Now open—starting a business successfully

Starting a business is an exciting milestone. As the owner, every decision you make will ultimately determine how your vision is realized.

Assistance for new business owners from Webster Bank

Where do you start when starting a business?

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Your expertise may not entirely overlap with the intricacies of bringing your business to market. Here are some things to consider as you're starting a company:

  • Types of corporations. There are four main types of corporations: C Corp., S Corp., LLC, and Nonprofit. It's important to understand the difference between them, as each has its own corporate structure, tax obligations, etc.
  • Partnerships. Think about whether this venture would benefit from partnering with other individuals who might be able to lighten the workload and/or provide valuable experience.
  • Personal commitments. Starting a business takes a lot of time and energy. Set realistic expectations regarding how this might affect the personal relationships for you and your staff.
  • Financing options. Determine how much money you'll need to borrow (if any) and the best option for your business.
  • Trusted professionals. Will you need attorneys, CPAs, insurance agents, etc.? Consider engaging a mentor and/or professional associations (e.g., Chamber of Commerce or SCORE) as well.

Insights into starting a business

Blog

Great reasons to join your local Chamber of Commerce

Business owners are always looking for new opportunities to network and meet other small business owners and expand their business network.
Business Banking Insights

Thoughtful planning goes a long way for your business

A business plan is an essential road map for success. It documents the route that your company intends to take in order to reach, maintain and grow revenues. There are many resources available to assist companies with building a business plan to achieve success, and the SBA is a great place to start!
Business Banking Insights

To franchise or not to franchise?

If you’ve ever dreamed of being your own boss, owning a franchise can be an effective way to start to a business. From fast food restaurants to fitness and spa centers, there are more than 700,000 franchises in the U.S. alone.

Succeeding as a start-up busines

Move your business forward with confidence knowing you have the support and guidance of the #1 SBA Lender in New England¹.

Contact a business banker
Succeeding as a start-up business

Put your company on the right path

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If you're feeling a little lost in terms of first steps, consider the following to-do list:

  • Get a reality check. Take the time to understand your strengths and weaknesses, the marketplace, your customers and—all things considered—the likelihood of success.
  • Gather financial statements. Assemble the past three years of your finances, including bank statements and tax returns. 
  • Estimate revenue. Analyze similar businesses to gain a sense of approximate future revenue. This will help inform your business plan, priorities, etc.
  • Create a business plan. This should include clearly defined goals, markets, missions, and financial forecasts. Summarize this information in an elevator pitch.  
  • Prepare for loan applications. If you're applying for an SBA loan2, gather your cash flow projections, profit-and-loss statements and balance sheets.

Insights into running a business

Funding and growth

Properly utilized, capital is the fuel that can propel your company. Learn how to turn your vision into growth with strategic financing.

Efficiency and best practices

Improve your business growth and profit margins by increasing efficiency and protecting against fraud.

Managing cash flow

Learn how to balance incoming and outgoing payments with the demands of your business needs by using smart tactics to improve cash flow.

Disclosures

¹Based on total 7(a) dollar volume.

2All credit products, pricing and overdraft protection are subject to the normal credit approval process. Some applications may require further consideration and/or supplemental information. Certain terms and conditions may apply. SBA guaranteed products may also be subject to additional terms, conditions and fees. Requires a Webster business checking account which must be opened prior to loan closing and which must be used for auto-deduct of payment.