In September of this year, Forbes ranked Minnesota as the biggest gainer on its list of the Best States for Business. With its economic hub located in the Minneapolis-St. Paul area, the state jumped 12 places to take 8th position in the rankings for best business state. If you are considering building your own business in Minnesota, the U.S. Small Business Administration recommends the following steps to launching a successful venture:
- Create a Business Plan ― Maximize your chances of success and investor interest by writing a roadmap outlining the path you want your business to take.
- Get Access to Training and Assistance ― Look to friends, family, government websites and Minnesota voluntary organizations for guidance as you begin to create a vision of your venture.
- Select an Optimal Location ― Seek advice on the best location for attracting your desired client base.
- Get Financing ― Seek government-backed loans or grants, or attract investors directly through crowdfunding platforms that avoid the struggle of trying to secure a commercial loan.
- Determine your Business Structure ― Seek legal advice about the suitability of various structures, including sole proprietorships, general or limited partnerships, LLCs, corporations, and nonprofits for your business.
- Choose a Business Name ― File this name with the state.
- Register for a Tax ID Number ― Consult with an attorney and accountant to ensure you understand the state and local taxes your business needs to pay.
- Get Necessary Permits and Licenses ― Depending on the nature of your business, federal, state and local permits may be required.
- Understand Your Employer Responsibilities ― Learn about the steps to take when hiring employees and the legal duties affecting you as an employer.
If you are a Minnesota resident setting up your own business, trust the business lawyers at Hess & Jendro Law Office, P.A. to apply four decades of combined experience to helping your fledgling company be successful. Call us today at 763.241.4855 for a free consultation.