Building your dream business

“Where do I start?” is a common question for many who take the exciting and slightly scary step into small business ownership.

Putting significant preparation into a business plan before implementation is a great first step. Even though you technically don’t need a business plan to start your business, it’s highly recommended by business professionals. You’ll especially need a business plan if you plan to pursue business financing. By sitting down and working on a business plan, you’ll be able to better understand and speak about your business.

Within the business plan, you’ll cover many focus areas but a simple checklist to include is called the MRS BAIL team.

MRS BAIL team is a checklist used in every single advising appointment with SD CEO East Women’s Business Center and BAIL is used by many small business support organizations. Think about the professionals you pinpoint with your MRS BAIL team as your own “advisory board” as you start your business. This isn’t just for startup businesses. Even if you’ve been in business for years, use this as an exercise to update your business plan or refresh your business strategy.

M – Marketing: Are you working on your own marketing or outsourcing? Do you have a marketing plan?​ Do you have logo/brand standards?​ Who is your target audience?​ What platforms will the business have a presence on?

R – Realtor: Who is your commercial real estate agent if you’re looking for a physical space? Where will my target audience best reach me at? Can I afford a build-out?

S – Support: Who are your business mentors? Who is a business owner I admire? Have I connected with my local chamber of commerce? Have I worked with the Small Business Administration resource partners in South Dakota?

B – Banker: Who is your business banker? Have I set up my business bank account? Have I done my financial projections? Will I need business lending?

A – Accountant: Who is your business accountant? Should I set up an LLC or sole proprietorship? Am I doing my own bookkeeping and business taxes?

I – Insurance: Who is your business insurance agent? Have I set up general liability insurance for my business? Do I need specialty insurance for my service or product?

L – Lawyer: Who is your business lawyer? Do I need business contracts while I work with clients? Have I set up an ownership contract with other co-owners?

Everyone has a different journey in starting their business, yet there are common keys to success. Putting the effort into writing your business plan and building your MRS BAIL team will be the foundation of your business.

If you’re ready to discuss your MRS BAIL team and business plan in more detail, schedule a time for free and confidential business advising with SD CEO East Women’s Business Center based in Sioux Falls.

You’re not alone in your small business ownership journey! Let your MRS BAIL team and other resource partners help turn your question of “Where do I start?” to “How successful can I be?”