save a lot of money on major purchases. If you were already planning to buy a big-ticket item like a couch or tv, tax free weekend might be a good time to spend the money.

Buy cheaper snacks ahead of time

Before you head out on a road trip or to an outdoor movie, plan ahead and grab some snacks at the grocery store. You’ll likely save a lot of money, and you’ll be sure to have the snacks you want.

Conserve energy

Close your blinds and curtains during the day to keep your home cooler. Consider taking on some home improvement projects that will make your home more energy efficient, like caulking your windows and doors.

Dry your laundry outside

Avoid using your dryer by hanging your clothes on a line outside to dry. They will dry naturally and have a fresh outdoor scent, and you will save money on your electric bill.

Pause your gym membership

With the warm weather, many people prefer to exercise outside. If you aren’t going to the gym anyways, it might be a good time to pause your membership in order to save money. Many gyms allow you to do so.

Make saving a priority

Once you have your fun planned, and have found additional ways to save money, it’s time to get serious about saving. Decide how much you want to save from each paycheck. If you’re doing a summer savings challenge, consider saving more than you usually do, like 20-30% or more of your paycheck. Set up automatic deposits so your money goes into your savings account before you ever have a chance to spend it.

At Guaranty Bank, we offer several different types of savings accounts to help you meet your goals. We offer money market accounts, savings accounts and certificates of deposit (CDs). If you’re aiming your savings efforts toward your retirement accounts, we also offer Individual Retirement Accounts (IRAs). Contact a member of our team today and we can help you determine which account works best for your goals.

If you’re in business, you’ve got options. Which is best for you and your business?

First, let’s break down what a business line of credit is.

In some ways, a business line of credit is a lot like a personal credit card (more on that in a bit). You, the business owner, applies for the line of credit and are granted a credit limit. You can borrow any amount up to that limit. You’re charged interest only on what you actually borrow or based on the terms and conditions of your line of credit agreement. You pay back the money in monthly payments.

A business line of credit is different from a personal credit card because the terms – the interest rate and credit limit – are typically better. The terms are better because a business line of credit is a secured loan, meaning the owner puts up collateral. A credit card, even a business credit card, is usually an unsecured loan with no collateral and a higher interest rate and lower credit limit.

When is a business line of credit right for my business?

Say your business is taking off and you need access to money right away to support your business’s growth, but you don’t want to take out a loan for the full amount. A business line of credit can be ideal in this situation: you secure a business line of credit and use the cash for new equipment or supplies.

It’s a great option for unexpected expenses because you have access to it again and again, only paying interest on the amount borrowed. You can pay it down and borrow again when you need to.

Another benefit of a business line of credit is that it can improve your business’s credit score. Your business has a credit score, just like an individual person does. An excellent credit score can help your business grow and prosper going forward.

When is a business credit card the right call for my business?

If you’re just starting out with your new business (congratulations, by the way) you may not yet have a proven financial history or inventory and account receivables to borrow against. In that case, a credit card can be good for office supplies and office equipment. Credit cards are a great way to build up excellent business credit. They’re just not as flexible as a line of credit.

If you have any questions about what a business line of credit could do for you, or what the rates are here at Guaranty Bank, reach out to us by calling one of our loan experts today!

When you’re starting a new business, there are so many exciting decisions to make: company name, new logo, and new social media accounts! While you’re taking care of these decisions, go ahead and get that new business checking account.

Whether you’re an online digital business or a brick and mortar shop on main street, a separate checking account is hugely beneficial. Having a dedicated account for your business makes you feel more boss, for one thing. Another more concrete benefit is all the time it frees up; you’re not having to spend time and energy untangling business transactions from your personal bank account. Instead, you can feel good about your decision as a business owner to neatly and efficiently keep business transactions separate.

Specifically, a business checking account helps you with:

Cash Management

Simply having a business checking account opens up a wealth of financial services. You can process credit card payments at competitive rates, make deposits electronically rather than driving to the bank every day, use your business debit card to efficiently make purchases, and with a business account, your bank can help automate and streamline your payroll process.

