415 South Grove Street Suite 4 · Blue Earth MN 56013 · Map
(507) 526-6275

Starting a Business - Business Assistance

Starting a Business Checklist:
_______________________________________________________________________________

  • 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. 

______________________________________________________________________________________________________________________
  Starting a Business Icon Bar
  News Icon Bar

Happy Manufacturing Week!

Happy Manufacturing Week!

Happy Manufacturing Week to all Faribault County Manufacturers! 

Read more

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...

Read more

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...

Read more

Succession Planning Workshop

Succession Planning Workshop

YOU'RE INVITED!   Succession Planning is important for all business owners, whether you are just starting, or are thinking about retirement. We hope you will join us on September 10th at Hamilton...

Read more

Winnebago Redevelopment Opportunity

Winnebago Redevelopment Opportunity

The City of Winnebago is searching for a developer to redevelop a site on Main Street located at 34 Main Street South. The City is applying for grant funding to...

Read more

July Business Spotlight

July Business Spotlight

The Silhouette in Easton is the EDA July Business Spotlight. Joline Pearson, the owner, explained her mom started the Silhouette in a double wide trailer on their property. The business...

Read more

June Business Spotlight

June Business Spotlight

The EDA met at First Financial Bank in Winnebago to spotlight the business. Bill Erickson, President of the bank accepted the certificate. First Financial Bank sponsors many community events, and...

Read more

May Business Spotlight

May Business Spotlight

The Faribault County EDA met at The Bean in Wells to spotlight the coffe shop. Each month, the EDA chooses a business to spotlight at the meeting. The Bean features...

Read more

County, Blue Earth, no longer share

County, Blue Earth, no longer share

County, Blue Earth, no longer share CEDA’s Annie Leibel started working for county’s EDA December 30, 2018 Chuck Hunt - Register Editor chunt@faribaultcountyregister.com, Faribault County Register   And now there are two.A second economic development specialist...

Read more