Step 1: Plan Your Business Idea
Why is professional business planning so important in this world of ours where nothing guarantees success? Well, because we’re at the mercy of the odds in most respects and as Louis Pasteur put it, “In fields of observation [read: business], chance favors only the prepared mind.” Your game plan helps you get the most out of your ideas throughout the business cycle and increases your odds of noticing golden opportunities.
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. We'll guide you step-by-step through the process and help refine all your core fundamentals: marketing, budgeting, milestones, pitch, etc. into a presentation-ready plan.
Step 2: Choose Business Structure & Register
Let’s assume your executive summary is a masterpiece the likes found in the Milwaukee Art Museum.
Next step is threefold: choosing the legal entity you intend on creating, registering, and in the process registering your official brand name with the state. Don’t worry, for most first-time entrepreneurs this part goes down as smoothly as one of Solly’s Butter Burgers.
Most entrepreneurs form an LLC because it has all the benefits of a Corporation without the disadvantages like double taxation, board of directors or corporate officers. However if you're trying to take your company public or raise substantial outside capital, you should probably form 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.
Step 3: Tackle Wisconsin Tax Obligations
Now that you’re official your brand can bite into juicy tax incentives, subsidies, credits and kick-backs. And unlike the network of winding slides in America’s waterpark capital, you’ll find their tax code quite friendly relative to location and business structure.
Take Action: Head on over to the Wisconsin Dept. of Revenue website’s Businesses Section which currently sports a free video/webinar showing you how to set up an account and get your Brewers in a row. Also, the Starting a New Business section has online registration options.
Step 4: Obtain Licensing & Permits
Is Wisconsin home to America’s Swiss cheese capital? Yes, it’s in Monroe just west of Janesville. However, because the state’s regulatory system is so modernized there’s very few holes to jump through in terms of licensing or permits. You’ve basically got two options here:
- For DIY’ers bookmark the License/Permit/Registrations page through the WI Dept. of Safety and Professional Services.
- For help, a Business License Package is excellent. They determine everything required on Federal, State, County and Municipal levels, get the forms, and provide step-by-step filing instructions.
Step 5: Open A Business Bank Account
The next logical step is to ensure your brand’s financials are centralized in a benefit-filled and startup-friendly banking institution with its own checking/savings accounts. Don’t get your personal accounts into the mix.
- Shop around at local and national banks to compare features. Typically an online national bank like Capital One or CitiBank will give you the best rates and features.
- User-friendly, fast, secure, tons of automation, easier forecasting, more efficient marketing budgets…the benefits are near endless which is why this startup-tech is indispensable. Check out our guide to Business Accounting Software and sync whichever you choose with your new small business bank account.
Step 6: Pick A Stellar Wisconsin Location
There’s a fair amount of financial incentives to basing operations in Wisconsin but from the stunning lake views of Bayfield in the north, to the bustle of Madison in the south there’s a 1000 reasons to set up a brick and mortar location as well. Furthermore, Wisconsinites know how to back a brand they identify with.
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.
Step 7: Fund Your Business
Because you handled step 5 so brilliantly and your software’s rock solid, now it’s just a matter of raising capital when needed and strategically bootstrapping your way to lovely numbers. The good news is Wisconsin has the entire smorgasbord in terms of credit, grants, VC’s, angel investor funds, and a newer option we like is social lending.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like tailgating and BBQ sauce. You can also browse our guide on How to Finance a Business to start generating ideas.
Step 8: Design & Publish A Business Website
Honestly we weren’t originally going to include this step but believe it or not there are still armies of startups who don’t take it as seriously as they should. Not necessarily in terms of marketing potential, which is clearly there in spades, but in terms of establishing a digital presence. What do people find when they investigate your brand?
Take Action: The first step is finding the right platform, which thankfully there are a couple fantastic business website builders. Our favorites are Wix and Weebly. No matter which website builder you end up choosing, you’ll be in good hands since each one offers free support.
Step 9: Market Your Business
Did you know the Green Bay Packers are a publicly-owned, nonprofit franchise and it can take years on a wait list to get season tickets? Almost no one does fan-hood like Packers fans. There’s a ton to be learned when it comes to marketing – brand ownership.
Take Action: Look at the ways people are able to get behind and involved with your brand. Listen, this is why CrowdFunding is growing by leaps and bounds. How could you leverage the platform to both market and raise debt-free funds simultaneously? Or are traditional methods more appropriate for your business? Do the research!
Step 10: Continue Learning & Stay Inspired
Fantastic! With steps 1 through 9 in the bucket please consider Startup Savant a reliable source of motivation, tools, and valuable insight from fellow change-makers. It’s about riding the learning curve to the good life and staying jazzed-up along the way.