Taxes

With a business bank account, you can easily integrate popular accounting software such as Quicken and Quickbooks so that when tax time comes, tax prep is much easier. You’ll feel secure that every penny is accounted for and you can focus on delivering great products and services for your customers.

Showing Up as a Professional

When your clients and customers make their payments to a business bank account rather than a personal checking account, they notice. It is one of those subtle yet important touches that lets your customers know you are legit. It makes you seem professional to the IRS, too.

Online Banking

In an instant, you know exactly where your business is financially. Using your bank’s web site or app, you have immediate access to so much information about your business. You know when invoices have been paid and when payments have been made. In addition, if you want to delegate management of parts of your business as it pertains to money to other staff, you can designate multiple users and manage what they see within your account.

Legality

Keeping your business money in its own account is smart business. When you have an established business and can show that the money coming in is separate from your personal money, that can help protect you personally from legal liability.

Ready to get started with your business checking account? You’ll need a few things:

• ID, such as driver’s license, passport, or other form of photo identification
• Business license
• Tax ID number
• Business name registration
• Legal documents pertaining to your business, such as Articles of Incorporation.

Stop by your local Guaranty Bank branch and we’ll be happy to help you get your business bank account set up.

If you are like most in the world, you found yourself graduating from high school or college without the faintest idea of what you wanted to do for a career.  At the time, you found work that was available and perhaps settled into that particular job or industry as life began to happen.  As the years went by, you developed new passions and found inspiration in places that a younger version of you did not know existed.  Now, you are versed in the ways of the world and the passion for your hobby has become so powerful that thoughts of tuning it into a full-time job creep into your mind.  Here are a few examples of hobbies that make great businesses:

Health and Beauty

The health and beauty sector is booming.  In 2017, the industry reached over $17 Billion in sales, which was a 6% increase over 2016.  Additionally, over 82% of women surveyed believe that social media is the primary influencer of health and beauty trends.  Due to these statistics, there has been a rapidly increasing number of private distributors that have emerged to sell your favorite product direct from the manufacturer.  The days of the Avon Lady are back!  The keys to success as an entrepreneur in this space are to be passionate about the product and make it your full-time commitment.  In this industry, if you give a 10% effort, you will get a 10% result.

Fitness/Wellness

Fitness and wellness continue to be a rapidly growing market.  Whether it is a large-scale gym or small scale personal training center, new businesses are born every week.  Many people who get into these businesses do it in steps.  Perhaps, you go to a spin class on a daily basis and then after a year, the instructor asks if you would be interested in leading the class.  Since spin has become your passion, you oblige and collect a small fee or discount for the service you provide.  You then see there is an opportunity to take your passion to the next level and decide to invest in your own studio.  The key to success in this industry is that you must be hands on and ready to do the work to make the business thrive.

Design

The rise of Pinterest has given birth to a whole new segment of DIY designers.  Perhaps you have taken your creative passion to the internet and have received requests for more of your creations.  Whether your passion is creative design or tangible design, businesses are calling for freelance designers on a daily basis.  Sites like elance, sortfolio, upwork and freelancer are excellent places to display your work and find contract work.  Based on your availability, this can become a full -time job without the constraints of an office setting.

Childcare/Education

Statistics say that there is a major shortage of child care professionals in the workforce today.  If you have created a passion around early child development, there are many ways to turn this passion into a business.  Whether you decide to get into daycare, tutoring, mentoring, para-education or teaching, you have the ability to start a business in this segment.  The key to success in this segment is to ensure that you have all of the necessary legal and paperwork complete prior to starting your endeavor.  Once these are complete, find the segment that is of interest to you and start to learn the ropes with an established business or mentor.

Women in Business series authored By Diedre Barret – Senior Vice President of Sales and Marketing for Guaranty Bank.

