For the same reason you don’t just head off on a long Minnesota cross-country ski trail without an idea of what you’re doing, you don’t start a company inside her borders without a professional business plan. It’s that simple. Google around on the subject and their value for 10 minutes and you’ll know beyond doubt why this is your first step.
Take Action: Check out our 100% free Business Planning Guide designed to get you from A-to-Z as pleasantly as possible. Plus, we provide access to tons of other great tools along the way.
The next step is to come to terms with the type business structure you intend on forming. Once you’ve made your decision get the ball rolling on registration so that you can protect your personal assets (house, car, etc) and secure your brand name.
Most entrepreneurs form an LLC because it harnesses all the benefits of a Corporation without taking on any of its disadvantages like double taxation, board of directors or corporate officers. However if you’re trying to take your company public via an IPO or raise substantial outside capital, consider forming a Corporation.
Take Action: Since this step is so important and expensive if it’s not done correctly, we highly recommend investing 10 minutes to go over your options through our business structure comparison guide. You’ll get a better idea of the advantages and disadvantages of each while building a solid legal foundation for your business.
Integrated into the registration process are tax obligations. Good news is that along with riverboats, bands and booze, Minnesota is brimming over with incentives, credits, entrepreneurial-friendly programs and other tax benefits that your brand deserves to leverage. Just be sure to do your homework.
Take Action: Head on over to and bookmark the Minnesota Dept. of Revenue’s Tax Information for Minnesota Businesses. If you don’t have an accountant yet, this page is going to be indispensable.
There’s a large amount of variables that determine how much regulatory red tape you’re looking at to become compliant with all relevant state/federal agencies. It could be simple, quick and easy, or like trying to get a booth at the MN State Fair is arguably the largest 12-day event held in North America.
Once your brand is legally named, registered and fully-licensed to do business in Minnesota, your last piece of official business is setting up separate checking/savings accounts so your financials are centralized, clean and tidy. Remember, the bank you choose will in time become a potential lender.
We’re talking about a landscape with 11,000 lakes so if your product or service has to do with water, you’re going to love it. Regardless, where you choose to settle is very important. Two things to focus on initially are how many resources you have in the area with which to grow the brand, and how much easier or harder the area makes managing the business.
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
Funding. Capital. Dinero. As you know it’s the lifeblood of business. And yes, Minnesota has a thriving entrepreneurial culture that supports bootstrapping but eventually outside money becomes a necessity. When it does, don’t forget to keep non-conventional options handy like Social Lending and CrowdFunding which have recently seen tremendous growth in MN.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like the words Deep and Fried. You can also browse our guide on How to Finance a Business to start generating ideas.
Whether all you need is a simple responsive one-pager with the basics of your brand, an agency-based site, or an ecommerce store, websites are no longer optional. We understand it can be an undertaking, and websites are never “done” but considering the potential they bring to the table it’s a no-brainer.
Take Action: The first step is finding the right platform, which thankfully there are some very good options. We highly recommend checking out Wix or Weebly, which are two of the most popular. Both help you build a professional business website while being very easy to use. No previous tech-skills required.
This is definitely tough no matter how you slice it. What we can tell you is that the VAST majority of success stories start local, often very close to home. So no matter where you set up shop, even if you’re online only, the people of Minnesota have a ton to offer.
Take Action: While it might sound cliché, how well do you know your ideal clients/customers/users? Honestly? As technology and software tools continue changing the game, remember the ways your brand connects with these folks is your most potent source of inbound/outbound marketing.
Startup Savant is really hammering down on entrepreneurial interviews because we believe they’re an incredible source of learning and motivation. Browse a couple and you’ll see why. Plus, they really work well with all the many tools we love to lavish our readers with.