MSUFCU offers advice to budding entrepreneurs
EAST LANSING, MI (September 23, 2019) — So many times, people have great business ideas and dreams of creating their own businesses but don’t follow through because of the amount of work it takes. While starting your own business is no small feat, there are many resources available for you to use that will help organize your thoughts and help you create a solid plan. Deidre Davis, chief marketing officer for Michigan State University Federal Credit Union, compiled her advice.
Q: I have a great idea; what steps can I take to prepare for starting a business?
A: One of the most important things you can do when starting your own business is to plan ahead. Some ways to start this process and ensure that you are fully prepared are to:
1. Create a business plan
- Include all of the aspects of your business such as location, its purpose and its target market/customer base. Gather data regarding your industry and competition to better understand your market. Be descriptive and include long- and short-term projections on what you expect to happen once you start implementing the business.
2. Consider the finances
- A realistic budget should be included in your business plan and will be crucial to your business’s success.
- Be mindful of startup costs, operational expenses and the cost of employees.
- The more detailed your budget is, the fewer financial surprises you will encounter along the way.
- Working with a financial adviser or a business loan officer is often very useful in determining what products and services your financial institution can offer to help get your business off the ground.
- They will also be helpful in creating a contingency plan in case things do not go as planned.
3. Establish a safety net
- Cut expenses in your personal budget, and create a savings account dedicated to your business.
- Invest the extra funds in a high-yield certificate to ensure that you have money set aside in the event of an emergency.
Q: What are some common pitfalls to avoid when starting a business?
A: We certainly hope these don’t happen, but it’s always best to be prepared for any situation. A few tips are to:
- Choose your business partners wisely
- If you choose a business partner, make sure you choose someone you can trust who has similar goals and work ethic.
- Be flexible
- Rapid change is a necessity, so you must figure out what works for your business and drop the things that don’t.
- Ask for help
- You are starting your own business, which is a remarkable testament to your skills and abilities. But be wary of taking everything on at once. Prioritize what needs to get done and pick the things that you know you can accomplish. For all others, hire someone who can assist you.
About Michigan State University Federal Credit Union (MSUFCU)
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 13 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. The Credit Union operates an award-winning, wholly owned credit union service organization, Reseda Group; along with digital financial platforms AlumniFi and Collegiate; trade name Oakland University Credit Union; and its foundation, the MSUFCU Desk Drawer Foundation. MSUFCU is headquartered in East Lansing, Michigan; and has 24 branches; over 360,000 members; $7.8 billion in assets; and more than 1,200 employees. For more information, visit msufcu.org.