Wire fraud grew almost 400% in 2016, according to FBI statistics.  An increase in digital payments and wire transfers have given fraudsters new ways to compromise your accounts.  When you or your business are conducting wire transfers, consider the following topics to avoid becoming a victim of wire fraud:

How Did You Receive Payment Instructions?  For typical transactions, payment instructions will be specific.  For instance, the receiving party will provide all of the required information on an official form or document.  Phone numbers, e-mail addresses and websites can be reproduced by fraudsters, but public search can be used to verify. Here are a few signs to look for when receiving payment instructions:

• Does the company have a website?
• Does their digital presence seem to match what they sell?
• When the company is “Googled” do they show as a scam?
• Can you call a publicly available number to confirm, such as the bank customer line?

Do You Know The Recipient Of The Payment?  Many fraudulent transactions are executed by a person or small group of people who try to gain access to your information by posing as a potential customer.  Even if they are known to you, call and confirm the name and email address of the person on the other end.  If they are unknown to you, look for these common themes used by fraudsters:

• They are from a foreign country or out of your typical market.
• They are representing either the United States Government or a foreign government.
• They will not meet with you in person.
• All of your interaction has been over e-mail.

Does The Transaction Seem Normal?  You have executed thousands of legitimate transactions over the course of your professional career.  It is a rare occasion where one of those transactions is done differently than all of the others.   Here are a few transaction types that might raise a red flag:

• You have won something for which you did not register.
• You are asked to send money as part of a job application.
• You are asked to pay for a good or service by paying a third unrelated party.
• You are asked to receive payment (in the case of selling a car) via a P2P site.
• You are asked to provide information for a “refund.”
• The offer seems “too good to be true.”

Execute Best Practices For IT Security – The first line of defense against fraud for any business is to execute best practices when it comes to IT security.  Adhering to simple rules can drastically reduce your risk of fraud.  Here are a few best practices that you should consider:

• Change passwords every 60 days.
• Use complex passwords, include letters, numbers and symbols with no meaning.
• Check credit card statements monthly.
• Keep card information secure.
• Keep firewalls and malware defense up to date.

If you have any questions about wire fraud, please call your 662-247-1454 or click here for more information.

As a small business owner, there are many issues that hit your radar screen on a daily basis.  Some of these issues can be easily solved with systems or technology that is at your fingertips.  Every day there are opportunities for your business to become more efficient or perhaps give you more insight into your business.  Here are a few services that could be available from your business bank and how they could help your business.

Remote deposit capture – a system that allows a business to scan checks from your place of business and transmit them to the bank via an encrypted and secure channel.

Account alerts – The ability for a business owner or bookkeeper to set up automatic notifications within the account.  An example would be an alert when the balance gets below a certain point.

Payroll services – A system that allows a business owner to set up direct deposit and payroll directly out of their business account.  This process saves time and money versus issuing paper checks.

View check images and deposit slips – The ability for someone at the business to view any check or deposit that has come to the bank through that account.  This can be beneficial for businesses that have a high transaction volume and make any deposits.

Multiple user platform – A system setting that allows a business owner to set different permissions for different users.  An example is a setting that allows someone to view certain financials but cannot transact.  Another setting could allow a certain user to pay bills electronically with certain limits.

Credit card processing – A system that will process credit card transactions for your business.

Account integration to accounting software – Many small businesses use software products such as Quicken or Quickbooks to assist with accounting.  Integration systems allow a business owner to link the information from their business bank account directly into their accounting software.  This cuts down on human error from typos and omissions.

Local decision making – The ability for your business banker to make decisions around your account.  For instance, if you are looking to purchase a new piece of land that would require a loan, the bank would have to decide on that loan.  Local decision making would mean that your banker could gain answers from people within the local market.

If you would like more information on business banking from Guaranty Bank call your local branch or click here for more information.

Your business started with an idea.  Perhaps you were sitting at your desk thinking of a more efficient way to work or you were on a long drive planning out your dream.  Once the idea is put to paper, a plan is born and from that plan you are starting to get closer to the day when your idea becomes a business.  As the business starts to take shape, there are many questions that will arise that were not thought about on the idea or planning phase.  A common question that will arise, regardless of the size of your business, is where will you find a banking partner.  Here are a few things to consider when choosing a bank for your business relationship.

