This document provides information and resources for starting a business. It discusses developing a business plan, which includes a narrative section and financial section and outlines goals and plans for success. The business plan is necessary for obtaining financing and helping the business grow. The document also covers determining the business entity structure, insurance needs, financing options, whether to take on partners, and monitoring cash flow once operations begin. Resources for starting a business are also listed.

1. MNPTAC
Starting a Business

2. Starting a Business
Contact information
Rick Indrelie – Small Business Development
Center (SBDC)
rick.indrelie@rctc.edu
507-280-5503
www.rochestersbdc.com

3. Starting a Business
Quick Test – Is your idea reasonable?
If yes, then you need a Business Plan.
If no, you either need to change or plan or
end your plan.

4. Starting a Business
What is a Business Plan?
A written document that tells the reader the
plan of action that the company is going to
take to be successful. It should also contain
some background data about the
business/management team and should
have some specific/measurable goals.

5. Starting a Business
Why does the small business owner need a
Business Plan?
1. The plan will serve as a tool to help the
business grow and prosper.
2. The business plan is a required
document to getting financing.

6. Starting a Business
There are two main sections of a business
plan.
1. Narrative Section
2. Financial Section

7. Starting a Business
What type of business entity will your
business be?
1. Sole Proprietor
2. Partnerships
3. LLC
4. S-Corp
5. C-Corp

8. Starting a Business
Do you need business insurance for your
business?
Can you run your business transactions
from your personal checking account?

9. Starting a Business
Do you need financing to start your
business?
If so, will the bank loan you 100% of the
funding that you need?

10. Starting a Business
Common Types of Financing
1. Conventional Loans
2. Owners Equity
3. Private Investors
4. Angel Investors
5. Venture Capital (VC’s)
6. Crowd Funding

11. Starting a Business
Should you take on a business partner?

12. Starting a Business
Once you have the financing secure, now it
is time to implement your business plan.

13. Starting a Business
Once you have started your business, you
need to monitor everything including your
cash position.
Remember, Cash is King.

14. Starting a Business
Resources for starting a business
1. www.rochestersbdc.com
2. www.SBA.gov
3. www.score.org
4. www.bplans.com