According to a 2025 outlook survey done for TD Bank, the last few years have inspired TD customers to start their own businesses.
TD and Kantar surveyed more than 300 current TD Bank customers on their values amid volatile times.
What the survey uncovered was that 28% of customers said they plan to start their own business someday as compared to just 21% in 2022.
Additionally, it was reported that there was a spike in total business applications post 2020, but even as those applications level off, the 2024 numbers are still at least 25% more than they were in 2019.
With would-be business owners on the rise, we thought it best to check in with the experts on how to get started. And, we know from TD Bank's inaugural Financial Preparedness Survey: Small Business Owners' Report, that only 46% of small business owners (SBOs) are leveraging a bank for business advice – a potential missed opportunity for tapping into expertise. Another 45% are consulting other small business owners and 30% are utilizing generative AI tools like ChatGPT.
We spoke to Steven Garibell, Vice President of Community Business Development at TD Bank, and asked him what those looking to start their own business can expect and how they should prepare to set themselves up for success.
Here's what he had to say:
1 - Develop a solid business plan and growth mindset
"This one is huge. You should always start with your plan and ask yourself the following: what is your operating plan, what will the day-to-day be and how do you plan to grow," Steven said. "Start by outlining your idea, target market, competition analysis and even a revenue model for your product or service."
While completing this initial assessment Steven says you'll need to identify your "unique value proposition" - what makes your business stand out over the competition.
Set one, three and five-year financial projections and establish a budget for startup costs.
"You'll need to factor in working capital, until revenue can sustain the business, especially if the product or business is brand new," he added. "Finally, adopt a growth mindset—be open to learning, adapting, and embracing challenges as opportunities for growth."
2 – Secure funding and build financial resilience
"Determine the amount of capital you'll need and explore funding options for your venture (personal savings, small business loans, grants, investors)," Steven explained. "Remember there are pros and cons to each of these, but all options will include you having some skin in the game."
Next, open a separate business bank account to keep finances organized and discuss accounting software with your accountant, Steven adds.
Understand your daily/weekly/monthly cash flow management and plan for ongoing expenses.
"Finally, prepare for setbacks—financial ups and downs are common, so build a support system and develop coping strategies for stress to keep you at the top of your game," he said. "Entrepreneurship is a marathon, not a sprint. Practice self-care, set boundaries, and celebrate small wins to stay motivated."
Too many good businesses shut down because of the first few setbacks.
Just know, there will undoubtedly be setbacks in opening any business. But the successful ones are those who can financially and mentally push on.
3 - Ensure Legal and Operational Readiness
Once the first two steps are complete, you'll want to register your business and choose the right legal structure (LLC, sole proprietorship, etc.). Make sure to discuss this with your CPA or a business advisor.
Next, obtain necessary licenses, permits, and insurance at a federal, state and/or municipal level.
"Then, you'll set up operational systems, including accounting software, payment systems, payroll/human resources systems, CRM and POS systems and develop marketing strategies," Steven said. "That may sound like a lot, because it is. You can't do all of this alone so you'll need professional help."
Make sure to add the cost of this into your financial planning to ensure you have the funds and adequate support available, he adds.
For more information
We hope you found this helpful. This article is based on information available in May 2025 and is subject to change. It is provided as a convenience and for general information purposes only. Our content is not intended to provide legal, tax, investment, or financial advice or to indicate that a particular TD Bank or third-party product or service is available or right for you.
For specific advice about your unique circumstances, consider talking with a qualified professional.
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