Search the site...

SOL DE MEDIANOCHE
  • MARCH 2023
  • FEBRUARY 2023
  • JANUARY 2023
  • DECEMBER 2022
  • NOVEMBER 2022
  • OCTOBER 2022
  • SEPTEMBER 2022
  • AUGUST 2022
  • JULY 2022
  • JUNE 2022
  • MAY 2022
  • APRIL 2022
  • MARCH 2022
  • FEBRUARY 2022
  • JANUARY 2022
  • DECEMBER 2021
  • NOVEMBER 2021
  • OCTOBER 2021
  • SEPTEMBER 2021
  • AUGUST 2021
  • JULY 2021
  • JUNE 2021
  • MAY 2021
  • APRIL 2021
  • MARCH 2021
  • FEBRUARY 2021
  • JANUARY 2021
  • DECEMBER 2020
  • NOVEMBER 2020
  • Advertise with us!
  • OCTOBER 2020
  • SEPTEMBER 2020
  • AUGUST 2020
  • JULY 2020
  • JUNE 2020
  • MAY 2020
  • MAR - APR 2020
  • JAN - FEB 2020
  • NOVEMBER 2019
  • SEPTEMBER 2019
  • JULY 2019
  • MAY 2019
  • MARCH 2019
  • FEBRUARY 2019
  • NOVEMBER 2018
  • SEPTEMBER 2018
    • Yes on Salmon
    • Become a citizen
  • JUNE 2018
  • APRIL 2018
  • FEBRUARY 2018
  • DECEMBER 2017
  • SEPTEMBER 2017
  • JULY 2017
  • MAY 2017
  • Spring 2017 - No. 5
  • Winter 2016 - No. 4
  • Fall 2016 - No. 3
  • Summer 2016 - No. 2
  • Spring 2016 - No. 1
  • Contact
  • MARCH 2023
  • FEBRUARY 2023
  • JANUARY 2023
  • DECEMBER 2022
  • NOVEMBER 2022
  • OCTOBER 2022
  • SEPTEMBER 2022
  • AUGUST 2022
  • JULY 2022
  • JUNE 2022
  • MAY 2022
  • APRIL 2022
  • MARCH 2022
  • FEBRUARY 2022
  • JANUARY 2022
  • DECEMBER 2021
  • NOVEMBER 2021
  • OCTOBER 2021
  • SEPTEMBER 2021
  • AUGUST 2021
  • JULY 2021
  • JUNE 2021
  • MAY 2021
  • APRIL 2021
  • MARCH 2021
  • FEBRUARY 2021
  • JANUARY 2021
  • DECEMBER 2020
  • NOVEMBER 2020
  • Advertise with us!
  • OCTOBER 2020
  • SEPTEMBER 2020
  • AUGUST 2020
  • JULY 2020
  • JUNE 2020
  • MAY 2020
  • MAR - APR 2020
  • JAN - FEB 2020
  • NOVEMBER 2019
  • SEPTEMBER 2019
  • JULY 2019
  • MAY 2019
  • MARCH 2019
  • FEBRUARY 2019
  • NOVEMBER 2018
  • SEPTEMBER 2018
    • Yes on Salmon
    • Become a citizen
  • JUNE 2018
  • APRIL 2018
  • FEBRUARY 2018
  • DECEMBER 2017
  • SEPTEMBER 2017
  • JULY 2017
  • MAY 2017
  • Spring 2017 - No. 5
  • Winter 2016 - No. 4
  • Fall 2016 - No. 3
  • Summer 2016 - No. 2
  • Spring 2016 - No. 1
  • Contact
Picture
Foto / Photo: Archive.

Sponsored content
FIVE TIPS TO START A BUSINESS
Financial tools that may help
​

By BRUNO CHAJÓN: Business banking specialist, Wells Fargo Anchorage

The contributions of Hispanic small business owners to the economy of the United States are significant. According to the US Census Bureau, there are 3.3 million Hispanic-owned businesses in the country. Many of them are relatively new. In a Wells Fargo/ Gallup national study, Hispanic-owned businesses were more likely than their counterparts in the general population to be in the start-up phase (18 percent compared to 10 percent). 

The statistics surrounding start-up success are sobering: only half of all the new businesses survive five years. Starting a business is no easy feat. It involves careful planning, making key financial decisions and above all, strong commitment. 
From our experience working with successful Hispanic business owners, here are five tips to start a business: 

1. Develop a business plan 
Developing a business plan is a key step for success. An effective plan can help prioritize how to spend time and money, and set measurable goals. It also can help identify current or future obstacles to better anticipate and avoid potential risks. A business plan also may help obtain business financing. For example, for an SBA loan and some larger business loans and lines of credit, lenders may require a formal written business plan before extending credit. 

2. Set up the business finances 
Financing is the fuel that can help a business run. That’s why it is good for businesses to start building a strong credit history, which is essential for future borrowing. To begin, a business owner should establish dedicated business accounts separate from personal accounts. Some other financial tools new businesses should consider include: 
  • Checking account. A dedicated business checking account is the foundation of any business finances and makes it easier to monitor cash flow. 
  • Savings account. Do not overlook a business savings account, which can be used for ongoing, recurring and future expenses. 
  • Business credit card. A designated business credit card for everyday expenses might be helpful to separate business and personal expenses easily at tax time. 
  • Payment processing. Offering customers convenient payment options with a merchant services account can help bring in more revenue and improve cash ow. 
  • Online banking. Take full advantage of online tools offered by your financial institution for managing cash and tracking spending. 

3. Get credit-ready 
One of the most important things a business owner can do before pursuing financing for his business is to get credit ready. It is important to work with a bank that offers tools and resources that make financing easier to understand, and a banker who shows him what his business needs to get approved for a loan. Before applying for a small business loan or line of credit, the bank will want to see that the business generates steady cash flow, has low levels of debt, and is in a strong financial position in order to manage debt payments. The more the business owner knows about what bankers want to see in a credit application, the more prepared he will be to pursue credit for his business. 

4. Seek support from experts 
When starting a business, it is important to seek guidance from experienced peers and professionals, such as a certified public accountant, an attorney, and a marketing expert. An accountant can advise about tax requirements or exemptions that the business could qualify for, as well as how to keep detailed financial records that can help streamline the bookkeeping process. An attorney can help determine the legal protections the company may need, and help the business owner decide what legal entity is best for his business. A marketing expert can provide support on how to create a tailored marketing plan that fits the business goals, as well as help build a brand online with social media presence. A business owner may also consider working with a business banker for support in getting his company up and running. 

5. Take advantage of networking and free resources
There are numerous free resources available that can offer advice, training and assistance. The SBA.gov website is a great place to start. 
PROUDLY POWERED BY SOL DE MEDIANOCHE NEWS, LLC.
Sol de Medianoche is a monthly publication of the Latino community in Anchorage, Alaska