Impact of Inflation on Common Man

Topics: Management, Bank, Finance Pages: 2 (442 words) Published: February 19, 2013
* The banking industry produces some of the most lucrative profit margins around. If you are interested in starting your own bank then you need to be prepared for the fund-raising, organizing and form filing required to set one up. These steps will help make the process easier

* Evaluate how practical it is for you to start a bank. Look at your business experience. You will need to have business management skills, financial management skills and fund-raising skills. * 2

Get to know your market. Before you start a bank you need to find a hole in your current market. After all people are not going to come to a start up bank if they can't offer the customer something unique. If your local market is already saturated with banks consider moving your bank to an outlying area that is underserved by financial institutions, or consider starting an online bank. * Sponsored Links

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* 3
Recruit professionals to head the board of your bank. Look for people who you can work well with, for people who have banking skills and experience and for people who have business management skills and experience. * 4

Research the requirements your state has for starting a bank. You can find this information at your state's Department of Financial Institutions. * 5
Create a plan for raising the required capital funds for your bank. Search for investors, grant programs and ways to earn money to back your bank's start up. Expect to be required to raise millions of dollars for your bank's start up. California, for example, requires charter banks to have between $6 million and $10 million dollars in capital funds before their doors open. * 6

Download and fill out the required paperwork for starting a bank. These forms can be found online at your state's Department of Financial Institutions' website. This application...
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