Think through the startup costs 

Have a comprehensive idea of startup costs before you get rolling. That’s not just a lease on commercial space, cost of goods, and business cards. Don’t forget the insurance, legal and licensing fees, too. But we’ll get into some of those in just a minute. 

Take legal fees into consideration 

To make sure you’re setting up your business correctly and executing contracts efficiently, it’s important to consider the fees for legal help in your initial budget. If you’re not sure who to hire, you can start with directories from sites like FindLaw to scope out help in your town. 

Don’t forget about taxes

You’ll want to make estimated income tax payments throughout the year, as well as filing both state and federal taxes. Estimated payments are easy to make online through the IRS website, with a transfer directly from your business checking account. But how much you need to set aside will depend on your unique business. It can help to have advanced savings tools, like a high-dividend business money market account to help that savings grow safely. 

If you’re not familiar with this side of taxes, it’s best to engage a tax pro early in the process so you’re not taken by surprise at tax time. That way, you can be sure to save enough throughout the year, and keep your books in order. Tax day doesn’t need to be stressful. 

Remember license fees 

Depending on your town or county, and the type of business you’re starting, you might need a license to operate. You can check with your city and county directly, or get more information from Montana’s Small Business Development Center. Fees vary—there’s a big difference between the cost of a liquor license and the cost of a business name registration—but you still want to look into that sooner rather than later. 

The Montana Secretary of State has a nice section on business services and is a good place to go to when starting business.  All businesses must be registered with the SOS before they can start doing business in this state and financial institutions will want to know they are registered before they can open an account.

Use financial tools to the fullest 

RMCU offers business financial tools to help you save and grow. Small business loans work best for your business if you don’t have to wait around. That’s why RMCU offers automatic approval, so you can grow instantly. Seek out lines of credit, commercial real estate loans, and equipment loans to help expand or get started. 

Find a community-based financial institution

You’ll want to set up business banking right from the start, so you can keep your business finances separate from your personal ones and well organized. When you’re starting a small business, you want strong community ties for your banking. That way you have a financial team behind you that understands where you’re coming from and where you’re going. From business checking to business credit cards and loans, you can find it at RMCU. 

The team at RMCU can get you started with all things business banking. Apply online or come in to your nearest branch to get rolling with your small business.