Member Story: blushco. Part 3: Four things to know about starting a business

Business

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Small businesses are at the heart of our Atlantic Canadian communities. When they thrive, we thrive too. Not surprisingly, there’s a lot of hard work that goes on behind the scenes before a business opens in your neighbourhood—and it’s not all glitz and glamour.

If you’ve ever thought about starting your own business or want to get a sneak peek at the action before a business launches, we’ve got you. In this three-part series, we’re diving into the nitty, the gritty, and the exciting aspects of how two entrepreneurs saw an opportunity and rose to the occasion—all with a bit of help from their local credit union.

Hear blushco.’s perspective on working with a financial expert in Part 2 here.

We talked to Dan Roberts, Commercial Account Manager at East Coast Credit Union, about his experience working with small business members and the key takeaways he has for anyone looking to explore the entrepreneurial landscape.

  1. Financial experts are on your team. “When I sit down with someone new, I set out the timeline and roadmap you’ll have to go through to not only get a line of credit, but to get your business set up and open your doors.”
  2. There is a reason you’re wondering what you’re wondering. “There’s no such thing as a stupid question. If you’re thinking of something, there’s a reason behind it—you need to ask it. You will not be the first or the last to ask that question.”
  3. Be prepared. “When meeting with someone for the first time, I want them to bring their business plan, three-year projections, and be ready to have a conversation and answer questions, like: What market research you’ve done, who you’ve talked to, and who your other partners are.”
  4. Mistakes happen. “The most common mistake I see is when people make their projections, so I work with you on this. Together, we can work through stress tests and financial ratios. This will help us solidify accurate projections.”

Watch the final installment of Thanh and Priya’s journey above.

Questions about starting your own small business? We can help—contact your local credit union today.

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Want to talk business about your business? We can help.

Local businesses of all shapes and sizes are the heart of our communities, which is why credit unions believe in supporting local businesses both big and small. Don’t take our word for it: Atlantic Business Magazine’s readers have named credit unions the Best Financial Institution in Atlantic Canada for small businesses. To learn about how we have helped our member businesses, check out their stories below.

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