Other helpful information
There's so much great information we want to share with you that not all of it fits nicely into one of our main tab categories. So what do we do with all that great info? It's right here for you to ponder.
Do you have a subject you'd like to see covered here? Go to the contact page and let us know. We'll do our best to find a local expert to help.
Surviving a business startup
Dale Gamberini, Owner, PanelTEK
Being a manager of electrical engineering with a Bachelor of Science in Electrical Engineering, I was unprepared for the tasks involved with starting a business. While attending college, I leaned more toward engineering classes and shied away from business and economics classes. In other words, I came in not knowing what to expect.
First things first: The first item required when starting a business is to have a sound business plan. Any consultants, accountants, lawyers, etc… will ask for a business plan first. This tells them what your plans are, what market you intend to structure your business for, what size you plan to start out as and what your future plans will be. There are many resources on the Internet that can help you get started with a business plan.
After your business plan is complete, the next very important task is finding a ‘competent’ business advisor. This is a person that knows what lawyers, bankers, accountants, etc…are in town that you should consider. I went to Fond du Lac County Economic Development Corporation (FCEDC), and they put me in contact with someone who was very eager to help. This is the person that will also stand with you when you seek financial help via the banks or financial investors.
Accountants: Your business advisor should help you find an established accountant that you can trust. I hear so many horror stories about “my friend the accountant” who got caught embezzling from his client. I still do my own payroll. Your accountant should also be able to recommend business software that you should start with. They should get your accounts set up and support the software. Be sure that you select a business system that will accommodate your needs five years down the road. I made the mistake of not doing this and had to switch to a different system after two years. It was a real nightmare converting from one system to the other.
Bankers: Once the word gets out that you are looking for financial assistance in starting your business be prepared to be solicited from every bank in town. Again, have your financial advisor weed them out for you, but you choose the one that you can partner with.
Being a manager of electrical engineering with a Bachelor of Science in Electrical Engineering, I was unprepared for the tasks involved with starting a business.
Lawyers: You will need a lawyer to incorporate your business and make it legal.
Insurance: Insurance will be your largest expense. This includes medical insurance, property & liability, auto if you use a company vehicle, short/long term disability, and workers compensation. Try to choose one agent that handles all policies for you and have them shop around.
Computer Consultant: Most businesses will use a central server and several client computers. Having an engineering background, I thought I would set my system up myself. Even though I knew how, I didn’t have the time. It’s much easier, and less stressful, to hire a person to set this up for you.
The above is just getting your team of people in place. You will also need to find a location to run your business from, hire a staff, get a website, create a logo, etc…Don’t be surprised to be working long hours your first year or so. On the bright side, it does get easier as time goes on. I’m even starting to take holidays off now….
