Checklist for Going into Business in Minnesota

Checklist for Going into Business in Minnesota

Completion Date

Reference Materials:

Obtain a free copy of "A Guide to Starting a Business in Minnesota" at Minnesota Small Business Assistance Office (651) 296-3871 or www.bizlinks.org/resources.html.

If you intend to hire employees in your business, phone the Minnesota Department of Economic Security; (651) 296-3674 and ask for a free copy of "Unemployment Insurance Information for Employers". (Publication DES-30)

Phone the Internal Revenue Service for free "Tax Guide for Small Business" (Publication #334). In the Metro Area phone (651) 644-7515. For greater Minnesota locations, phone 1-800-829-1040. Free Tax Education workshops at (651) 290-3320.

Prepare a comprehensive business plan:

Thoroughly estimate your starting costs

Project two years of monthly cash flows: most likely and worst case

Conduct thorough research of potential customers, your trade or industry, your competition, your licensing and tax requirements, your business location and name, your personal business strengths and weaknesses, etc.

Know how to price the goods and services you sell

Establish customer payment policies. This includes check cashing, payment terms, extending credit and use of credit cards.

Identify your suppliers. Have firm agreements with them in place before you start, i.e. terms, prices, ordering policies, delivery schedules.

Registrations/licenses:

Determine type of business organization: Sole proprietor-Partnership-Corporation-Limited Liability. Forms and information available at www.bizlinks.org/resources.html

Register name of business (your assumed name) and/or file articles of incorporation with Minnesota Secretary of State's Office, (651) 296-2808, www.sos.state.mn.us .More information in "Guide to Starting a Business in Minnesota".

Obtain Sales & Use Tax Permit; businesses engaged in making taxable retail sales or providing services: (651) 296-6181

Register for IRS Business I.D. Number: (651) 644-7515 (Form SS-4)

Register for Minnesota Business I.D. Number: (651-296-6181

Secure business license and permits. States, 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 (building, fire, health, etc. Franchise business should contact the Minnesota Department of Commerce.

Make sure that the location you select for your business is properly zoned for your type of business.

Insure your business. Some basic types of insurance are: property insurance (include fire, storm, glass, auto, theft, vandalism), business interruption, key person, liability, workers' compensation, health insurance, product liability, fidelity and surety bonds.

Contact for Government Contracting: the SBA Procurement office to register as a women/minority owned company at 612-370-2314. Register on Pro-Net at www.sba.gov/8abd. Informational meeting scheduled every 1st Tuesday of the month at the Butler Square office

Tax ID# (651)-282-5225

Financial Management

Establish business bank account that is separate from your personal account

Review personal credit report/prepare personal financial information/schedule a meeting with a bank to determine borrowing capabilities.

Have a record system that will keep track of all of your income and expenses, inventory, payroll records, and tax report.

Develop an understanding of tax responsibilities. Contact an accountant who will help with your financial statements (preparation and interpretation)

Rework cash flows as business involves.

Employee Requirements

Have job descriptions and work policies in place for all employees. Determine benefit packages, policies and training

Understand your requirements for employees; payroll taxes, employment requirements. Consider hiring a payroll service.

Marketing

Print business cards - stationary- invoice or statement forms. Design logo

Issue news release

Plan Grand Opening Festivities

	Completion Date
Reference Materials:
Obtain a free copy of "A Guide to Starting a Business in Minnesota" at Minnesota Small Business Assistance Office (651) 296-3871 or www.bizlinks.org/resources.html.
If you intend to hire employees in your business, phone the Minnesota Department of Economic Security; (651) 296-3674 and ask for a free copy of "Unemployment Insurance Information for Employers". (Publication DES-30)
Phone the Internal Revenue Service for free "Tax Guide for Small Business" (Publication #334). In the Metro Area phone (651) 644-7515. For greater Minnesota locations, phone 1-800-829-1040. Free Tax Education workshops at (651) 290-3320.


Prepare a comprehensive business plan:
Thoroughly estimate your starting costs
Project two years of monthly cash flows: most likely and worst case
Conduct thorough research of potential customers, your trade or industry, your competition, your licensing and tax requirements, your business location and name, your personal business strengths and weaknesses, etc.
Know how to price the goods and services you sell
Establish customer payment policies. This includes check cashing, payment terms, extending credit and use of credit cards.
Identify your suppliers. Have firm agreements with them in place before you start, i.e. terms, prices, ordering policies, delivery schedules.



Registrations/licenses:
Determine type of business organization: Sole proprietor-Partnership-Corporation-Limited Liability. Forms and information available at www.bizlinks.org/resources.html
Register name of business (your assumed name) and/or file articles of incorporation with Minnesota Secretary of State's Office, (651) 296-2808, www.sos.state.mn.us .More information in "Guide to Starting a Business in Minnesota".
Obtain Sales & Use Tax Permit; businesses engaged in making taxable retail sales or providing services: (651) 296-6181
Register for IRS Business I.D. Number: (651) 644-7515 (Form SS-4)
Register for Minnesota Business I.D. Number: (651-296-6181
Secure business license and permits. States, 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 (building, fire, health, etc. Franchise business should contact the Minnesota Department of Commerce.
Make sure that the location you select for your business is properly zoned for your type of business.
Insure your business. Some basic types of insurance are: property insurance (include fire, storm, glass, auto, theft, vandalism), business interruption, key person, liability, workers' compensation, health insurance, product liability, fidelity and surety bonds.
Contact for Government Contracting: the SBA Procurement office to register as a women/minority owned company at 612-370-2314. Register on Pro-Net at www.sba.gov/8abd. Informational meeting scheduled every 1st Tuesday of the month at the Butler Square office
Tax ID# (651)-282-5225

Financial Management
Establish business bank account that is separate from your personal account
Review personal credit report/prepare personal financial information/schedule a meeting with a bank to determine borrowing capabilities.
Have a record system that will keep track of all of your income and expenses, inventory, payroll records, and tax report.
Develop an understanding of tax responsibilities. Contact an accountant who will help with your financial statements (preparation and interpretation)
Rework cash flows as business involves.



Employee Requirements
Have job descriptions and work policies in place for all employees. Determine benefit packages, policies and training
Understand your requirements for employees; payroll taxes, employment requirements. Consider hiring a payroll service.



Marketing
Print business cards - stationary- invoice or statement forms. Design logo
Issue news release
Plan Grand Opening Festivities