Get financing, make connections

Your business plan should include how much money you anticipate needing for startup costs and regular expenses. Whether you run a brick-and-mortar or online business, consider the following expenses:

Licenses and permits
Trademarks, copyrights, patents, etc.
Business insurance
Legal or accounting assistance
Rent and utilities (for brick-and-mortar businesses)
Taxes
Equipment
Website platforms
Marketing materials
Shipping supplies
Software systems, content management systems, etc.
Market research
Employee salaries and benefits

Now that you have an estimate of costs to run your business, you need to get financing. There are many ways to finance a business, and no two businesses are exactly the same. Depending on your business and situation, you may choose self-funding, crowdfunding, taking out a small business loan or raising venture capital from investors. All options have pros and cons. By evaluating the costs and benefits of each financing option, along with your personal income, startup and operating costs, you can select the best financing option that’s right for you. Depending on the location of your business, you may be eligible for financing through the TID Business Incentive Program.

We recommend that you sit down with the Economic Development team to verify that you’re on the right track with your business endeavor. This gives us the opportunity to make sure that you have everything you need to proceed, and gives you the opportunity to request clarification or ask questions.

Please contact Economic Development Executive Director Sara Guild at (715) 390-0747 or City Administrator Rod Akey at (715) 536-5594.

Here are some helpful resources on how to get financing for your business:

https://co.lincoln.wi.us/economic-development/page/funding-opportunities

https://www.sba.gov/business-guide/plan-your-business/fund-your-business

https://www.uschamber.com/co/run/business-financing/financing-buying-an-existing-business