Tips to help your business bloom during Small Business Month
May 1 marked the beginning of Small Business Month, a time dedicated to honoring small businesses for their hard work, dedication and community efforts. Small businesses offer personalized services, provide employment opportunities to local workers and help boost the local economy.
At Abound, we understand how important it is to feel supported, and we believe in supporting the community—these are our hometowns too! That’s why we’ve put together a few tips to help your small business thrive.
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Construct a business plan – Having a strong plan is essential for growing your business. A clearly defined plan helps build credibility and trust with business partners and potential investors. Your plan should outline the details of your product or service, including cost and pricing. It should also include a marketing plan to reach your audience, an operational plan and financial projections.
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Market research – Market research takes the guesswork out of planning your business. Research and data help you better understand your customers’ needs and enable you to make informed decisions about where to place your business and how to reach your audience.
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Utilize free resources – There are many free resources available for entrepreneurs looking to build their business. For example, The Kentucky Small Business Development Center (KYSBDC) offers valuable support for market research, business plans and securing funding. The KYSBDC and Abound also offer an annual Veterans 2 Entrepreneurs workshop each November. This cost-free event is designed to help Veterans cultivate entrepreneurial skills as they transition to small business ownership.
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Affordable financing – When browsing local lenders, it’s important to compare rates and asks questions so you can stay within your budget and fully understand any loan terms. For example, check if there are prepayment penalties and if interest rates are variable or fixed, as these factors could affect your monthly payment. At Abound, we offer a variety of business services, including Merchant Services, Business Checking Accounts, Business Savings Accounts and Business Certificate Accounts. We also offer Commercial Real Estate Loans with flexible repayment terms, affordable rates and no prepayment penalties.
When it comes to supporting Kentucky business owners, we’re committed every day. We'll provide the solutions and services you need to help your business succeed while delivering the exceptional Member service you expect. We appreciate the work you do for our communities and look forward to seeing your small business thrive this month and for years to come.
Interested in our business services? Visit your local branch or call us at 800.285.5669.
