Business Resources

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• Step 1: Write a Business Plan

  Use tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. Naturally the first step is to get the idea out of your head and on paper. You have the vision, break that vision in to measurable goals then make steps for meeting those goals. Focus on what excites you about the product, about the need for it, and how the market is currently failing to deliver it. Then go on to determine some projections on your needed start-up expense, and cash flows. If it is an entirely new product you may have to do some market research to fine tune your offering. (Many businesses won’t need this last step.)

  Then get into the nuts and bolts of your operational plan and your marketing plan. Answer these important questions:

  1. How will you do it, and do it better than anyone else?
  2. How will you get people to find us and try us?
  3. Will you have the right pricing model?
  4. What is your target market, who and where is it?

  
  There are even Business Plan Competitions hosted by the University of Washington, Tech Crunch, SVP Fastpitch, and GeekWire.

  Consider your competition, and suppliers. Your competition may have experience, but you have a fresh prospective. Leverage your fresh perspective to gain a competitive advantage.

  Look for ways to keep costs low, refine business processes and create a smooth, lean, process. A good article on resources for making business plans can be found here.

  If you are wondering how you can accept payments from your customers you are in luck. Seattle Credit Union has partnered with TSYS a leading direct processor of transactions. If you would like more information please submit your contact information to them by visiting their website.

• Step 2: Get Business Assistance and Training

  Take advantage of free training and counseling services for everything from preparing a business plan to securing financing. Local trade groups and professional associations may offer classes to get you started. Visiting trade shows can give you a sense of the business environment and challenges that may lie ahead.

  • Washington Small Business Development Center is your local resource for expert business advice, management training, and market research. SBDC advisers offer personal one-on-one assistance at no charge. Visit the website to connect with an advisor, explore classes, webinars and podcasts, research, and business planning tools.
  • Small Business Administration focuses on helping Americans start, build, and grow businesses. The SBA also offers an extensive learning library of articles, online training, and videos on a broad range of business topics.
  • SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow, and achieve their goals through education and mentorship. It holds events and workshops across the U.S. Score provides education by matching entrepreneurs with volunteer mentors. The website offers local and online workshops, tools, templates and information about free mentoring opportunities.
  • Lynda.com (Which is free with a Seattle Library Card), offers training videos from experts on many topics. You can learn billing software, website maintenance to video editing. Lynda is a great resource to tackle tasks that may be outside of your core competency and want to get done yourself.
  • Paychex Inc. is a recognized leader in the payroll, human resource, and benefits outsourcing industry, with a steadfast commitment to success and a record of achievement that continues a tradition of delivering excellence.
• Step 3: Choose a Business Location 

  A physical space can be costly, do you even need one? Many retailers start with an online presence. Professional services, like consultants, can meet clients at their office or telecommute. There are also business space alternatives. If you do need a physical retail space, consult your business plan to help determine an exact location.

  Alternative Work Spaces:

  • Impact Hub Seattle is a coworking space. A place to meet and interact with fellow entrepreneurs with an emphasis on doing good by doing business
  • WeWork is an American company which provides shared workspace, community, and services for entrepreneurs, freelancers, startups and small businesses.
  • Pioneer Collective provides an atmosphere where talented people will feel comfortable working or relaxing, collaborating or working alone, focusing or letting the mind wander.
  • Surf Incubator provides an affordable and professional environment where entrepreneurs are supported, encouraged and inspired by the internal and external communities.
  • Equinox Studios an enclave of Artists and Artisans in a World War II era factory building in Georgetown, Seattle. The building is heavy timber, post and beam architecture brought back to its original glory by exposing the wood floors, ceilings and beams and clearing out the detritus of almost 75 years of a working factory building.
  • Activspace provides private, secure and affordable workspaces for artists, hobbyists and small businesses in the greater Seattle area.

  Business Incubators are co-working spaces for entrepreneurs to work together, connect, meet and network as they develop their businesses.