Know your needs – As you are looking at the business plan, look for opportunities to make it work more efficiently with banking products.  For instance, do you need real-time account information, direct deposit for payroll, integrating your accounting software, wire transfers, or remote deposit.  As the business starts to get rolling, your time becomes precious and working with a banking partner that can offer services to automate processes are vital.

Can your banker make a decision?  At some point in every entrepreneur’s career you will have a need that a bank will help you solve.  Perhaps you need a loan for a piece of equipment or to expand the business.  When these needs arise, it is important to work with a partner that is able to make a decision.  In many cases, it is important that your banker be local, understand your market and your business.  Something that may not make immediate sense on paper can perhaps make sense with local knowledge of a market.  Not only is it important that your banker know and understand your business and your market, but that they have the ability to make a decision.  In most cases, it is important that your banker have a relationship with their manager, or perhaps the President or owner of the bank so that they can discuss needs you may have.  If the CEO of the bank is willing to get to know you and your business through your local banker that is even better!

Think now and later – In most cases an entrepreneur does not take the leap to start their own business to keep it as a hobby.  Most are looking to grow their businesses to provide for their families and perhaps generations to come.  It is important to find a bank that will be able to grow with you.  When you start to search for your banking partner, it’s important that they can meet your immediate needs, but also can support you into the future.  Can they handle things such as payroll or are they able to collect your deposits on site or can they help to finance your new office building?  When you sit down to discuss your business and needs with your banker talk about what the first year may look like, but also what your new business could look like in three years.

If you would like more information on business banking from Guaranty Bank, call your local branch or click here for more information.

Guaranty Bank & Trust Company is pleased to announce Year 2 of its Small Business Development Program.  GB&T SEED (Simply Effective Entrepreneur Development) Loan program is designed for new or start-up businesses, including those that have been in operations for less than one year.

We will begin by conducting a business development class starting Thursday, September 22, at the North Delta Planning and Development District, 220 Power Dr., Batesville MS.  Registration will begin at 5:30 and will also be available during the second week of classes.  During our first year, 95% of the participants completed the six week course.  This year the Mississippi Development Authority will take an active role in the class development and course work.

The classes will run for six weeks, one night per week, for approximately 2.5 hours.  Topics taught will include:

• Business Description
• Marketing Plan
• Product/Operations Plan
• Management Plan
• Financial Plan

The class is open to any startup business that have been officially open for less than one year, and unlicensed businesses with no limitation on the time in business.  We also encourage those with a desire to start a small business or those that may benefit from a small business development class to enroll.

For more information on the SEED Loan Program or the Guaranty Bank & Trust Small Business development program contact Clifton Williams 662-247-5238 or Clifton.williams@gbtonline.com.  There is also information at your local Guaranty Bank branch.  Please click here to find the branch near you.

You can also click here to download an application.

If you love what you do you will never work a day in your life.  Most of us have heard of this popular saying but very few actually chose a career based off of interests and likes.  The idea of turning your hobby into a business can allow you to do something you love while making an income running your own small business.  If you think you may have a hobby that can turn into something more it is important to weigh your options before jumping in with both feet.

Many people are interested in a particular hobby because they simply enjoy doing it but it is important to ask yourself if you would still enjoy it if it came with schedules, financial goals, and meeting the expectations of others.  If the joy of the hobby could be taken away by one of these pressures then it is best to keep your hobby as something fun rather than turning it into a business.  However, if there is a market for your product/hobby and you have a passion and commitment for what you do, it may be time to develop a business plan and execute your new venture.

Turning your hobby into an income requires you to treat it like a business.  This means creating a separate business bank account, credit card, and potentially formalizing your business into an LLC (limited liability company).  By formalizing your organization, it allows you personal protection liability, tax deductions, and a more trusted consumer base.  Formalizing your business also helps present your organization as more permanent than just an individual.  This provides more credibility to a lender when you are ready to consider a small business loan.  A small business loan might be beneficial to expand on your hobby and create a more serious business venture by taking your business to the next level of success.

Whatever your goals are with your hobby, if you see a potential to create income by doing something you love you should consider doing so.  If you have questions, please contact your local Guaranty Bank Branch.