Business Toolbox

 

Creating a Profitable Retail Environment

Business Toolbox

Fall 2011 Business Operators Survey Results

BusinessOperatorsSurveyResults

There are many things to consider when starting, purchasing, or expanding a business. This guide is designed to give a brief overview of some of the things to think about and to give you some places to look for help. For this guide, it is assumed that most of the businesses will be start-ups, although it can be used by anyone that owns, wants to expand, or purchase a business.

Do your homework As the saying goes, “if you fail to plan, you plan to fail”. Some of the things you need to do, either prior to, or during the preparation of your Business Plan are as follows.

  • Do some soul-searching – do you have what it takes to run a business, how do you handle stress, do you want to have employees, how are your management skills, will your family be supportive?
  • Research the competition – who are they, what are their strengths and weaknesses.
  • Talk to prospective clients or customers.
  • Talk to potential suppliers.
  • Talk to a business attorney and/or an accountant. They can help you decide what type of entity might be best for your business.
  • Understand your market including demand for your services or products, pricing location, economic conditions. Why will anyone buy what you have to sell?
  • Have a firm grasp on the skills you bring to the business, what your shortcomings are, and how you will compensate for them.
  • Understand your financial strength and tolerance for risk.
  • Do you want to start a business from scratch, purchase an existing business, or perhaps purchase a franchise?
  • Should you buy or lease buildings or equipment?
  • What might go wrong?

Write your Business Plan. The following components should be included in your plan.

  • Executive Summary
  • Description of the Business
  • Management Summary
  • Marketing Plan
  • Competition Analysis
  • Description of the Products/Services
  • Operational Plan
  • Financial Projections (3 years, 1st year month by month)
    • Start-up Costs
    • Income Statement
    • Balance Sheet
    • Cash Flow
    • Breakeven analysis
    • Assumptions

If you need help writing your business plan you can purchase software, contact local non-profit organizations that can help you, or hire a professional business consultant that will work with you to put your ideas and knowledge into a Business Plan. Some places for help are:

If you are seeking financing, you will also want to include other items as part of your Business Plan. Such things as Personal Financial Statements, Resumes, Tax Returns, Offers to Purchase, and an Intent to Lease are just a few of the items to include. Anything that will help the reader of your Plan get a better understanding of what you want to do, and what you “bring to the table” should be included.

  • A local resource to better understand business cash flow is:  Rick Montgomery, Cash Flow specialist at 715.889.2409.

Some of the items to be answered in your Business Plan include:

  • What must I finance to support my needs?
  • What amount of financing will meet my needs?
  • When and how long will I need these funds?
  • How will I generate sufficient cash flow to repay the loan?

Remember, the bank will not finance 100% of your venture. You will have to have something at risk also. The amount the bank will require varies from bank to bank, and can also depend on the type of financing and guarantees available.

Other sources of information:

If you are considering a franchise business, a franchise consultant can help determine what type of franchise might be best for you. A couple of franchise consultants that can help are:

  • Thedco Consulting, LLC, Hank Edmunds, [email protected] or http://www.thedcoconsulting.com/index.htm.
  • Alpha Business Connections, LLC, Charles Kleinhans, [email protected] or www.alphabusinessconnections.com/.
  • www.franchise.com – for those that want to research franchises on their own.

http://www.commerce.state.wi.us/BD/BD-EntrepreneursStartups.html

Entrepreneurs and Start-ups
What is the first step you need to take to start or expand your business?

Make sure you’ve got a plan.

If you’ve got a great idea for a business but are not sure how to get started, the best contact for you is the Wisconsin Entrepreneurs’ Network.   The Wisconsin Entrepreneur’s Network will help you find products, services, publications and websites that will assist in the development, growth and success of your business.

There is an on-line resource Tool-kit available any time of day or night for Entrepreneurs interested in starting a business in Wisconsin.

Business Hotlines are available by calling the Department of Commerce Help Business Line at 1-800-HELP-BUSiness (1-800-435-7287) or the Small Business Development Center (SBDC) AnswerLine Call 1-800-940-7232.  They’re available to give free answers to your business start-up or management questions from Monday to Friday, 8:30 to 4:30 p.m.   You may also submit questions on-line to the SBDC.

The mission of the Wisconsin Small Business Development Centers (SBDC) is to enhance the success of Wisconsin small business through management education. By providing advice, training, and resources for entrepreneurs and small companies, SBDC’s help businesses create jobs and connects entrepreneurs and small business owners with knowledge, tools, and resources from here and around the world.