  • Techstars
  • Fledge
  • Madrona Venture Labs
  • Microsoft Bizspark

  Tools to help work remotely

  • File storage accessible anywhere is a key to success for business owners always on the move. Here are links to some of the most popular: Dropbox, Google Drive, OneDrive
  • Skype is a video and instant messaging software from Microsoft useful for meeting clients face to face when not in the same physical space.
• Step 4: Finance Your Business

  Financing a business can come from many different locations. Credit for your business is useful in gaining equipment, or smoothing the peaks and valleys of your business cycles. Lines of credit are especially handy, covering unexpected expenses quickly. Using your own money is the most common option. But, there are alternate sources like government backed loans, venture capital, and research grants to help you get started. Crowd sourcing is another option, there are websites which coordinate fund raising from anyone; friends and family to total strangers who think you have a great product.

  • Small Business Administration focuses on helping Americans start, build, and grow businesses. The SBA delivers millions in loans, loan guarantees, and other forms of help to small businesses.
  • Grants.gov is the best resource for ALL grants issued by the federal government. You would be surprised at the variety and depth of things the government needs solutions for from the private sector.
  • USDA.gov Grants makes direct and guaranteed farm ownership and operating loans to family-size farmers and ranchers who cannot obtain commercial credit from a bank, Farm Credit System institution, or other lender. FSA loans can be used to purchase land, livestock, equipment, feed, seed, and supplies. Loans can also be used to construct buildings or make farm improvements.
  • USDA.gov Rural Development Programs provides funding opportunities for rural small businesses through loans, loan guarantees, and grants.
  • Rainier Valley Community Development Fund was established to keep businesses afloat when the light rail was being constructed through their neighborhood. It continues to offer funding and business knowledge to anyone in that area.
  • Go Fund Me is a crowd funding site
  • Indie Go-Go is a crowd funding launchpad for creative and entrepreneurial ideas of every shape and size.
  • WeFunder helps startups and small businesses get the funding they need to thrive. We help do all the grunt work of fundraising, so you can focus on what is important: growing your business. Wefunder lets investors own a small stake in your company.
  • Kickstarter is an enormous global community built around creativity and creative projects. Over 10 million people, from every continent on earth, have backed a Kickstarter project.
  • Patreon is a crowd funding site for artists. The artist’s fans then donate as little as a dollar every time the artist creates something.

  Seattle Credit Union is now a source of financing your business. We offer Lines of Credit, Secured and Unsecured Loans, Credit Cards, Vehicle loans, and Real Estate Loans. Typically we require a business be active for 2 years, however if you’re running, and profitable we can help. Consider your business needs. Review your financials and call us at 206.398.5500.

• Step 5: Determine the Legal Structure of Your Business 

  Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), C Corporation, S corporation, nonprofit or cooperative. There are a lot of guides on this topic. We recommend doing lots of research and talking to an attorney, or CPA.

  The University of Washington School of Law works with small businesses and can provide legal counsel on topics ranging to business plans, structure, employment law, and intellectual property.

• Step 6: Get a Tax Identification Number

  Determining your tax structure is another conversation littered with nuance and technicalities. SMCU recommends you talk to an attorney or an accountant to find what is right for you and your business. If you decide your business needs its own Tax ID number you can apply for one on the Social Security website.

• Step 7: Register, License, and Permit your Business

  Register and License with the state to get a state tax identification number (UBI #), workers' compensation, unemployment and disability insurance. The details vary from state to state. You may also need a business license for the city you are in as well.

  Register your business name with your state government.

  Make a list of federal, state and local licenses and permits required for your business.

• Step 8: Understand Employer Responsibilities

  Learn the legal steps you need to hire employees. Hiring employees should not be taken lightly, and there are a couple key concepts that you should understand before you hire. You should check with your local Labor & Industries department, learn about Labor Taxes, B&O Taxes and industry hiring practices.

  • Small Business Administration focuses on helping Americans start, build, and grow businesses. The SBA also offers information about aspects of the Affordable Care Act that affect businesses.