Marinette County Association for Business and Industry, Inc.

Growing quality of life

Starting a New Business

startrightDeciding to start a business can be an exciting but overwhelming journey which involves planning and making key financial and personal decisions. Here are areas to cover going forward with a business.

A Timeline for Opening a Business The amount of time it takes to open a business depends on the nature of your business idea. Assuming you are starting from scratch and you want your business to be as comprehensive as possible, you should begin planning your business at least 12 months from your anticipated start date. This will allow ample time to research your business idea, obtain permits and licenses and organize the legal structure of your business.

Create a Business Plan and Financial forecast (Business-Plan-for-a-Startup) (12_Month_Cash_Flow (3-Yr_Profit-Loss-Projection)

  1. Determine your financial needs such as Start-Up-Expenses
  2. Partnership
    1. Partnership agreements
    2. Define Roles of each partner
    3. Dissolution
    4. Buyout options
    5. Disputes

Speak to an accountant. Decide whether you are going to hire an accountant, bookkeeper or do yourself.

  1. Consider filing and paying of taxes
  2. Cash vs Accrual bookkeeping
  3. Employees
  4. What business structure works best? More info at IRS.gov
    1. Sole Proprietor
    2. Limited Liability Company
    3. Limited Liability Partnership
    4. C‐Corp
    5. S‐Corp

Choose your Business name

  1. Register your business name and structure with the Wisconsin Department of Financial Institutions, WDFI.org
  2. Obtain any licenses pertaining to your business

Register with the Wisconsin Department of Revenue for state tax and/or sales tax filings. This is a one-stop shop for other State registration, including WDFI.

Contact the municipality of your business in regards to laws, regulations, and permits pertaining to your business.

Choose your location and equipment for your business. LOCATION, LOCATION, LOCATION……

How will you finance this business? What are your Start-up Expenses*?

  1. Owner equity
    1. Cash
    2. Property
    3. Equipment
    4. Contracts
  2. Lending institutions (Amortization_Schedule)
    1. Banks
    2. Credit unions
  3. Public money
    1. City, County or State low interest loans
    2. State, Federal Grants (rare)
  4. Private money
    1. Venture capital
    2. Equity partner
    3. Private/Foundation Grants
  5. See Economic Resources

Get business and liability insurance.

For a more in depth look at starting a business on start-up decisions and choices, this may be of help. Start Right-Think Ahead

 *Templates courtesy of SCORE.org