Banker's 11-Step Plan For Starting A Business

By GENE O. MORRIS
Business Correspondent

03.27.09 - McCOOK - Want to start a business? Then make a list and check it often before launching your new enterprise.

That's the advice of Don Moore, president of First Central Bank-McCook. Speaking at the third meeting of the McCook Area Entrepreneurship Network, Moore presented a short course called "Banking 101."

Sixteen present and prospective business entrepreneurs gathered for the session, which took place Friday in First Central's meeting room. Sue Shaner, business coach for the McCook Economic Development Corp., presided.

Moore's presentation, which opened the session, featured 11 essential steps for start-up businesses.

The banker's list of key things to do: 1. Select your bank; 2. Select your accountant; 3. Select your attorney; 4. Decide whether your business will be a sole proprietorship, corporation, partnership or LLC; 5. Select an insurance agent; 6. Complete a personal financial statement; 7. Complete a business financial statement; 8. Take inventory of your financial and creative resources; 9. Do a business plan; 10. Discuss risks with your significant other; and: 11. Be positive and be smart!

Be diligent about every task, Moore said. And keep the big picture in mind, remembering that it's not always good to cut corners. For example, he said the best insurance plan for you is not always the one with the lowest premium. Take coverage and service into consideration as well, he said.

The third gathering of the Entrepreneur Network also featured a telephone and internet report from Connie Hancock of University of Nebraska Extension. Hancock used the GROW NEBRASKA website to illustrate the value of online marketing.

She encouraged the entrepreneurs to explore electronic media options to spread their message and suggested they look closely at such communication possibilities as blogging, YouTube, Flickr, Twitter, podcasting and social (e-mail) networking.

More ideas for business success will be explored next month at the fourth meeting of the Entrepreneur Network. The April gathering will be Friday, April 24, at the First Central Bank meeting room. The session will begin at noon.

Those who would like to attend are asked to call Sue Shaner at 340-2698 or e-mail her at sue@mccookne.org.

The monthly sessions are sponsored by BECA, which stands for Building Entrepreneurial Communities Act.

Shaner's role as business coach is funded in part by a grant from the Nebraska Department of Economic Development. The grant is administered by the Nebraska Rural Development Commission.