Following your dream of owning your own business isn’t easy.
It takes time, but it is worth the effort. Get started with these 10 steps.
1. Complete the Business Readiness Tool and submit your idea. The information you provide will help us understand your next steps and what resources will best fit your needs. Once we receive your information, one of our team members will reach out to you with tools and resources to help guide you through the process.
2. Register for a free account on Initiate Prosperity: Powered By Southwest Initiative Foundation. This online resource has numerous tools covering business start-up, money, marketing and management.
3. Contact the Small Business Development Center so they can help you get started on a business plan and cashflow projections.
4. Identify your target market and customers and begin working on a marketing plan. For tips, check out this resource from the U.S. Small Business Administration.
5. Know your financial health and determine your financial needs. You can check your credit score for free from Equifax, Experian, and TransUnion.
6. Determine your legal business structure and check business name availability.
7. Connect with LegalCORPS for a free 30-minute consultation where an attorney can provide advice related to your business. To schedule an appointment, contact Jackie Turner at (320) 583-2180 or email Jackie.
8. Visit the Minnesota Secretary of State office to find out more about state resources and requirements for small business owners. Be sure to register your business! For information on the federal level, check out the “Starting a Business” page by the IRS.
9. Explore the city and county resources where your business will be located.
10. Finish your business plan, cash-flow projections and marketing plan. Set up a meeting with your local lender to discuss your dreams!
