Business Owner Advice

[KWorker17]

Hey guys,

Hoping to reach out to some business owners. I'm in the beginning stages of starting my own business. About 90% done with my business plan, just finishing up the details so I can submit it to a bank.

First question is, can anyone recommend a bank to go through for a small loan? I'm trying to stay away from BIG banks like Bank Of America and such. The loan amount I'm looking at is smaller then what they typically deal with and I've been told I'm too small of a fish to show up on their radar.

Business insurance providers? There are so many out there, and so many review sites that I'm not sure which sites to trust. I'm hoping a member here has had a good experience with a provider.

And last but not least, and probably most important, general advice from those who have started their own business? The ups, downs and surprises while doing so. Things to avoid? Things you wish you did first time around?

Thanks!!

Kevin Worker

[55fanatic]

I think I have an insurance guy for you... What area of business will you be going into? Message me on Facebook and I'll forward you to the Agent I know

Hey guys,

Hoping to reach out to some business owners. I'm in the beginning stages of starting my own business. About 90% done with my business plan, just finishing up the details so I can submit it to a bank.

First question is, can anyone recommend a bank to go through for a small loan? I'm trying to stay away from BIG banks like Bank Of America and such. The loan amount I'm looking at is smaller then what they typically deal with and I've been told I'm too small of a fish to show up on their radar.

Business insurance providers? There are so many out there, and so many review sites that I'm not sure which sites to trust. I'm hoping a member here has had a good experience with a provider.

And last but not least, and probably most important, general advice from those who have started their own business? The ups, downs and surprises while doing so. Things to avoid? Things you wish you did first time around?

Thanks!!

Kevin Worker

[KWorker17]

It's going to be in the automotive field. I'd appreciate it but I don't have Facebook.

[mkeefe]

Hey Kevin,

First off, congrats on working to start your own business! While its not all good days, it is by far worth it.

Depending on the amount of loan you're looking to acquire, you may want to look at private backers and/or local Credit Unions. Ideally you'd be able to startup on your own (bootstrap) however some businesses need starting capital. You mentioned its in the automotive industry, so i'm imagining inventory or machinery.

And last but not least, and probably most important, general advice from those who have started their own business? The ups, downs and surprises while doing so. Things to avoid? Things you wish you did first time around?

I could spend 6 hours typing out all the good, bad and surprises of small business ownership. However i'll focus on 4 key points.

1. Every action is a learning experience.
2. Your reputation dictates growth/cashflow/staying alive.
3. Never stop learning/growing.
4. Only commit to what you can do.

Last thing, have cash in reserve (in business and personal) especially when starting out because one month can be a huge win and the next could be a flop. The median is still positive, but its nice to live without the added stress of financial issues.

Bonus last thing, happy to answer any other questions or concerns you have regarding business.

I have been doing this for just over 11 years and was profitable in the first 6 months with year-over-year growth.

Matt

[husky15]

Business insurance- Honestly I would say to go through a broker. Many small business policies are highly specialized, and the companies that write these policies don't do any outbound marketing, they just take on policies sent in by brokers they have relationships with. I used to work at a F1000 specialty insurance underwriting company and that was exactly how they operated, with zero salespeople/marketing. A good broker will know which underwriting/ insurance company will work best for you. Contact the SBA and they should be able to recommend a few (they can also set you up with financing but they're not too helpful with brand new businesses from what I've heard). Also I would recommend to figure out your financing first because usually lenders will have specific coverage requirements.

[KWorker17]

Appreciate the insight guys. I'm going to take this info and run with it. I'm meeting with a company called "Score" which helps with starting a small business. I'm also heading to a local credit union a week from Saturday to talk about loans. Hopefully be up and running by May!

[Itsablurr]

Interested in what your plans are, Kev. Best of luck, my man!

[Justin.b]

Contact your local chamber of commerce. They can help you directly and some of them offer mentor programs where you can meet with someone to help you with your startup questions. It's also good to have some ties to the local business community. Don't get too sucked in to it, though. It can eat as much of your time as you're willing to offer.

-Justin

[Justin.b]

Can someone shoot me the name of their business insurance guy? I need business liability insurance pretty quickly.

Thanks.

-Justin