Starting a Business

Wahpeton Breckenridge Chamber



Info About The Chamber of Commerce

 Click for Relocation & Visitor Info
 

What You Should Know About
Starting a Business in Minnesota

  1. Phone the Minnesota Small Business Assistance Office:  (612)296-3871 or 1-800-657-3858.  Ask for a free copy of "A Guide to Starting a Business in Minnesota."

  2. Know what business you are getting into.

  3. 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.

  4. Determine type of business organization: (Proprietorship-Partnership-Corporation).

  5. Prepare a comprehensive business plan - include your action timetable.

  6. Decide on your business hours.

  7. Secure necessary capital. (Bank loan - budget to save - borrow on insurance, etc.)

  8. Obtain needed facilities - equipment - furnishings - supplies - stock.

  9. Recruit personnel - establish job descriptions and training program.

  10. Print business cards - stationary - invoice or statement forms.

  11. Register name of business (your assumed name) and / or file articles of incorporation with Minnesota Secretary of State.  (612)296-2803... Publish notice in newspaper.

  12. Secure business licenses and permits...check local and state.

  13. Obtain Sales & Use Tax Permit (if applicable): 1-800-657-3777.  (Must display at business location.)

  14. Register for IRS Federal I.D. number:  (612)644-7515 (Form SS-4)  Register for Minnesota I.D. number:  (612)296-3781 (Form MBA)  Sole proprietors who do not have employees, who are not required to file information returns, who do not have a retirement plan for themselves, who are not required to pay federal excise taxes in connection with their business, or who do not make retail sales subject to MN sales and use taxes may generally use their social security number as their federal and state I.D. number.

  15. Establish bank account (separate from personal account).  Shop for the bank and services that best suit your needs.

  16. If you intend to hire employees in your business, phone the Minnesota Department of Economic Security:  (612)296-6141 and ask for a free copy of "Unemployment Insurance Information for Employers" (Publication DES-30).

  17. Phone the Internal Revenue Service for a free copy of "Small Business Tax Kit" 1-800-829-3676. Tax Education Workshops (free) at 1-800-829-1040.

  18. Issue news releases - publicize your new venture.

 
go to home page

Back

Index