Start Your Business

A business plan is a living document that will change over time as you and your business grow, develop new goals, and adapt to new business needs.

There are several benefits to having a business plan:

It helps keeps you accountable to your business goals – focusing on the bigger picture rather than just being reactive to day-to-day situations.
It helps you tell your business’ story – what your product or service does, why it matters, and how you plan to make it a success.
It's almost always necessary when you’re seeking capital. Whether you’re seeking funds from bankers, loan officers, venture capitalists or other investors, these individuals will be interested in learning about how your business operates, its current financial state, how you are bringing in new customers, and how you’re looking to grow.

Business plan formats are just as unique as the many different businesses that create them, and there are different types of business plans depending on your goals.

Write a Lean Business Plan

For a lean business plan, the following sections are often required: What problem are you trying to solve? How does your product/service provide a solution to that problem? Does an audience exist that also shares that problem? (Also known as customer discovery.) What are the key metrics that prove that? What is your product/service’s unique value proposition – how is it different from similar products or services that are already out there? What is your business’ cost structure and revenue streams? Who is your audience / what customer segments are you targeting? What channels are you using to market your business?
Write a Traditional Business Plan

For a more robust traditional business plan, the following sections are often required: An executive summary that provides a brief overview of the fundamentals of your business. A company overview that provides a general overview of your business and your industry, along with your plans and goals for the future. A description of your products and services, and what makes them different than similar offerings. An industry analysis that examines key trends in your industry, exploring how much customers in your area will pay for your product or service (also known as customer validation), who your competition is and how you stack up against them, and identifying your target market. An operations plan that describes the daily operations of the business and what you need to make it happen (equipment, personnel, your location, etc.) Information about your business’ management team and organizational structure, including advisors, insurance agents, accountants, attorneys, etc. A financial plan that looks at your business’ historical financial data, often looking back at your previous 12-month profit and loss statement, and looking ahead through a 12-month cash-flow projection and balance sheet. Bankers and loan officers may want to see a longer period of historical financial data. One of the key things they will focus on in this section is to understand how long it will take your business to become profitable, and how that compares to your business’ debt and other financial metrics. A risk assessment and/or exit strategy is also helpful in assisting business owners as they plan for the unexpected.
Choose a Legal Structure

All businesses must adopt a legal configuration that defines the rights and liabilities of the business owners, as well as their scope of control, personal liability, the business’ life span, and its financial structure. Because this decision will have long-term implications, it's strongly recommended that you consult with a lawyer or a tax specialist to determine which form of ownership is right for you. You’ll also want to take the following into consideration before coming to your decision: What is your vision for the size and nature of your business? What level of control do you want to have over your business? How vulnerable is your business to lawsuits? What are the tax implications of your chosen organizational structure? What is your expected profit (or loss) for the business? Will you be re-investing any earnings back into the business? Will you need to access cash out of the business for yourself?
Register Your Business

A general business license is not required in idaho. However, all entities that transact business in Filer are required to register with the Filer county clerk's office. The certificate of formation received from the clerk's Office or the assumed name certificate provided by the City of Filer satisfies the "general business license" requirement that exists within other state. Additionally, all businesses should register for an Employer Identification Number (EIN) through the U.S. Internal Revenue Service. Click Here to Apply for a City Business License
Choose Your Location

The City of Filer offers several different incentives that would benefit developers, small businesses and investors interested in driving change in the city’s reinvestment zones. Please call the city office to find out what spaces are available for your business. Once your business is running we will also add your location and information to our website.
Construction and Permits

Permits are the means by which the City of Filer regulates construction. There are several different types of permits, based on the type of construction: building, plumbing, mechanical, and electrical. Please contact our offices to find out which permit is best for your business.
Operating and Growing Your Business

If you hire employees for your business, you will be responsible for additional employment insurance and worker’s compensation insurance. This means you’ll need to apply for federal and state withholding numbers. For information on Employer Identification Numbers (EINs) or Federal Tax Identification Numbers (FEINs), visit the U.S. Internal Revenue Service website. For information on State Sales Tax and State Withholding Tax, visit the website of the state of Idaho No matter what stage your business is in, there are local resources available to meet you where you are and provide feedback and mentorship that will help you set your business up for long-term success.