how to take it to the next level



We’re here to help you achieve your goals. And that includes giving you the knowledge you need to thrive.

10 Steps to Start Your Business

Thinking about starting a new business? If so, consider these 10 tried-and-true steps to give yourself the best chance at success:


Do Your Research

Gather competitive and demographic data to help make your business unique and stand out.


Write a Business Plan

Create a detailed plan that outlines a description of your company, products and services overview, marketing strategy, financial projections and mission.


Determine Your Funding Need

Plan how you will fund your business and how much money you will need to start your business.

HELPFUL TIP: Owners Bank provides fast access to loans and lines of credit. Learn more here:



Determine where your business location will be, as this will affect your business tax and zoning laws.


Business Type

Will you be a sole proprietorship, partnership or LLC? Your business structure determines how you will pay taxes and how you register your business.


Business Name

You may also decide to have a DBA (doing business as), which is the name you want the public to call your company.

A DBA is ideal for sole proprietors who prefer not to use their own names as their company name and who want to select their business name without becoming a corporation.


Registering Your Business

Most businesses need to register with their state agency, which could include providing information like:

  • Name of company
  • Registered agent
  • Registered address
  • Business structure
  • Proof of insurance

Tax IDs

You may need a federal and state tax ID number, also known as an EIN (Employer Identification Number). Applying for an EIN is a free service offered by the Internal Revenue Service. The fastest and easiest way to apply is through the website, using their “Internet EIN” application. Once the application is completed, the information is validated during the online session and an EIN is issued immediately.


Licenses & Permits

Determine if your business will need licenses and permits from both federal and state agencies.


Business Banking

Set up business checking and/or savings accounts that help manage your business.

HELPFUL TIP: Owners Bank provides checking and savings accounts with no hidden fees and highly competitive interest rates in addition to electronic invoicing tools. Learn more at

For more information, the U.S. Small Business Administration website provides more detail: 10 Steps To Start Your Business.

Growing Your Business for the Future

As a small business owner, finding the right financing is essential for growing your business. Consider these financial tools when looking to expand:


  • Loans provide businesses with money for large purchases or financial assistance. Loans are obligated to be repaid according to the loan’s terms and conditions.
  • It’s important to understand how lenders charge interest on the small business loans. A fixed interest rate remains the same for the duration of the loan and its payback period.
  • However, a variable interest rate can fluctuate periodically.
  • Other factors of a loan that small businesses should understand are the payback period (months or years) and what the lender will use as collateral if the business is unable to pay the loan back in a timely fashion.
  • Owners Bank offers fast access to loans for major purchases, such as for a vehicle or equipment.

Lines of Credit

  • While a small business loan is a lump sum of money given with an interest rate and paid back through monthly payments, a business line of credit can be used to withdraw funds whenever the need arises, as long as the credit limit isn’t exceeded. A business line of credit can be useful for when you’re looking to cover short-term needs.
  • A business line of credit works like a credit card. Small businesses can draw money from their credit lines as needed, only paying interest on the portion of money borrowed. As you repay the amount borrowed, we replenish the funds available.
  • Owners Bank offers a business credit card with a generous rewards program to assist with your everyday short-term credit needs.

Financial Wellness for Small Businesses 101: Interactive Training Sessions

Owners Bank is proud to partner with one of the most innovative and established banks in the country, Liberty Bank. Owners Bank and Liberty Bank together offer a small business financial wellness academy, with interactive training sessions featuring simple tips and advice.

These interactive training sessions take 10 minutes or less to complete and help build your knowledge and skills to grow your business for the future:

Small Business Essentials

From learning the basics of developing your business plan to understanding the financial components of your small business, this training session will help you with the small business essentials. Small Business Essentials | Liberty Bank

Growing Your Small Business

Take these interactive sessions to learn how to grow and manage a team, how to acquire customers and more. Growing Your Small Business | Liberty Bank.

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