Learn the First Steps to Starting your Business in Verona

Start with a Business Plan

There are two basic reasons for preparing an extensive business plan. First, it requires the entrepreneur to thoroughly investigate the factors that will have a bearing on the success of the business. Second, it will enhance the ability of the entrepreneur to secure financing by providing an organized summary of the venture for lenders and investors. It also provides insight into the entrepreneur’s ability to define and develop strategies for critical areas of the business.

The following outline will help you assemble the facts that are essential to good business planning. Complete your business plan using the accompanying outline to ensure that the necessary details are included. Keep in mind that thoroughness, clarity, and rationality of the plan are all factors that will play key roles in successfully financing, starting, and operating your business. Because these guidelines were written to cover a variety of possible businesses, rigid adherence to them is not possible or even desirable for all businesses. Not all parts of all sections will be necessary for each individual’s business plan.

Include the following in your Business Plan:

  • Goals – you need to determine your personal goals and your business goals

  • The Industry, Company and Produce – list clearly the business you are in, the product you offer and the nature of your industry.
  • Market Research & Analysis – the purpose of this section is to present enough facts to determine if your product or service has a substantial market in a growing industry and can achieve sales despite a competitive market.
  • Determine Your Customers – discuss who your customers are for this product or service.
  • Market Size and Trend – describe the primary market for your product.

  • Competition - Make a realistic assessment of the strengths and weaknesses of competitive products and services and name the companies that supply them.

  • Market Share and Sales - Summarize what it is about your product or service that will make it salable in the face of current and potential competition.

  • Market Plan – decide the best way to market your particular product or service. Consider pricing, sales tactics, operating plan, location, labor force, management and organization of the business.

Selecting a Business Name

Individuals or entities doing business for profit under a name different from the owners(s) full name(s) must file a Fictitious Name Statement with the County Recorder – Clerks Office where the business will be conducted. Corporations, LLCs, LLP’s, and limited partnerships register an assumed name as part of their business filings with the Wisconsin Secretary of State

For an existing business, balance sheets and income statements for the current and previous three years should be provided. After you have completed preparation of the financial exhibits, briefly highlight the important conclusions that can be drawn. Finally, explain all of your assumptions and the sources of your data.

Checklist for Starting a Business

This checklist is a good starting point for you as you begin your business. It is intended as a springboard for your business development and is in no way meant to be a substitute for professional advice or counsel. For further information about starting a business, contact your local SBDC by Clicking Here for a free confidential consulting session or for their next "First Step" business course.

Choose a business idea, product or service Research the business industry

  • What will you sell? 
  • Is it legal? 
  • Who will buy it? How often?
  • Are you willing and able to do what it takes to sell your product?
  • What will your product cost to produce, market, sell, and deliver? 

  • What compliance issues do you need to address?
  • Can you make a profit?
  • How long will it take for your business to make a profit?
  • Write a business plan. 
  • Write a marketing plan. 
  • Using a domain registry service, see if the business name is available for use as an Internet domain name. 
  • Register the domain name even if you aren't ready to use it yet. 
  • Choose a location for the business. 
  • Check zoning laws. 
  • File Partnership, Corporate, or Limited Liability Company papers with the Secretary of State's office.
  • File state tax forms with the Franchise Tax Board. 
  • Contact the Internal Revenue Service for information on filing your federal tax schedules. 
  • Apply for a seller's permit.