THE E NTR EPRENEUR’S WORKBOOK
ENTREPRENEURS OWN IT
A guide to starting and growing a small business.
MEMBER FDIC
NBTC.com
Starting and running a small business is no small task. In this workbook, you’ll find insightful tips, ideas, checklists and inspiration from other entrepreneurs to help guide you on your way to becoming a small business owner and growing your business.
START
ENHANCE
EXPAND
Get up
Streamline
Grow quickly
and running.
daily operations.
and efficiently.
INSPIRATION “Running a business is making a difference in people’s lives.” Richard Branson | Founder, The Virgin Group
START
Do you have what it takes to be an entrepreneur? Below is a list of the top 10 qualities of successful entrepreneurs. How many of these qualities do you possess? What other qualities could you add to the list that describe the entrepreneurs that you know?
1
Passionate
2
Determined
3
Self-confident
4
Visionary
5
Adaptable
6
Risk Taker
7
Tenacious
8
Decisive
9
Creative
10
Disciplined
INSPIRATION “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” Steve Jobs | Co-Founder, Apple Inc.
NEW BUSINESS LAUNCH CHECKLIST Here are the 10 key steps to starting your own business:
Write a business plan.
Get advice from a trusted mentor.
Refine your idea.
04
03
02
01
07
08
09
10
Promote your product or service.
Embrace technology and social media.
Never stop learning.
Choose a business name.
Get your finances in order.
Research your market and competitors.
05 06
Hire a team who shares your vision.
ENHANCE
Small businesses make big contributions. T0 THE COMMUNITY As a small business owner, you’ll play a vital role in the health and well-being of your local community. These are just some of the ways you are contributing to your community’s growth.
Provide opportunities for entrepreneurs.
Create meaningful jobs with greater job satisfaction than positions with larger, traditional companies.
Foster local economies and keep money close to home.
Contribute to local government with taxes.
Support neighborhoods and communities.
Serve as the building blocks of the United States largest corporations.
VALIDATION For every dollar spent at a local business about $0.70 stays in the community. Source: LocalShops1.com/why
T0 OUR ECONOMY
OF ALL BUSINESSES IN THE U.S. ARE SMALL BUSINESSES.*
OF SMALL BUSINESSES HAVE BEEN OPEN FOR A DECADE OR MORE.*
61
MILLION SMALL BUSINESS EMPLOYEES IN THE U.S.*
VALIDATION Small businesses account for 44% of U.S economic activity. Source: U.S. Small Business Administration
EXPAND
10 small businesses that became a big deal. Many of today’s largest and most successful brands started out as small businesses. But that growth and success didn’t happen overnight for these companies. It took years of hard work and trial and error to get them where they are today. The lesson is, if you believe in your idea and you’re determined to achieve your goals, no matter how long it takes, you can accomplish great things. #entrepreneursownit
INSPIRATION “The only strategy that is guaranteed to fail is not taking risks.” Mark Zuckerberg | Founder, Facebook
8 signs you’re ready to expand your business. If you’re thinking about expanding your business, remember it’s just as important to plan your growth as it was to plan your launch. Here are some key signs to look for, that indicate you may be ready to take your business to the next level.
01
You have more business than you can handle.
05
You’re meeting goals.
02
You have a solid team of employees.
06
You have enough cash.
03
You’re running out of space.
07
Your customers are seeking you out.
04
You have a plan for growth.
08
Your industry is growing.
INSPIRATION “Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure that you do things differently from everyone else.” Sara Blakely | Founder, Spanx
Source: Squareup.com
Financial support for small businesses who think big. For over 60 years, Northern Bank has been there to help make sure your small business grows and thrives. Come talk with us about how we can help support and fuel your small business goals and dreams.
START
ENHANCE
EXPAND
Get up
Streamline
Grow quickly
and running.
daily operations.
and efficiently.
Checking
Cash Management
Small Business Loan
Savings
SBA Loan
Investment Planning
Ready to take the next step? We’re here to help! Get in touch with Charles Smith from our small business banking team to learn more.
781-404-1921
CSmith@NBTC.com
INSPIRATION “When my father and uncle couldn’t get financing for a warehouse for their business venture, they decided to start their own bank. They wanted a bank where common sense prevailed and they could support the entrepreneurial spirit of the community they served, so they set out to help the small businesses in Woburn. That entrepreneurial spirit has driven the bank to the place it is today.” Jim Mawn | President and CEO, Northern Bank
ENTREPRENEURS OWN IT
MEMBER FDIC
NBTC.com