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Reopening Strategies for Businesses

Reopening Strategies for Businesses

The Faribault County EDA is here to help as businesses begin to reopen. Here is a reopening guide put together by the Minnesota Retailers Association: https://www.mnretail.org/news/item/reopenHere is a safety plan template put...

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COVID-19 Resources for Businesses

COVID-19 Resources for Businesses

The EDA is here to help our Faribault County Businesses. If you are looking for guidance on the financial assistance programs, please take a look at this presentation. If you...

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January 2020 Business Spotlight

January 2020 Business Spotlight

The Faribault County EDA visited the new addition of Heartland Senior Living, Parker Oaks in Winnebago. Heartland Senior Living was formed in 2017 as a nonprofit. The nonprofit purchased three...

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10 Week Succession Planning Class

10 Week Succession Planning Class

Calling all business owners!The Faribault County EDA is partnering with the University of Minnesota Extension to provide a 10 week course on succession planning for businesses in Faribault County. The...

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2020 Meeting Schedule

2020 Meeting Schedule

  2020 EDA Meeting Schedule All Meetings begin at 3:00pmTuesday, January 21, 2020 Winnebago Tuesday, March 17, 2020 Elmore Tuesday, April 21, 2020 Minnesota Lake Tuesday, May 19, 2020 Blue...

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November Business Spotlight

November Business Spotlight

The EDA met at CCF Bank in Wells for their November meeting. The Board heard an update from Kelsey Warmka in regards to the plan to offer space for a...

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October Business Spotlight

October Business Spotlight

The EDA visited Minnesota Lake for their October Meeting. After the meeting, Board Members visited Kasey's Country Cuts to present the October Business Spotlight Award. Kasey Stenzel is the owner...

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Happy Manufacturing Week!

Happy Manufacturing Week!

Happy Manufacturing Week to all Faribault County Manufacturers! 

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Sign up for the Succession Planning Workshop!

Sign up for the Succession Planning Workshop!

The workshop is quickly approaching, so don't forget to signup online. https://www.eventbrite.com/e/succession-planning-workshop-tickets-66244405801Succession Planning is meant to help prepare businesses for ownership transition. In Faribault County this is especially important because closure...

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August Business Spotlight

August Business Spotlight

The August EDA Meeting was held at in Frost, to spotlight Julie Halverson, owner of Julie's Bar and Grill. Julie serves great food, and advertises through a wide range of...

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Starting a Business Checklist:
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  • Prepare a comprehensive business plan 
    • Anyone who extends credit to you (lenders, suppliers, equipment, and property lessons) will ask to see it.
  • Estimate your start-up costs. These include:Have a record system that will keep track of all of your income and expenses, inventory, payroll records and tax reports. Have an accountant who will help you with your financial statements. 
    • Rent, supplies, utilities, insurance, inventory, licesnse and permit fees, legal and professional fees, equipment, decorating costs, advertising and promotional costs, salaries and wages, and adequate cash reserves. 
  • Insure your business. Some basic types of insurance are:Know how to price the goods and services that you sell. 
    • Property insurance, business interruption, key person, liability, workers' compensation, health insurance, product liability, fidelity and surety bonds. 
  • Identify your suppliers. Have firm agreements with them in place before you start. 
    • Terms, prices, ordering policies, delivery schedules.
  • Establish customer payment policies. This includes: 
    • Check cashing, payment terms, extending credit and use of credit cards. 
  • Set up a company bank account that is separate from your personal bank account.
  • Have job descriptions and work policies in place for all employees. Determine benefit packages keeping in mind things such as:
    • Payroll tax, health and/or life insurance, vacation, sick leave, and training.
  • Determine the type of business organization for your company. Register your business with the Secretary of State's Office. If you are a corporation, file with the Secretary of State. 
    • Proprietorship, partnership, or corporation. 
  • Minnesota businesses will need one or more tax identification numbers. These include:Businesses engaged in making taxable retail sales or providing taxable services will need a Minnesota Sales and Use Tax Permit. 
    • Federal Employer Identification Number, the Minnesota Taxpayer Identification Number, the Minnesota Unemployment Compensation Employer Identification Number.
  • The state, counties, and municipalities of Minnesota may require one or more licenses for your business. For the state, check with the Minnesota Small Business Assistance Office. For the County and City, check with your local government offices about permits and codes.
  • Make sure that the location you choose for your business is properly zoned for your type of business. 

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