If you’re thinking about opening a credit union, you should know where to begin. There are a few tasks that are absolutely vital to the success of your new business, so here are three resources to help you get started.
A credit union is only successful when it has members, and those members should absolutely love their credit union. One of the biggest challenges of your new venture will be gaining clients, so this should be a priority. Find an amazing credit union marketing agency to help you get the word out about your credit union. Professionals can help you understand who to target and how. They can assist you in attracting new members and understanding how marketing a credit union is different than marketing a retail or catering business. A marketing agency will help you set up a referral program for your members, which will help increase membership.
Find the right marketing agency for your business and start working with them from the very beginning. You’ll love the expert help and your credit union will benefit from the personalized attention. When dealing with something as important as marketing, make sure you have the right people with the right skills working for you.
Networking is one of the most important facets of owning any business, especially when you’re attempting to open a new credit union. Networking will help you build business contacts as well as potential members. Also, as you discuss your new credit union with other people, you’ll build confidence in yourself and your vision for your branch. Networking helps you spread the word about your new business while also building your own reputation. Those you communicate with will learn that you’re dependable, reliable, and passionate.
Your reputation will be extremely important as you build the reputation of your credit union. People want to know that their money will be kept safe and that’s entirely dependent on their feelings about their credit union. Start building trust with your potential members right away by networking and showing who you are. Another handy tip? If you give your business card to dozens of people and then realize you don’t know who’s calling you, just search “find out who called me” and learn who’s trying to reach you.
Starting a credit union can be complicated and the process could take you quite a while. Find a mentor in your area or online who can help you fill out the appropriate paperwork and take the necessary steps. You’ll need to complete the federal credit union charter application in order to start your own credit union. As you complete your application, you’ll establish your credit union’s name, potential members, and bylaws and policies.
During this process, you’ll be guided on how to find a mentor, but it can also be helpful to find someone yourself to assist with the process from the start. This could be someone who’s started a credit union himself, or it could just a business-savvy friend or local business owner. Having a guide through this complex and lengthy process will help you feel more confident and prepared as you open your own credit union.
Starting your own credit union isn’t for the faint of heart. You’ll have to put your heart and soul into the process of completing the application, finding a location, hiring employees, and gaining new members. If you love the idea of bringing a credit union to your community, start accessing resources today. Your members will see your passion and drive and they’ll feel devoted to your credit union from the start.