Envision Financial

Envision Financial

June 07, 2012 12:14 ET

Envision Financial Expert Offers Expert Advice to New Small Business Owners

SURREY, BRITISH COLUMBIA--(Marketwire - June 7, 2012) - With continued uncertainty in global market, and unemployment rates only recently beginning to drop, more and more people are making the choice to start their own businesses and carve their own path towards financial security and success.

This decision, while exciting, brings with it many unforeseen challenges that can derail an entrepreneur's success long before sales even begin to roll in, says William Rajalingham, commercial account manager at Envision Financial's Scottsdale location and director for the Delta Chamber of Commerce. And with over 30% of all business start-ups not making it past the second year, the keys to success lie in the preparation. Rajalingham shares the following tips to give small business owners the best possible chance for success.

"After you decide to start your own business, the first step is to create a business plan," says Rajalingham. "It should cover all of the key expected elements, including your target market and competition, expected price points, marketing strategies, costs for starting your business and cash flow projections for the first 1-2 years. It's equally important to determine what you will be measuring the success of your business against along the way so you know whether you're meeting your goals."

"By completing a business plan, a new business owner will likely discover things that they did not think about initially, allowing them to fully grasp the extent of what is required to start a successful business," continues Rajalingham. "It's like building a house. You need to have all the permits, plans and designs in place before even breaking ground."

Not anticipating costs is another reason that many small-businesses fail early on.

"Understanding your capital requirements is vital to success as well, so ensure you have the means to cover these costs before starting your company. It seems like a straight-forward concept but this is where many great start-ups fall short," says Rajalingham. "Whether it is through a bank loan, personal resources or investors, knowing how you are going to pay the bills is as important as what you plan to sell."

"Also take a detailed look at your banking options," urges Rajalingham. "There is a wide range of business banking services and not all of them are alike. Make sure you understand what your banking needs are and take time to shop around."

Rajalingham points out that while there is a lot to consider when starting a small business, having personal support from your financial institution can make all the difference.

"Having an experienced expert on your side can make the tough decisions a lot less confusing," says Rajalingham. "Take time to speak with a few commercial account managers from multiple financial institutions before you choose who to work with. It is a relationship that can last for many years and having the right person on your side will greatly increase your chances of success."

About Envision Financial

Envision Financial is a division of First West Credit Union, B.C.'s third-largest credit union with 37 branches and 29 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson regions. Led by Launi Skinner, First West has approximately $6.6 billion in assets under administration, over 169,000 members and nearly 1,400 employees. For eight years running, Envision was named one of the 50 Best Employers in Canada. Envision is designated a Caring Company by Imagine Canada.

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