Making the decision to become an entrepreneur and start your very own small business is an exciting time.  Before beginning your journey there are some financial items to consider in order to set your small business up for success.  Many business owners overestimate the profit and under estimate the expenses.  This is a mistake that can drive many new businesses into the ground.  One rule to follow to set your small business up for success is to double how much everything costs, double how long it will take to set up and halve how much income you think you will make.  This will help you financially prepare to get your business up and running long term.

One of the first steps for many small business owners is to figure out a financial backing for the business.  Many options are available but a small business loan can be beneficial in a variety of ways.  It is important to decide if a business loan is right for you and your business venture.  Small business loans are usually short term and require some type of collateral.  It is important as a startup business to have a solid marketing and business plan when applying for a loan as well as prior experience in the field.  The lender needs to see your confidence and planning for your future profits in order to repay the business loan.

Another important factor to consider when launching your small business is a business checking account.  Perhaps one of the highest points of opening a business checking account is allowing your customers to not only use cash and check but also use credit and debit cards to make purchases.  The more ways a customer can pay the more they are willing to spend.  A business checking account can also help lessen tax headaches and liabilities, give more of your trusted employees signing privileges to lessen personal workload, and help you capitalize on your relationship with your trusted banking service early on.

There are many financial decisions to make when setting your business plan in motion.  Don’t hesitate to contact your local branch  or click here for any questions or for additional help.

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 June 21^st, at the Greenwood-Leflore County Chamber Of Commerce, 402 US Highway 82, Greenwood, 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.