Launching a New Home Business
According to researchers at the National Federation of Independent Business, most home businesses evolve from a skill, a hobby, or a passion. Some small business owners decide to work for themselves when they feel like they've hit a ceiling with their current employers. Other small business owners use their companies to transition into new, exciting careers. Whichever description fits you and your business, Bank of York offers small business packages that can help your enterprise through its first few years.
Recent studies show that three out of every four business owners invest their personal savings into their business. In fact, many business owners start saving for their new business while still working for another employer. If your new, York County small business is still in the planning stages, you can use a Bank of York money market account or certificate of deposit to store your funds while earning interest. That way, your initial investment can still grow while you sharpen your ideas and build connections.
Turn Your Personal Credit into Business Credit
Small business experts suggest that about one in three home businesses rely on a founder's personal credit to get their new company off the ground. Many potential entrepreneurs often postpone their dreams of self-employment because they worry they won't have enough money to finance their new ventures. It actually takes much less start up capital than you might think to get your home business going. The Small Business Administration estimates that more than half of new small business owners launch their companies with less than $10,000 in funding.
That's one of the reasons why Bank of York business credit cards are so popular among York County entrepreneurs. With credit lines that meet or exceed the needs of a typical startup home business, a Bank of York credit card allows you to finance your own company without needing to turn to angel investors like friends or family members. Because Bank of York business credit cards are honored anywhere that major credit cards are accepted, you can use them at office supply stores, with service providers, with wholesalers, and with most of the vendors you'll use to launch your home business.
Your Company's Home Is Yours, Too
Most new businesses start in the homes of their founders, especially businesses here in South Carolina. Even the two guys that started Google worked from a colleague's garage in the early days. but if you think running your business from home is just about cutting corners, think again. Working from home lets you focus on building your small business without spending more money on overhead. Running your business from home also affords you the opportunity to stay connected to your family during one of the busiest and most exhilarating times of your life. Best of all, home businesses also enjoy certain tax advantages, like potential deductions for utilities and renovations.
A Bank of York home equity line of credit can help you unlock some of the value from your home, so you can make the necessary improvements to your home office. By setting up a dedicated home office with a locking door, storage, and phone lines, you can set yourself up for success as a small business owner without burning through your venture capital. A home equity line of credit is also an excellent source of emergency funding for last minute business trips or unexpected orders. Because you pay no interest until you access your credit line, you can keep your options open without hurting your company's bottom line.
York County's Small Business Bank Can Help
The staff at Bank of York understands the challenges and the opportunities of launching a small business in York County. The Small Business Association, in its briefing to first-time South Carolina entrepreneurs, emphasizes the importance of working with a community bank like Bank of York to benefit from the personal attention and the professional insight that we provide at each of our York County branches. Because many of your potential customers and vendors are also our neighbors and account holders, we can help connect you to people in our community who can help your young business succeed.
Thousands of small business owners throughout York County turn to Bank of York for expert advice and personal attention. We invite you to let us help you launch and grow your new business. By letting our team of small business experts set up a customized package for your home business, you'll save lots of time while learning how to maximize your investment. Visit any of our convenient branches to discover why our customers call us York County's Business Bank.