Want to Start a Small Business? Here's What You Need to Know

This post was sponsored, and paid for, by SunTrust. All opinions are my own.

Here's a fun fact: November is National Entrepreneurship Month!

To celebrate, I've partnered with SunTrust to help potential and new small business owners navigate their journey— the right way!

I started my small, home-based business in 2007. I was at a crossroads with my career, and though I was making good money, I was missing out on time with my three-year-old daughter. That added to a two-hour daily commute and practically no time with my husband, who worked nights, I knew something had to give.

I had already started a website for moms, like myself, who were looking to work from home. I knew there was a lot of potential in the industry to make money, as the internet was changing rapidly, but I couldn't devote enough time to make the site a profitable business working my full-time job.

So I took a leap of faith and I quit— ultimately forming the lifestyle brand Mommy Musings®

Looking back, I CANNOT recommend this approach to starting a small business.

Knowing what I do know, I would not have been so quick to quit my job without putting, at the very least, a business plan into place. I also would've had a fair amount of savings in the bank AND a tidy amount of capital.

Actually, those would be three of my best pieces of advice to women who are looking to start a business similar to my own: 1. Business Plan. 2. Savings 3. Capital

That foundation would have helped me immensely, and I do consider myself very fortunate that I was able to succeed despite having these in order.

Another asset that I wish had been around when I started my business is the SunTrust Small Business Best Practices Guide, which covers six important areas of financial management for small business owners, including:

→ Starting Your Business

→ Controlling Cash Flow

→ Increasing Profitability

→ Growing Your Business

→ Protecting Your Assets

→ Planning for Business Transition

Beyond having a business plan and money to start your small business, there's a seemingly endless amount of additional details to consider, such as legal structure, insurance, taxes, and bookkeeping.

The SunTrust Small Business Best Practices Guide includes a straightforward checklist of tips and tools to implement from the very beginning, making the process of starting and running your small business much, much easier.

I've actually gone over the SunTrust Small Business Best Practices Guide and found items that I have been neglecting, making me put new practices in place 10 years into starting my business— I can only imagine how much easier things would have been for me if I had this guide from the beginning!

I have been a SunTrust customer for almost 20 years now, and have never been let down with their advice. The great thing about this guide is that you can access it even if you're not a customer.