There are many considerations to take into account for for aspiring entrepreneurs who want to build a startup. Many get preoccupied with brand-identity and their product or service but forget some of the most important fundamentals along the way.
Ryan Gellis, a startup CEO writing fro Forbes, put together a fantastic guide for just that reason. “One of the most important aspects of getting a new company set up that I overlooked when I started was choosing the right banking partner. I figured it was as simple as picking the nearest institution I trusted as a consumer, signing the paperwork and voila!” He goes on to explain how that is obviously not the case.
What is important about Gellis’ guide is how he explains startups should approach the decision of who they should be doing their banking with:
As a startup, my advice would be to try to avoid the bigger national banks and choose a smaller, local banking partner. It is easier to create meaningful relationships, and smaller banks are usually more open to investing in the growth of small businesses. Choose one with a good reputation and who you can envision your company expanding with. For example, if you plan to open a business in New York and know that — if you’re successful — the next location will be in California, it might be helpful to choose a partner with a presence in both states.
Advice like this as well as more technical information are what readers can expect to find in Gellis’ guide. If you are interested in starting a business then go read more at forbes.com.
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