Turning that great idea into a small business

You notice a problem and think, “Someone should fix this.” What if that someone is you? A spark of frustration—or inspiration—has launched countless small businesses. And who doesn’t love a success story like Scrub Daddy, Spanx, or the guy who sawed a boat in half and repaired it with Flex Seal?

They make it look easy, but starting a business takes persistence, planning, and plenty of late nights. If you dream about owning your own business someday, here’s what to consider before taking the leap.

How a physical therapist built a solution for quality care

At Flagstar, we’ve worked with many employees-turned-entrepreneurs who saw a need and found a way to fill it. Dr. Ralu Onubogu is one of them (and a valued business banking client, too).

While working as a physical therapist, Dr. Onubogu saw how much time and effort it took for healthcare facilities to find properly trained professionals who truly care about their patients. She already knew what these roles required and realized she could help. So she traded her scrubs for spreadsheets and founded Brookside Multicare Staffing, which hires and places physical, occupational, and speech therapists along with other staff members.

“You’re giving up a paycheck to start a career,” she said. “You need a vision and the ability to fight for what you want to do, and you have to be able to take on some risk.” In her new role as business owner, Dr. Onubogu helps more patients receive quality care by connecting facilities with therapists who meet her high standards. And now Flagstar is helping Brookside Multicare Staffing expand to a 13,000-square-foot building.

Her advice: “You don’t have to have it all figured out, but you need to be committed, passionate, and have the right network.”

Build your skills and your savings before you leap

While you still have a steady paycheck, take the time to build your business knowledge and save enough to cover several months of living expenses.

Start your skill-building here:

• U.S. Chamber of Commerce
  Learn business basics, including paperwork, products, hiring, and even potential uses for AI.

• Online courses
  Platforms like MasterClass, LinkedIn Learning, and Coursera offer classes in marketing, finance, and entrepreneurship. Harvard University provides several free businesses classes online.

• Visa Small Business Hub
  Access tools, resources, and advice for your budding business.

• IRS small business and self-employed tax center
  Understand the tax implications of running a business now to avoid costly surprises next April.

Build a team of experts you trust

There’s no shortage of advice online, but not all of it’s reliable. Instead, look for experts who know the local market and want you to succeed. You can even start with Flagstar. Our small business consultants can answer questions, share strategies, and help you map out next steps. Together with our bankers, they will also help you find financial solutions that meet your business needs, such as checking, savings, treasury management, lending, payroll, and point-of-sale systems.

These organizations offer helpful information and may have a local chapter near you:

• SCORE
  Get free, confidential guidance from volunteer business mentors and attend workshops on such topics as loans and grants for women-owned businesses.

• America’s Small Business Development Centers
  Get help with planning, marketing, training, and more from this small business assistance network.

• U.S. Small Business Administration
  Find plenty of useful information, including 10 steps to start your business.

Networking is another smart way to connect with people and opportunities. Attend small business roundtables, lunch-and-learns, and other events through organizations like your chamber of commerce and local co-working spaces. Check social media for small business groups in your area, too. Be cautious of networking groups that charge steep fees or make big promises. Before joining, ask current members if they’ve gotten any real leads or partnerships.

Ready to take the next step?

Starting a business is bold—and a little scary. It takes vision, energy, and a willingness to learn as you go. It also takes preparation: a clear plan, a financial cushion, and trusted advisors who can guide you through new territory.