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1. |
Decide the form your business will take: Sole Proprietorship "S" Corporation; Partnership "C" Corporation: or Limited Liability Company (LLC). Consider tax implications prior to determining business form. |
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2. |
Contact a lawyer and discuss the following: legalizing the business, contracts, registering name, and other legal requirements. |
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3. |
Establish contact with an insurance agent(s) re: liability insurance, life insurance, disability income and workers compensation. |
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4. |
Decide the record keeping systems you will need: accounting, inventory control, overhead, wages/salaries, sales, receivables, payables, customer lists, prices, government reporting, taxes, and benefits. |
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5. |
Business design and printing needs to consider: letterhead, business cards, logo, etc. |
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1. |
Measure the potential market in $: current\next five years\long term. |
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2. |
Investigate the present service to the market; competition including number of, reputation of, location of, and sales volume of competitors. |
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3. |
Estimate your share of this market to ensure business growth. |
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4. |
Estimate the number of sales or customers needed to achieve these goals. |
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5. |
Attract your customers, ie., convenience, better prices, better quality, wider assortments, customer service, fast service, warranty. |
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6. |
Know the types of advertising that will attract your customers. |
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7. |
Consider advertising brochures, trade shows, web page, and formal sales/marketing plan to attract customers. |
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1. |
Calculate your financial requirements for maintaining the business: equipment, taxes, supplies, advertising, fees/licenses, utilities, insurance, inventory, vehicles, premises/rent, machinery/fixtures, wages, 401K, medical/benefits plan. |
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2. |
Estimate your first year operating costs. |
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3. |
Complete financial statements. |
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4. |
Determine what you have to invest in the company, ie, personal, savings, property, equipment. |
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5. |
Estimate cash flow requirements. |
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6. |
Estimate the following requirements: cash flow, interest rate impact, sales forecast, profit/loss projections, and inflation impact. |
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7. |
To apply for a business loan, you will need the following: business plan, working capital requirements, financial statements, sales projections, cost of living budget, personal resume, personal financial statements, other sources of income, and start up costs. |
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Economic Development Center
5988 Mid Rivers Mall Dr. Suite 100, St. Charles, MO 63304
Phone: 636.441.6880, Toll Free: (877) 441-6880, Fax: 636.441.6881
E-mail: info@edcscc.com
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