Becoming a Business Owner
Becoming a business owner is an opportunity of a lifetime that can bring great success, or many challenges. Find out how Johnson Financial Group can partner with you to make success a reality.FIND AN ADVISOR
Buying or starting a business?
As an entrepreneur, you likely share a few common traits with other up-and-coming business owners: highly motivated, a sense of independence, confidence in yourself and your abilities, and a willingness to take on risks.
Given the risk and uncertainty in starting and maintaining a business, along with the opportunity for success and rewards, our advisors are uniquely positioned to guide you on your journey – from concept to commerce.
For starters, get some advice
Even the most successful entrepreneurs can benefit from learning from those who have gone before them.
Build your own board
Your business may eventually have a board of directors, but you need a personal one first. Consider people you admire. They should be a sounding board – people you trust to hold you accountable and give you direct, honest feedback. A diverse group can offer contrasting perspectives and opinions as you plan and establish your business.
Network with others
Who is most likely to have the best insight on starting or buying a business? That’s right – other entrepreneurs. Whether you're seeking funding, hiring staff, or addressing dozens of other challenges as you launch your business, other business owners can offer practical suggestions and solutions.
Fill the gaps
You’re an entrepreneur, not necessarily a lawyer, accountant, HR professional or cyber security expert. We can identify the specialists you need to cover the bases. For example, a business attorney can help you determine the type of business best suited to your plan from among choices such as sole proprietorship, partnership, corporation, S corporation or limited liability company (LLC). They can also provide guidance on local, state and federal requirements.
Do your homework
Reading and researching forums and blogs are other ways to inform yourself about best practices in launching a business, but it can be a tedious process and sometimes difficult to identify reliable information.
Mapping Your Strategy
Among your growing resources – your personal board, networking, research, our advisors – you can begin to outline your road to business ownership. Here are some basic steps in putting plans to paper – or laptop.
Your business plan is a narrative of your vision for your business – from start to finish, from idea to launch. It should include an honest, detailed financial outlook, including projections through the first five years for cash flow, income and expenses.
Start with the name of your business, which is harder than it sounds.
This is a high-level summary of what the plan includes, often touching on the company description, the problem the business is solving and the solution.
What kind of business do you want to start? What does your industry look like? What will it look like in the future?
What is your target market, and how can you best sell to that market?
What are the strengths and weaknesses of your competitors? How will you beat them?
Design and development plan.
What is your product or service and how will it develop? Then, create a budget for that product or service.
Operations and management plan.
How does the business function on a daily basis?
Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?
The SBA also offers sample business plans.
We can help you get there
As a business owner, you may aspire to expand your company or acquire new equipment. Make your dreams a reality with our flexible financing options for businesses.Learn More about business financing options.
In the current environment of rising litigation costs, your business needs a proven risk management partner to keep you informed of changing regulations. We can help you understand how these changing regulations may impact your business in order to develop and maintain a comprehensive business insurance program.Learn More about business insurance options.
Growing Your Business
A precise and well-researched strategic plan serves as a blueprint for your company's growth, providing a benchmark from which you will move forward.Learn More about growing your business