If you have a plan, but need more detailed information…

Business incubators can play a nurturing role in helping young businesses survive and grow during the start-up period when they are most financially vulnerable. Business incubators are facilities that provide small, entrepreneurial businesses with affordable space and shared support and business development services, such as financing, marketing, and management.   From the list of Wisconsin incubators you can find out the information about the space currently available and the amenities and services offered by a a particular incubator.

Small and merging businesses throughout Wisconsin can receive up to two hours of free legal counseling services from a Business Lawyer at no cost. This public service is offered by the Business Assistance Lawyers from the State Bar of Wisconsin.   You can find the names of participating lawyers through the Wisconsin Entrepreneur’s Network Resource Connection.

If you’re thinking about starting a technology-related business, go to the Commerce Technology Business Development page for resources specific to the industry.

Entrepreneurs interested in starting an import/export business will find assistance through the Department of Commerce’s International Trade Division.  Area Trade Specialists, Outreach Consultants and the experienced staff of the International Division will work one-on-one with beginning and experienced exporters to assess the demand for Wisconsin-made products.  A trade show grant program has been created to help small- and medium-sized firms travel to new markets and exhibit their products.

For investment solutions, you can check out the resources offered at the Wisconsin Angel Network (WAN).

The Service Corps of Retired Executives (SCORE) provides counseling to new and expanding businesses.  You can find a local SCORE volunteer by providing your state and a keyword on your business question at www.score.org\index.html.

Permits and Licenses

Most businesses need some form of permit or license before they can open their doors.  Be sure and obtain the necessary documents at the proper stage in your business development.

To obtain a list of state permits or licenses your business may need before you get started, go to the Business Wizard.

If you are starting a business that might have air pollution, waste or water pollution issues, there are certain obligations you must meet before you start any form of construction or installing machinery.  Review the Environmental Information Summary to determine if any environmental permits are required.

Publications

For more start-up business information, you might find the following publication Starting a Business?  Here’s Help! useful.  Use this publication to identify assistance programs and regulatory requirements in Wisconsin.

In addition, “An Entrepreneur’s Guide for Going into Business in Wisconsin” publication and a Entrepreneurs Tool-kit CD are available by completing this order form.   Both the guide and CD are information and quick reference sources designed to ease the process of starting a business in Wisconsin.

Local Data

  • Business operator survey
  • Local Economic analysis
  • Resident trade area analysis
  • Visitor analysis
  • Second homeowner analysis
  • Consumer survey findings

You are encouraged to visit the following link and download the data:

http://www.uwex.edu/ces/cced/economies/mainstreet/index.cfm

Service Corps of Retired Executives (Score) – Our local Oneida County Economic Development Corporation) OCEDC maintains a relationship with the Wausau SCORE Chapter, a mentoring program which offers one-on-one counseling in the Northwoods. Business Management Education Services are available through our SCORE Counselors. SCORE provides free one-on-one business counseling sessions for existing, expanding and new business. Over the past year nearly 100 individuals or businesses have been assisted through this program. Through the use of counseling sessions, clients are assisted with issues involving financing, marketing, human resources, operations, business planning, strategy, and feasibility assessment. For more information or to set up an appointment, contact the Oneida County Economic Development Corparation office at (715) 369-9110 or by e-mail at [email protected] to obtain more information or to schedule an appointment.

Small Business Development Center at the University Of Wisconsin – Stevens Point – OCEDC continues to work with the University of Wisconsin-Stevens Point Small Business Development Center on an individual basis and through a partnership of the Wisconsin Entrepreneurs’ Network. For more information contact the Oneida County Economic Development Corparation office at (715) 369-9110 or by e-mail at [email protected].

Wisconsin Entrepreneurs’ Network – In cases were additional expertise is required we link to the Wisconsin Entrepreneurs’ Network. OCEDC is one of the founding partners of the Wisconsin Entrepreneurs’ Network, which is one of the key elements of the “Grow Wisconsin” strategy. Through local and regional centers, this statewide network offers business planning and access to capital and finance assistance, provides assistance with intellectual property and technology transfer issues and leverage existing public resources, as well as, those available in the marketplace.  It will also help businesses with high growth potential reach the next level.

The Wisconsin Entrepreneurs’ Network is a partnership of the University of Wisconsin System, the Wisconsin Technical College System, the WiSys Technology Foundation, and the Agricultural Innovation Center, which builds on the services offered through Wisconsin universities, technical colleges, chambers of commerce and economic development organizations.  The Wisconsin Entrepreneurs’ Network links people to four new regional centers and a statewide network of intake centers.

May 2008; updated December 2011 Sue Bessert   Downtown Rhinelander, Inc.   (715) 362-7374

 Posted by Alex Young, President at 3:44 am
. © 2011 Downtown Rhinelander, Inc.
21A S Brown St, P.O. Box 1638, Rhinelander, WI 54501