Below is a list of some FAQs regarding business startup, compiled by Community and Economic Development Associates’ Joya Stetson.
Business Planning
You should start a business that you will be passionate about. Entrepreneurship can be very rewarding; however, it is also challenging and requires the dedication of significant time and financial resources. Therefore, it’s very important to love what you do so that it will be easier to stick with it through the difficulties you’ll invariably encounter.
Furthermore, you should do some market research as it pertains to the demand, financial feasibility and sustainability of your idea. While passion is important, if a business won’t be profitable, it will be difficult to continue its operation long-term.
The State of MN has produced a robust guide to starting a business. The information is lengthy, but could provide some valuable points of interest for someone looking for answers. Their guide, including an index, can be found here.
While tools exist online in today’s landscape (e.g. RocketLawyer, LegalZoom, etc.), it is up to you to determine your understanding of the topic and what your needs might be. Different structures come with varying levels of personal liability and each tends to have its own set of benefits.
Through the Small Business Development Center, small businesses do have access to a free 30-minute legal consultation that may assist with matters such as this, too.
SBDC, located in Rochester, MN on the RCTC campus in the Heintz Center, provides a number of services to its small business clients. As an organization funded through the Small Business Administration (SBA), their services are provided at no charge.
They can assist with items such as business planning, cash projections, financial/loan packaging, marketing, research, and other business needs. Further, services such as a free 30-minute legal consultation are accessible through the SBDC offices.
Registration is free and easy at: