Regional Resources to Help You Start or Expand Your Business
Research & First Steps
Legal
Permits & Licensing
Funding
Marketing
Accounting
Location
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Research and First Steps
Got a great idea but not certain how to get the wheels in motion? Let’s start with these first steps:
- Market Research – Check out what potential competing businesses are doing in the Lake region and market availability for your idea. Click here for tips to conducting your market research.
- Develop a business plan – Put your idea on paper with a written business plan. For steps to developing your plan with a fill-in template check this out.
- Evaluating Your Business Idea (The Missouri Small Business and Technology Development Centers)
- 20 Questions to Ask Yourself (Small Business Administration)
- Need demographics for your business plan or to evaluate the market? Go to the Lake of the Ozarks Regional Economic Development Council Data Page or Lebanon Regional Economic Inc.
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Legal
One of many important decisions as a new business or entrepreneur will be your business structure.
Types of business structures include (www.mosourcelink.com):
- Sole proprietorship –The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business.
- Partnership – In this organization, two or more people share ownership of a single business. Like sole proprietorships, the law does not distinguish between the business and its owners.
- Limited liability company (LLC) – An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.
- Limited Liability Partnership (LLP) – A limited liability partnership provides limited liabilities to the partners where each partner is not responsible or liable for the other partner’s actions of negligence.
- Corporation – A corporation is considered by law to be a unique entity, separate and apart from those who own it. A corporation can be taxed, sued and enter into contractual agreements.
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Permits/Licenses
Depending on the type of business and location, a business will need to apply for the appropriate permits and/or licensing. Below are the permit/license information for the State of Missouri and the Lake Region.
- Osage Beach – 573-302-2000
- Camdenton – 573-346-3600
- Lake Ozark – 573- 365-5378
- Richland – 573-765-3532
- Eldon – 573-392-2291
- Lake Ozark – 573- 365-5378
- Versailles – 573-378-4634
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Funding
Understanding how much money it will take to start up and sustain a business will make a difference in short term and long term business success. Calculate the startup costs for your venture.
There are many funding opportunities for a business start-up or expansion from traditional funding through a lending agency, self funding, grants, SBA loans and investors. Finding the right financial fit is key to business success and longevity.
Learn the best funding mechanism for your start-up.
Lake of the Ozarks Council of Local Governments (LOCLG) is designated as an Economic Development District (EDD) by the Department of Commerce Economic Development Agency (EDA). In 2000 LOCLG applied for grant funds to start a Revolving Loan Fund (RLF) to assist local lenders and businesses to obtain financing for business development and business growth. We have also partnered with Central Ozarks Development, Inc. (COD) a non-profit organization that specializes in community development. Together we support the RLF Program and have helped numerous businesses within the region get started. If you are interested in learning more about the RFL Program, click on the link to take you to the Loan Application and it explains the process and how to apply for funds. Job creation is the number one goal of the program, and second to help start up businesses that may not be able to find financing at a conventional lender. So if you have been turned down by the bank this option may be what you need.
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Marketing
Marketing your business is key to attracting new customers and keeps them coming back. Building a marketing plan that targets your clients/customers is that road map to standing out in your industry. Even though you might need to make a few minor adjustments along the way it sets the course for your business. Below are marketing resources that can assist you in your efforts.
Small Business Administration Marketing Plan Template
What should my plan include? Score provides those key components that are a must have in your plan.
A strategic marketing calendar will allow for timely, trackable progess of your plan. This template provided by SCORE will help you to establish a monthly marketing calendar.
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Accounting
Not a CPA? No problem…most small business owners have not even taken finance or accounting class. However, it is imperative to the success of your business that you stay on top of your financial position and understand the accounting tasks at hand or consider outsourcing this segment of your business start-up or expansion.
The resources below will provide you a first step to Finances 101:
SCORE Financial Statement Facts for Business Owners
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Location
Location…Location…Location can be different for each start-up business – from being a home-based business to an online commerce site or a mobile office to a physical storefront. Businesses should find their place and what works in the market region.
Consider these factors when exploring the landing spot for your business.
Other site-based resources:
Camden County
- Osage Beach – 573-302-2000
- Camdenton – 573-346-3600
- Lake Ozark – 573- 365-5378
- Richland – 573-765-3532
Laclede County
- Lebanon – 417-533-5627
- Richland – 573-765-3532
Miller County
- Eldon – 573-392-2291
- Lake Ozark – 573-365-5378
Morgan County
- Versailles 573-378-4634
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