New Beginnings: Getting Ready to Start Your Business

Starting a new business is one of the most exciting and nerve-wracking moments in a person’s life. The stakes are high: depending on your situation, your whole net worth could be on the line. So how can you make sure that you’re in a position to succeed? 

On this episode of In Good Companies, we’re talking business beginnings—the things you can do to prepare for what’s ahead. Guests Alan Thomes (Managing Director of SBA Banking, Cadence Bank) and Allan Adams (State Director, University of Georgia SBDC) join us to discuss bulletproof business plans, funding options, and developing relationships with key stakeholders. Together, we’ll uncover key resources, like expert consultation (for free!) from the Small Business Development Center and low-risk loans through the Small Business Administration. You’ll learn who you need to talk to and how to avoid the pitfalls of overexcited entrepreneurship. 

Business isn’t a sprint, it’s a marathon—and nobody rolls out of bed and runs a marathon without training. Preparation is essential and the more prepared you are, the more confidence you’ll have as issues arise. So let us guide you to the starting line, and when the bell rings and you open your doors, you’ll be ready.       

Highlights:

• The dangers of overexcited entrepreneurship (2:07)
• Doing your homework (5:41)
• How the SBDC helps entrepreneurs (7:10)
• Crafting a business plan (11:09)
• The 5 C’s of Credit (12:11)
• How a solid business plan can open doors (14:19)
• Funding options (15:22)
• Introduction to the SBA and 7a Loans (18:24)
• Why you need to create a relationship with your lender (22:51)
• Think of your bank as a partner (24:43)

Links:

• Cadence Bank Website
• Cadence Bank Twitter
• Cadence Bank LinkedIn
• Cadence Bank – SBA Loans
• Small Business Administration Website
• SBDC (Small Business Development Center) Website
• University of Georgia SBDC Website
• University of Georgia SBDC Twitter
• Allan Adams LinkedIn 
• Alan Thomes LinkedIn

Feedback:
If you have questions about the show or topics you'd like discussed in future episodes, email our producer, [email protected]