Steps to Start-Up & Succeed in Business
PCDC and the Phelps County community is dedicated to helping existing businesses thrive and entrepreneurs start strong.
Download a printable version of this page HERE
Quick Assistance Links
Phelps County Development Corporation
Holdrege Area Chamber of Commerce
South Central Economic Development District
Rural Entrepreneur Assistance Program
REAP Women's Business Center
Nebraska Business Development Center
State of Nebraska: Resources to start your business
Small Business Association
SBA Business Development Program
Step #1 – Plan for Success
Choose and Register Business Name
Draft a Business Plan
Writing a business plan is a fairly intense process. But, the blood, sweat, and tears are worth it. The research you conduct in order to write a business plan, either gives you confidence or minimizes pain. Confidence comes when the plan you have on paper provides a healthy income.
Get a Professional Opinion – Schedule a One-on-One Consultation with PCDC, SCEDD, or NBDC to evaluate your business plan. See Business Assistance Partners list at the top of the page.
Conduct Market Research
This requires you to get more specific about your intended product or service, allows you to analyze the competition, gets you thinking about the costs of doing business, and makes you cognizant of the marketing involved.
Get a Financial Planning Consultation
- Business Valuation (if purchasing an existing business only)
- Create an Asset Inventory
- Estimate your Start Up Costs
- Draft an Anticipated Budget
Step #2 – Take Action
Find a Location
- Talk with a local Realtor
- Search the Phelps County Commercial Inventory
- Contact PCDC for a list of Vacant Buildings
Organize Bookkeeping Systems or hire a CPA
Fulfill Tax Responsibilities
Hire and Document Employees
Step #3 - Support for Growth
Find a Mentor
Your fellow business owners, regional or friendly competitors, can be a great resource for working through strategies and avoiding pitfalls. Networking can make the difference between success and a mediocre business.
Roughly 50% of small businesses fail within the first five years due to: lack of experience, insufficient capital (money), poor location, poor inventory management, over-investment in fixed assets, poor credit arrangements, and unexpected growth. If you start to struggle pull out your business plan, resource list, and start asking for help.
Join the Chamber
Subscribe to Entrepreneur.com
Join the Better Business Bureau
Partner with GROW Nebraska
Partner with GROW Nebraska to expand retail market access
Hire a CPA
Hire a CPA to handle your finances more strategically
Work with your Financial Planner
Believe it or not, it’s never too soon to start planning your exit. Business valuation relies heavily upon actual performance. Businesses who creatively hide earnings from Uncle Sam find that the business is easily undervalued when a buyer is on the line. Business owners who let their inventory get old or defer building maintenance find themselves in a precarious position as retirement looms. A strong plan will allow you to take the profits with you into retirement rather than locking the door and walking away from your investment.
- Find the value of your business
- Develop a transition plan
- Start a retirement fund
Consider Hiring an Apprentice
Consider an apprenticeship by applying for an InternNE Grant