5 Tools to Launch Your Business

If you’re thinking about starting your own business, you’re in good company. In a report by the Small Business Administration (SBA) Office of Advocacy, small businesses employ 61.7 million workers in the private sector.¹ To set your business up for success, start with careful planning and research to find a competitive advantage in your market. Some factors to consider include demand, market size, location, market saturation, costs and pricing.

Next, draft your business plan and calculate costs. Read “8 Steps for Writing an Effective Business Plan”  to help you get started. When you’re ready to assess costs and funding needs, Texell offers several options, including SBA loans. Learn more about crucial financial tools to launch and grow your business.

1. Business Accounts

Even if you’re a business of one as a sole proprietor, you’ll need to separate your personal and business checking and savings accounts. Business accounts are more suited to the larger transactions that businesses make, and it’s easier to track expenses. Business Certificates of Deposit (CDs) also help you invest in your business beyond a simple savings account.

2. Expense & Budget Tracking

Accounting software includes the ability to track expenses and manage your business’s budget. Besides giving insight into how your business is spending, it simplifies itemizing expenses for taxes.

3. Payroll

Payroll software automates the payroll process and makes it easier to calculate deductions and wages. Some also feature tax filing, direct deposit, and easy online access for employees to download pay stubs and documents.

4. Invoice & Billing Systems

Tracking down unpaid invoices and bills can be a headache, but invoicing software streamlines the process to make it more manageable. Not only does it create and send invoices, but it also keeps track of unpaid invoices and sends reminders.

5. Accounting Software

Manage several of these important financial tools in one accounting software, like QuickBooks or FreshBooks. Besides tracking your budget and managing payroll and invoicing, some software options also track inventory. To find a software solution that best suits your business, read this comparison from NerdWallet².

Texell Offers Financial Tools for Every Business

Whether you are looking for a loan or financing options to launch your business, Texell’s Commercial experts are ready to help. Texell underwrites SBA 7(a) and 504 loans and is the recipient of the SBA’s #1 in Credit Union Lending award³ for Texas. We also offer checking accounts scaled to fit any business size. Payment processing solutions from Elavon are also available to our business members, and our agents at Texell Insurance will find the policies to keep your business covered. Visit Texell.org/Business to learn more, or call 254.774.5161 to talk to a Commercial expert today.

¹ Frequently Asked Questions, March 2023 from advocacy.sba.gov.
² 8 Best Accounting Software Solutions (And a Few You Can Skip) from NerdWallet.com.
³ Award presented by the North Texas Association of Guaranteed Government Lenders.

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