Thinking about opening a credit union business? We tell you what you need to know to get started.
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Business Plan Mechanics for Credit Union Businesses
Haven't created a business plan for your credit union business yet? You could be in big trouble.
At Gaebler, we advise new business owners to keep your business plan simple. Ultimately, your business plan is intended to be a resource for you, the business owner.
Instead of investing countless hours in a lengthy business plan, put pen to paper now and document the essentials with the understanding that your plan will be revised as you move forward.
Don't Overlook the Competition
Prior to opening a credit union business in your area, it's worthwhile to determine what the competition looks like. We've provided the link below to help you generate a list of competitors near you. Complete the form by entering your city, state and zip code to get a list of credit union businesses that are close by.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
Once you've finished assessing the competion, it's essential that you talk to somebody who is already in the business. If you think owners of nearby credit union businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
Fortunately, somebody who runs a credit union business in a location that is not competitive to you will be much more likely to talk with you, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
The key question new becomes: how to find a credit union business founder who is willing to advise you because you live in different cities?
It's easy. Here's a link you can use to find a mentor outside of your area.
Why You Should Buy (Instead of Start) a Credit Union Business
Spurred on by dreams of a future big money buyout and an undeniable entrepreneurial impulse, many would-be credit union business owners are driven to pursue startup strategies.
Yet a healthier and safer strategy may be to purchase an existing credit union business.
When you buy an existing company, you get a functional (and presumably profitable) company from day one. And that's not to mention the fact that a purchase let's you avoid the trial-and-error mistakes that are common in startups.
Franchising May Be a Better Way to Go
As an entrepreneur, your chances becoming a successful entrepreneur are greatly increased when you choose to franchise and leverage their successful brand and track record.
Before opening a credit union business, you ought to assess whether buying a franchise could help you on your entrepreneurial journey.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a credit union business, these resources will come in handy:
If you sell to credit union businesses, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.