How Do Small Business Owners Spend Their Time?

Recent surveys give us insight into how small business owners use their time. One thing everyone agrees on? There’s never enough of it.

How Do Small Business Owners Spend Their Time? [INFOGRAPHIC]

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Four Tips Before Starting Your Business According to research from the SBA.gov in a 2020 report of small businesses, North Carolina had a total of 934,604 small businesses. And despite everything the last year threw at us, the number of new businesses in the state continues to grow as many have been tapping into their creativity\, making the leap from side business or unemployment to self-employment. If you’re exploring the idea of starting a business, you should know that in the first two years of a business’ life, an average of 68% survive. Then after five years, 49% of those are in business, and 34% make it to that 10-year mark. The trick to being one of those survivors? Be well prepared with the right financial tools. To help, we collected the following 4 tips to help you start your business off on the right foot. Consider where you want your business to go. Before you start, think about your daily life and understand your market. Why do you want to start your own business? Do you understand your industry or your customer base? What is your daily activity like? Do you have extra income? Think about your long-term goals. What risks are you willing to take? Then, think about your business idea. Do you have a business plan? How will you purchase necessities you will need to start out? Do you have a plan for growth? Answers to these questions will be different for every potential business owner, but making a decision on these topics may lead you to tip number two. 2. Get your finances in order. Start by making a budget for your business. Things to include might be the cost of supplies, equipment, rental fees for your storefront, travel, or anything else that is a requirement for your startup. Next, consider your initial financial goals for your new business. Establishing financial goals (annual, monthly, weekly, and even daily) can keep you on track if you are planning to open or accept customers in the near future. Need help sticking to the plan? Take our financial course on creating a budget, which teaches you strategies and tips to help you stay on track. 3. Consider how you will fund your business. Once you 5 min read

Small Business Startup Loans – South Carolina Building a successful business takes passion, hard work, and dedication, but you shouldn’t have to do it all on your own. With First Bank’s small business startup loans, you can get the funds you need to build and grow a successful business from the ground up. Get a Startup Loan from First Bank Small business startup loans aren’t one-size-fits-all and that’s why your local First Bank offers five business loan options to meet the unique needs of businesses like yours. Each of our credit options provides you with competitive rates and flexible terms, giving you an edge over the competition. We provide our customers with: A business credit card with rewards benefits that offers lower rates and no annual fee.* Lines of credit that give you the ability to access cash quickly and conveniently. Business loans for long-term financing so you can expand your new business easily and quickly. Commercial mortgages that can be customized to meet your individual needs. SBA loans, which are government-sponsored loans provided through First Bank. First Bank Success Story In 1918, Schofield’s Hardware Store in Florence, South Carolina, opened for the first time. Nearly 100 years later, Schofield’s is still providing its loyal Florence customers with a variety of products from clothing to paint. “Whether it’s a traditional business loan, credit line, commercial mortgage, construction loan or business credit card, First Bank can provide the foundation you need to become your own success story.” Our support for small businesses reaches well beyond startup loans. Check out our Financial Education Center to learn more about starting and running your own business, including: Evaluating a location for business potential Tips on marketing and social media strategies Cash management mistakes and how to avoid them Utilizing Google to help new customers find you Ways to grow a loyal customer base Visit First Bank Today Our resources for small business owners don’t end with startup loans. We also offer business checking accounts, savings accounts, treasury services, and more. To learn about our small business startup loans, visit one of First Bank’s South Carolina locations today. *See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. ——— Sources: Money Crashers: http://www.moneycrashers.com/new-home-construction-loan/ 2 min read

How Do Small Business Owners Spend Their Time? [INFOGRAPHIC]

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