Business Development
Business Development Services
Growing businesses grow our community. City staff is committed to supporting and facilitating the growth of your business. Working with you, we will provide the expertise and resources necessary to complete your next steps for your business.
For small business owners, we engage the services of the Small Business Development Center to provide no-cost consulting services on a variety of topics including: succession planning, business plan creation, financing and marketing. Due to the challenges of 2020, we have expanded a small business loan program and provided new business grants.
For industry, we know the challenges and expectations surrounding the decisions to build a new building, invest in land or expand. We will work with your team to understand where you want to go and offer appropriate options.
10 Steps to Starting your Business in New Ulm
Small businesses play a vital role in our local economy and connecting to resources is key to
your success. Contact Heather Bregel, New Ulm EDA at heatherb@newulmmn.gov or 507-233-
2121 ext. 163 to learn more about confidential no-cost business consulting and incentive
information.
Research and Develop
With your eyes wide open, take the time to study your industry and investigate who is in it.
What makes certain businesses successful? Is there market demand for my service or product?
What problem does my idea solve? Study your personality, experience, and expectations. Is
this a side venture or a lifestyle commitment?
Startup Business Plan
“Goals not written down are wishes.” A business plan is a comprehensive document that will
guide the process of creating, financing and explaining the value of a business to potential
investors or employees. Your research will lay out the budgeting needs of how this business
will begin and grow. Examples of business plans are available online and the Small Business
Development Center has consultants that can assist you.
Build Your Business Team
Work your network of colleagues and peers to lock in a business coach or mentor, commercial
banker, business attorney and insurance agent, etc. Connect with regional economic
development entities, initiative foundations and government departments that may have
industry research or expertise in this area. Need more names or referrals? Check the Quick List
on the back of this flyer for contact information.
Name Your Business
Your brand matters. Regardless of how your business is structured, the name you choose is a
business asset. For more information on naming your business, go to the Office of the
Minnesota Secretary of the State website.
Choose A Structure
Legal structure affects your business liability, ability to raise funds, taxes and other decisions.
It’s best to discuss this decision with an experienced business mentor or consultant. At the MN
Department of Employment and Economic Development, you’ll find the different types of
business structure. Free complimentary legal consultations are available through Legal Corps of Minnesota through the
SBDC.
Register Your Business
All businesses are subject to government regulations. These regulations may include an
Employer Identification Number (EIN), a variety of taxes, zoning permits and licenses. The
Minnesota Department of Employment and Economic Development is a great resource to
navigate these requirements.
Location, Location, Location!
Are you renting or buying the facility? Are you remodeling? Contact the City of New Ulm
Building Safety Department for information on permits, inspections and licenses regarding a
physical location. Questions about utilities are directed to the New Ulm Public Utilities.
Contact Heather Bregel for more information.
Show me the money!
Even before you launch a product or fill an order – starting your business requires money.
Work with a business mentor or your local commercial banker to determine needs, seek out
financing opportunities, loans and grants directed to new businesses. Your business plan
should include a cash flow analysis that tracks your expenses based on market assumptions for
the first 36 months of operations. An SBDC Consultant is available to assist you in building such
an analysis.
Doing business...
As you move ahead, you’ll work with vendors that will need to get paid. For equipment or
graphic design, paying for these from a business checking account and or business credit card
will track startup expenses. Your local lender will be able to provide information on the
products and services they offer. When possible, use local vendors to increase your network
and build your client base. Call the New Ulm Chamber and ask for referrals, 507-233-4300.
Start Accounting System
The activity of business requires money to go in and out – but how will you know if you are
profitable? Setting up an accounting system will reveal the health of your business and where
opportunities are to grow, reduce costs or increase profit.
