Tips for Running a Successful Credit Union on Your Own
Although it sometimes feels the United States is run over by corporations, there’s still something to be said for the independent folks—the holes-in-the-wall, the Mom and Pops, the community staples.
Especially when it comes to credit unions, navigating big banks and mass capitalism can be soul-crushing. Sometimes, we reminisce on our childhoods—going to the bank on a Friday morning to be greeted by a smiling teller handing out hot coffee and Dum Dums. Those were the days.
But even in the age of apps and big business, finding an independent bank or credit union you love can be more than just a fantasy. And if you can’t find what you’re looking for, opening a credit union of your own can be a reality, too.
First, Plant Your Business
When we talk about those Friday morning errands with mom, we are brought back to a specific time and place. If you’re interested in opening a credit union of your own, the first thing to consider is where you want hat credit union to be. Choose what community you’d like to serve. Is it a monument from your childhood, or do you want to start somewhere new?
Thankfully, a credit union would be useful in almost any community, but nailing out the demographic that suits you best will help make your passion a reality.
Then, Water It
In addition to featuring low-interest savings, high-rate investment accounts, debit card deals, and other typical bank goodies, feel free to showcase the individuality of your business. Once you build a website, you can interact with the people in your network by featuring photos of customers, news about special events, and even inside-jokes only people in your community will understand.
Choose a credit union marketing agency that can help you with your unique outreach strategy. Digital marketing is more than just newsletters and status updates. It can be an ongoing engagement with those who are loyal to you. While many businesses focus their marketing tools on new client outreach, many skimp on customer retention efforts. By making your credit union a place where everybody knows your name, word of mouth is sure to keep oldies coming back, and bringing newbies in the door.
Then, Watch It Grow
Once you’ve invested in a location and marketing strategy for your credit union, it’s time to reap the benefits of your new business.
Many people who participate in smaller credit unions will also subscribe to national banks, so the key is to make your business their favorite.
There is something reassuring about handling finance with people who live and work in the place you live in. For example, this credit union in Grandville, MI focuses its marketing on the loyalty of the business. It opened in 1967 and has harnessed easy banking and financial strategies for its customers.
Lastly, Keep It Alive!
After the initial push, many new entrepreneurs understandably get tired and lose momentum. If you started a business and feel like you are in a slump, know that it is normal. But despite the normality of it, you can stay energized by staying true to your original mission, reminding yourself of your brand, staying in healthy competition, and being confident about your talents.
Opening a small credit union in an age of big banks is a feat not many people are willing to try. At the end of the day, credit unions exist to promote financial health. Even on the bad days, you did the thing. Months will change, years will change, some climates might be a pain in the rear. But at the end of the day, whether you are providing services to an entire nation or a thousand-person town, you can fall asleep knowing you’ve done something good.