Tips on How to Finance Your New Business Venture

There’s a lot to do before that first dollar changes hands: Starting》Get Link《 a business begins long before you fill out an application for business financing—and addressing these issues can help you secure that financing.

You wouldn’t start building a house without a blueprint; you shouldn’t start your company without a business plan
Business plans typically map out the course of the business for 3-5 years, and are reviewed and revised regularly as the business moves forward
There are many books and online resources that can help with writing a formal business plan; the Small Business Administration website layer is a good place to start

Find an accountant who specializes in your type and size of business
Depending on your business, you may also need to engage the services of an attorney
Having the right professionals in place from the start accomplishes 2 major goals: They'll have a complete understanding of your business from day one, and your time will be freed up to run your business

Your business will need an employer identification number (EIN); the IRS website layer can help you with that
You'll need to register your business name, which is typically done at the administrative town or city where you live; your local chamber of commerce can help with specifics
You’ll need to determine the legal structure of your business (sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative); this is where your accountant and lawyer can help

Bank of America doesn't have programs specifically for startups; our business financing requires you to be in business for at least 2 years
Your

business plan is important to your financing: Many financial institutions who provide startup financing will want to see your plan as part of your application
You'll need that EIN for your financing application—and having an accountant and/or attorney alongside you throughout the application process is a smart idea