Editor’s note: This blog is written by Gretchen M. Seifert, Associate Campus Director, Minnesota School of Business – Shakopee.
Starting your own business can be a way to find your passion in life. I have recently been thinking about a couple things I would like to add on to my bucket list. I have always dreamed of owning a flower shop. As I was researching start-up companies, I wanted to share with you a list of things to think about as you decide on starting your own business.
1) Spend some time brainstorming about a business idea. Start a business journal. Include all of your thoughts and ideas for your business in this journal.
2) Create a Business Plan. Include the general idea of your business. This should include the location, target audience, how you plan to reach them, an analysis of the competition in the area, how much financing you need to start operations.
3) Get Financing. Plan to have at least one year of expenses covered to give yourself a chance to get the business up and running. If you need money to start, seek a loan from a bank or search for grants through the government’s grant.gov website.
4) Select a business name and decide on the structure of the business.
5) Get an Employer Number (EIN), also known as a federal tax identification number, and register for Minnesota state taxes. This can be found at IRS.gov.
This is a short list to get your started. Good luck with your business!