How to Start a Business in Minnesota

Introduction

Minnesota is a great place to start a business. The state has a strong economy, a low unemployment rate, and plenty of room for growth. But before you can open your doors and start selling products or services, there are a few things you need to do first. This guide will help walk you through how to get started on the path toward starting your own company in Minnesota.

Write a Business Plan

Before you start a business in Minnesota, it’s essential to write a business plan. A good business plan will help ensure that your business is successful and profitable, and will also provide valuable information about the industry to potential investors. If you’re just starting out, it can be difficult to know what components should go into your business plan or how much time or money you should spend on writing one. There are several different formats for writing a solid document; however, we recommend using the “four-part process” outlined by the Small Business Administration (SBA).

Get any Necessary Permits and Licenses

If you are going to start a business in Minnesota, it’s important to understand the difference between permits and licenses. Permits are issued by local governments for businesses that are subject to regulation. Licenses are issued by the state government for certain professions like doctors and lawyers, or for specific activities like hunting and fishing or owning a pet store.

Permits must be obtained before conducting any business activity within a municipality or county. For example, if you want to open up an auto repair shop in Minneapolis, you need to get a zoning permit from the City of Minneapolis first. Licenses work differently: they apply statewide but do not require approval from local governments. To become certified as an electrician in Minnesota, though, you’ll need training and certification through one of several organizations approved by the state—this is what we call licensing rather than permitting because there is no local jurisdiction involved here either way (you could theoretically take classes anywhere).

Apply for Government Grants (if applicable)

There are many different types of government grants available, including Small Business Innovation Research (SBIR) Grants. These are awarded to companies that have been in operation for at least three years, have a research and development budget greater than $100K, and can demonstrate how the money will be used to improve the state’s economy. You must also submit an application form with a written proposal that describes your business concept and research plan.

Open a Business Bank Account

A business bank account is an account that your company uses to keep the money it earns and runs its day-to-day operations. If you’re just starting out, or if you’ve recently incorporated but haven’t yet opened a corporate bank account, a personal checking account will work just fine until you get things up and running. However, once your business begins to grow and generate revenue, you’ll benefit from having a separate bank account where all your business funds can be deposited.

Decide on a Location

The location of your business is extremely important and should not be taken lightly. The location should:

• be near your customers, so that it’s convenient for them to visit you
• be near your competitors, so that customers can easily see the difference between the two of you
• be in a safe area with limited traffic and high foot-traffic potential (although there’s no point in being overly cautious about safety)
• be easy to get to by car or public transit, as well as on foot if possible
• have plenty of parking or nearby public parking lots where customers can park without difficulty

Takeaway

Minnesota is an ideal state to start a business. It has a low cost of living, which makes it easier for you to afford living expenses including rent and groceries. The economy in Minnesota is also strong, so you’ll have job opportunities available when starting your own company.

Furthermore, Minnesota is one of the best states to raise a family in because of its high quality of life ratings and affordable housing costs. With all these advantages combined together, it’s no wonder why so many people consider moving here when they decide it’s time for them to start their own company!

Conclusion

Starting a business in Minnesota should be easy. It’s one of the best states to do so, with low taxes, high wages and plenty of resources available. Just make sure that you have all the necessary documents before opening up shop!