Last year, a record-breaking 5.4 million people filed to form new businesses in the United States. The entrepreneurial spirit is clearly in the air, and that’s never been more evident than when we gathered creators, CEOS, and entre-precurious folks from all different backgrounds together at our LA conference last month.

In one chat, aptly named “So You Want To Start a Business,” four powerhouse business women served up their best advice for starting, funding, and growing a new business. Those panelists were…ready? Roll call: 

•Bola Sokunbi | Founder & CEO, Clever Girl Finance
•Chelsea Clarke | Founder, HerPaperRoute
•Kayla Gonzalez | SVP, West Merchant Region Executive, Bank of America
•Natalie Cofield | Assistant Administrator, SBA Office of Women's Business Ownership
As well as our moderator, Ginger Seigel | North American Small Business Lead, Mastercard

As you can probably imagine, the four of them had plenty of wisdom to share with anyone who’s in the “Should I?” stage of launching a business endeavor. And luckily, we’ve collected that knowledge and put it into a checklist below to help you decide whether your idea is ready for take-off. 

1. Does my business have the qualities of a great (and lucrative) business idea? 

Once the initial jolt of “OMG, I have an idea!” passes, you’ll need to determine whether or not your business holds water. In her role at Bank of America, Gonzalez has done her fair share of mentoring founders—something that you can tell is incredibly rewarding for her.

“Small businesses are so exciting!” she shared on stage. “There’s so much passion that comes from small business owners. Every time I get the opportunity to go in and visit a small business at their place of business, it’s exciting. The pride is coming off those small business owners and there’s nothing more rewarding.” 

The most important thing to consider before you start, says Gonzalez, is ambition. “We talk about COVID-19 and what just happened there, and it was hard for a lot of our business owners,” she says. “You really have to have that ambition, that excitement for what you do each and every day regardless of what’s going on around you.”

The other key ingredient? A plan! Gonzalez explains you need to do your research on your business: Who is your competition? What is the scope of business? Where are you going to be most successful? What is your plan for success? While so much goes into a great idea, if you can lock in your ambition and know your business like the back of your hand, you’re off to a great start.

2. Am I owning and evolving my relationship with money?  

Sokunbi, whose business Clever Girl Finance provides resources and support for financial freedom, has made her fair share of money mistakes. While she’s been super transparent about her own personal experience, she notes one common financial gaffe she sees tons of new founders make. 

“We let our mistakes push us into a corner where we start to feel embarrassed or disappointed, but we want to own those mistakes because these mistakes are opportunities for us to assess what went wrong, what we didn’t like, and how to position ourselves next time,” she says. After that, you're ready to toss that mistake in the trash and keep the lessons close to you. 

3. Does my business story stand out? 

As a business owner, you’re going to tell your story a lot. Just think about how many times you’ve heard the origin story of Steve Jobs working out of his parents’ garage. Developing a narrative for yourself and a business takes some workshopping, but don’t worry: Gonzalez shares the secret sauce.

“Your passion needs to radiate so everyone feels it,” she says. “It’s not just what you’re doing, but it’s how you’re going to make it different. Everyone can have the exact same idea, but it’s you that will make the difference about whether that idea can be successful.” In case you’re looking for a recipe, personal passion plus a killer business idea equals a compelling business story.  

4. Do I have my banking in check?

Getting your finances in order is an essential step towards feeling confident and competent, while you bring your idea to fruition. That’s why it’s important to get all your financial ducks in a row, and Bank of America’s small business platform can help you set up the tools you need—like checking accounts and company credit cards. Book an appointment with a banker to discuss your unique needs and your specialist can provide advice and guidance that you need to make a plan for your business.

Sokunbi recommends checking out the Small Business Administration (SBA) website for resources on funding, licensing, and learning as your business begins to germinate. And remember: The team at Create & Cultivate is here for you too!

Grab a glass of vino and watch the full playback of the panel here.