Category: Community Banking

The Basics Behind New Business

Small Business

A mouthwatering dish your grandmother made you, a leaf falling across the park, or one of the endless questions your preschooler has begun to ask you; the truth is great ideas can come from anywhere. If you have a concept you are itching to turn into a reality, there are some key components you’ll need to make it happen. At First Security State Bank, we were founded upon our commitment to small and medium sized business, and we are thrilled to help you transform your inspiration into a live entity.

To complete the process from conceptualization to implementation, there are ten key components to ensure your business has all the legal qualifications necessary. Simply follow these helpful prompts, and if there are any components you’d like further clarification on, never hesitate to reach out! Our experienced team of commercial lenders is here to answer any questions or inquiries you or your business partners may have.

  1. Write a business plan. Your company’s business plan should detail the purpose and differentiators associated with your business. gov is an informative resource to help you determine all the required components for your proposed document.
  2. Register as an LLC or Corporation. An LLC is the most common choice for new business because the Corporation classification does mandate a $10,000,000 revenue requirement.
  3. Finance your new business. There are a variety of ways to finance your business. Whether debt or equity based, our dedicated team can help you determine which route is best suited for your business.
  4. Determine your business location.  Keeping your budget in mind, purchase or lease the space you’ll be using for your location. If you’ll be working from home be sure to take advantage of the associated tax benefits.
  5. Register for EIN and determine payroll structure. Before you hire any employees, you’ll need to register for your Employer Identification Number for federal taxation purposes.
  6. Register your business name. You can choose to register your business as a DBA, or Doing Business As, or you can choose to register your company name and/or logo as a trademark. Both options will allow you to operate under your desired business name.
  7. Open a designated banking and credit card account. Separating your personal finances from your business is imperative in keeping accurate accounting records. Additional tools such as Quickbooks Self Employed can help you manage all aspects of your finances at home or on the go.
  8. Complete registration for state and local taxes. Business taxes are set up differently than your personal taxes. Be sure you’re accounting for all the variables before you open the doors.
  9. Receive business licenses and applicable permits. If you plan to sell alcohol or firearms, you may need federal licenses in addition to the various state requirements.
  10. Structure and start a marketing campaign. Marketing is an ongoing effort, but to get customers in the door, they’ll need to know you’re an option. Get the word out with a strategic marketing initiative, and make a yearly plan to keep new clients coming in.

Teaching Your Children the Meaning of Giving

Seasonal Giving

The holiday season is all about giving. Whether it’s through time, labor, or funds, philanthropy is the spirit of the season. This December, help your little one’s understand the power of giving with these three lessons, courtesy of First Security State Bank:

 

  1. Help Yourself by Helping Others

Did you know that every time you participate in “gift-giving behaviors,” your body releases positive chemicals in the brain? Referred to as a “Helper’s high,” these chemicals are released into the body while participating in perceived good deeds. The release of dopamine, serotonin, and oxytocin is the body’s way of physically boosting your spirits during these activities.  While helping others has great benefits for the recipients, one of the most impactful things you can do to boost your mood, is to lend a hand!

 

  1. The Gift of Time is the Most Precious

Throughout the winter months, try offering a gift more precious than presents, by helping a neighbor in need. Whether it’s shoveling the walkway or blowing snow from the driveway, these gestures can make a world of difference. If you know of a family struggling during the holidays, offer to bring home cooked meals to help them along the way. Sometimes we overlook the kindness in a small act, so this season, see what you can do instead of what you can give.

 

  1. Financial Education is Key

To better understand how much to give, you first need to understand how much you have. If you give your child a weekly allowance, create three jars for them to store it in. One marked save, one marked spend, the last marked give. (You can practice this same exercise using envelopes for your monthly budget.) Each “payday,” you and your child can deposit the amount you would like in each. Be sure to let your little one know that the save and give categories allow them to continually accumulate funds for bigger items, but the spend category is specifically to use that week. At the end of a month see where you both stand. If there are funds for the save and give jars, help them choose a great organization or purchase to make it worthwhile.

 

Sharing the love of giving with your child is the perfect way to teach them about many life lessons, including finances! For everything from balancing a budget, to automating savings, there are many financial lessons that can prepare you to give more. If you’d like to grow your giving potential, stop in today and we’ll help you make it happen!

 

Community Banking: Why It’s a Wonderful Life

Community Banking

As the seasons begin to change, and the holidays approach, our team at First Security State Bank, would like to share all the wonderful reasons we are grateful to be a community bank. Just like Mr. George Bailey, in the classic tale, It’s a Wonderful Life, we have found countless people and experiences that make our bank lucky to consider this community home:

It’s all About the People: Unlike the big banks of America, our small and locally-owned operation prides itself on putting our people first, making the success of our customers the bank’s number one priority. Just like the old Building and Loan, First Security State Bank strives to help our customers make their home ownership dreams become a reality.

Growth Engine for Small Business: We succeed when you succeed. Just as George Bailey invested funds in Mr. Martini’s home and business, First Security State Bank is here to offer advice and financing on your next home or commercial project. We want to help you and our hometown community grow, just like Bedford Falls.

Built on Long Lasting Relationships: The movie’s guardian Clarence, was a very wise man saying, “No man is a failure who has friends.” At First Security State Bank we pride ourselves on not only helping our customers with their finances, but also building relationships with them as well. If you have a question on how to budget, which retirement plans to look at, or other money management inquiries, consider us your friendly neighborhood adviser!

Community Backed: Instead of being underwritten by Mr. Potter, or other national big banks, our institution is built directly upon the needs and wants of our community’s citizens. With no higher ups attempting to monopolize the town, our dedicated team of officers works to build up the community, and the men and women who call it home.

Employees Local Citizens: Just like George and Uncle Billy, First Security State Bank is filled with fun and lovable characters. We take great pride in employing local citizens throughout our company, and helping them grow within the banking industry. If you’re looking for a new career, stop in and see if First Security State Bank is right for you!

Get to know all of us at First Security State Bank and discover how community banking can help you achieve a wonderful life. For everything from personal financing, to commercial lending, we have the perfect solution for you. Get started today and share your next financial goal with us, we’ll help you shoot for the moon!