Keys For Successful Business Start-up

Keys For Successful Business Start-up

A Guide to Starting a Business in Nebraska

NBDC, Nebraska's Small Business Development Center, is a cooperative program of the U.S. Small Business Administration and the University of Nebraska at Omaha.

TABLE OF CONTENTS

NEBRASKA BUSINESS DEVELOPMENT CENTER.......................................................................... 1 I. BUSINESS CONSULTING.......................................................................................................................1 II. ENTREPRENEURSHOP ..........................................................................................................................1 III. BUSINESS AND TECHNOLOGY TRAINING .............................................................................................1 IV. PROCUREMENT TECHNICAL ASSISTANCE CENTER (PTAC).................................................................2 V. NEBRASKA MANUFACTURING EXTENSION PARTNERSHIP (NMEP).....................................................2 VI. POLLUTION PREVENTION AND CONTROL.............................................................................................2

LIST OF NBDC OFFICES........................................................................................................................ 3

SOME OF THE MOST COMMONLY ASKED QUESTIONS............................................................. 4

NEW BUSINESS CHECKLIST ............................................................................................................... 5

LEGAL ORGANIZATIONS..................................................................................................................... 6

BUSINESS LICENSES AND PERMITS ................................................................................................. 8

STEPS TO START A BUSINESS IN NEBRASKA .............................................................................. 10

INCORPORATION, NAME AND TRADEMARK REGISTRATION.............................................. 12

BUSINESS IDENTIFICATION NUMBERS......................................................................................... 13 I. FEDERAL TAX IDENTIFICATION NUMBER ..........................................................................................13 II. STATE IDENTIFICATION NUMBER ......................................................................................................13

TAXES ...................................................................................................................................................... 14 I. FEDERAL TAXES................................................................................................................................14 a) Income Tax...................................................................................................................................14 b) Self-Employment Tax ...................................................................................................................14 c) Employment Taxes .......................................................................................................................14 d) Excise Taxes.................................................................................................................................14

II. STATE TAXES ....................................................................................................................................14 a) Income Taxes ...............................................................................................................................15 b) State Sales and Use Taxes............................................................................................................15

BUSINESS INSURANCE........................................................................................................................ 16 I. BUSINESS OWNER PACKAGE POLICY (BOP) .....................................................................................16 II. PROPERTY INSURANCE......................................................................................................................16 III. LIABILITY INSURANCE ......................................................................................................................16 a) Comprehensive General Liability ................................................................................................16 b) Umbrella Insurance .....................................................................................................................16

IV. FLEET INSURANCE.............................................................................................................................16 V. WORKER'S COMPENSATION ..............................................................................................................16

Business Start-up Guide

VI. HEALTH INSURANCE .........................................................................................................................17 VII. HOME BUSINESSES............................................................................................................................17

EMPLOYMENT REQUIREMENTS FOR MOST EMPLOYERS .................................................... 18 I. WAGES AND HOURS..........................................................................................................................18 II. WHO MAY WORK, AND WHEN .........................................................................................................18 III. WORKPLACE SAFETY AND HEALTH ..................................................................................................18 IV. AMERICANS WITH DISABILITIES ACT (ADA) ....................................................................................19 V. PENSIONS AND WELFARE BENEFITS..................................................................................................19 VI. MISCELLANEOUS REQUIREMENTS FOR MOST EMPLOYERS................................................................20

CONDUCTING BUSINESS ONLINE ................................................................................................... 21

LOAN AND SERVICE RESOURCES IN NEBRASKA ...................................................................... 26

FUNDING OPTIONS FOR YOUR VENTURE.................................................................................... 27 I. PERSONAL SAVINGS ..........................................................................................................................27 II. SMALL BUSINESS ADMINISTRATION (SBA) LOAN GUARANTEES......................................................27 III. VENTURE CAPITAL............................................................................................................................27 IV. PRIVATE OR ANGEL INVESTORS ........................................................................................................27 V. FACTORING .......................................................................................................................................28 VI. LEASING............................................................................................................................................28 VII. LOCAL FUNDING SOURCES................................................................................................................28

WHAT BANKS AND INVESTORS LOOK FOR WHEN GRANTING FUNDING ........................ 29 I. LOAN FOR A NEW BUSINESS..............................................................................................................29 II. LOAN FOR AN EXISTING BUSINESS ....................................................................................................30

LETTER OF ENGAGEMENT ............................................................................................................... 33

INFORMATION RESOURCES............................................................................................................. 35

BUSINESS PLAN CONCEPT ................................................................................................................ 36

BUSINESS PLAN OUTLINE ................................................................................................................. 37

BUSINESS PLAN CONTENT ................................................................................................................ 38 I. TITLE PAGE .......................................................................................................................................38 II. EXECUTIVE SUMMARY......................................................................................................................38 III. COMPANY PROFILE ...........................................................................................................................39 IV. MARKET RESEARCH AND ANALYSIS .................................................................................................39 a) Customer Description ..................................................................................................................39 b) Market Analysis ...........................................................................................................................39 c) Competitive Analysis....................................................................................................................40

V. MARKETING PLAN.............................................................................................................................41

Business Start-up Guide

a) Marketing Objectives ...................................................................................................................41 b) Products and Services..................................................................................................................41 c) Pricing .........................................................................................................................................42 d) Promotion ....................................................................................................................................42 e) Place (Location and Distribution) ...............................................................................................44 f) Ongoing Marketing Evaluation ...................................................................................................45

VI. OPERATIONS .....................................................................................................................................45

a) Business Operations ....................................................................................................................45 b) Facility .........................................................................................................................................45 c) Office Equipment .........................................................................................................................46 d) Business Forms ............................................................................................................................46 e) Accounting and Bookkeeping System...........................................................................................46 f) Suppliers ......................................................................................................................................46

VII. HUMAN RESOURCES MANAGEMENT .................................................................................................47

a) Local Labor Market Conditions...................................................................................................47 b) Personnel Management ...............................................................................................................47 c) Outside Assistance .......................................................................................................................47

VIII. FINANCIAL PLAN...............................................................................................................................48

a) Sources and Uses of Funds ..........................................................................................................48 b) Depreciation Schedule .................................................................................................................49 c) Sales and Cost of Goods or Services Sold Schedules ..................................................................50 d) Loan Amortization Schedule ........................................................................................................51 e) Income Statement.........................................................................................................................53 f) Cash Flow Statement ...................................................................................................................55 g) Balance Sheet...............................................................................................................................58 h) Breakeven Analysis ......................................................................................................................59

BUSINESS RESOURCES ....................................................................................................................... 61

I. INDUSTRY/MARKET INFORMATION ...................................................................................................61

II. DEMOGRAPHIC INFORMATION...........................................................................................................61

III. WEB SITES.........................................................................................................................................62

IV. PERIODICALS.....................................................................................................................................62

BUSINESS TERMS GLOSSARY........................................................................................................... 63

APPENDIX ............................................................................................................................................... 76

BLANK FINANCIAL FORMS............................................................................................................... 76

Revised(11/30/03)

Business Start-up Guide

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