Fuel your passion: Tips for starting your small business

Starting your own small business can be challenging, but with the right mix commitment, planning, research and support, anyone can become a successful entrepreneur. In our highly military-connected community, entrepreneurship is a powerful way for Veterans transitioning to civilian life to build a new career. Successful businesses create more jobs and benefit the entire community.

At Abound, we believe in supporting our communtiy, which is why we've put together these tips to help you bring your small business vision to life:

1. Leverage free resources - Take advantage of the many free resources available to aspiring entrepreneurs. The Kentucky Small Business Development Center (KYSBDC) offers valuable support for market research, business plans, and securing funding. The KYSBDC and Abound also offer an annual Veterans 2 Entrepreneurs workshop each November. This cost-free event is designed to help Veterans cultivate entrepreneurial skills as they transition to small business ownership.
2. Define your "why" - It's important to define the purpose of your business. This will help you clearly explain your business idea in a way that resonates with your audience. Practicing your pitch with friends and family will help you confidently explain your vision and mission. 
3. Understand your audience - Knowing your target market is crucial for connecting with customers effectively. Market research can help you better understand and pinpoint your target audience.
4. Plan your business - Once you've defined your purpose and market, it's time to build a solid business plan. This should outline the details of your product or service, including cost and pricing. This should also include a market plan to reach your audience, an operational plan and financial projections. 
5. Secure affordable financing - Most financial institutions provide business services and offer Commercial Real Estate Loans, but rates and fees can vary widely. It's smart to explore your options by talking to local lenders. As you browse, ask questions to ensure you fully understand the terms of any loan. For example, check if there are prepayment penalties and if interest rates are variable or fixed, as these factors could affect your monthly payment. At Abound, we offer a variety of business services, including Merchant Services, Business Checking Accounts, Business Savings Accounts, and Business Certificate Accounts. We also offer Commercial Real Estate Loans with flexible repayment terms, afforable rates and no repayment penalties. 

With the right resources and planning, your small business dreams can become a big success. 

Interested in a Commercial Real Estate Loan? Connect with us here, and our experienced lending team will help you find the lending package that meets your goals and fits your budget. 

 

*All loans subject to approval.