We receive a lot of questions about starting a business. To address the most common questions we receive, we put together this useful digital resource.

Successful entrepreneurs aim to solve problems or provide products and services to paying customers in under-served markets. Think of ideas that align with your interests, your personal goals, and your natural abilities.

Being an entrepreneur is about identifying a problem, and providing a creative solution, OR, seeing an opportunity, and capitalizing on it.

We have identified opportunities in the following areas: Downtown Development, Missouri River Corridor Development, IT/Digital Economy.

Successful entrepreneurs plan carefully. A significant amount of resources (time, money, or both) will be put into your business. Be sure to critically analyze your business. Start with the following questions:

1. What problem does your business solve, or need does your business address? What sets you apart from the competition?
2. Who is your target audience? Where can they be found? How will you get their attention? How will you convert them into paying customers?
3. Will you need to hire employees? What other professionals do you need to seek out to ensure success?
4. What is your break even? How much money will it take to operate the business day-to-day, and where will you get the funding to fill any gaps?

Our Small Business Development Center offers FREE one-on-one business coaching!

Working with one of our accredited Business Advisors, you can harness the power of technology and use LivePlan – an intuitive, cloud-based business planning tool!

Not only does registering your business add credibility, it can also protect your personal liability in the event your business is sued.

There are multiple structures to choose from. Compare structures below. And most importantly, always consult a trusted advisor (attorney, accountant, business consultant) if possible. 

To register your business, visit the Montana Secretary of State.

With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.

You should also be aware of important montana taxes that may apply to you business:

1. If you hire employees, you will have to register for Unemployment Insurance Tax and Employee Withholding Tax on behalf of your employees.
2. No need to wory about sales tax. Montana is one of five states that does not impose a sales tax!

Register for Montana State Taxes

Unemployment Insurance Tax | Withholding Tax

To operate your new business legally, you will need to comply with federal, state, and local government regulations. In many cases, this involves obtaining one or more business permits and/or licenses. For example, a restaurant will likely need health permits, building permits, signage permits, etc.

The State of Montana offers a great Small Business Licensing Resource guide on their website – we recommend starting there. 

Still have questions? Give us a call to chat with one of our accredited business advisors. 406.750.4481

Business insurance helps you manage risks and focus on growing your business. The most common types of business insurance you should consider are:

We recommend that all small businesses, including home based businesses, purchase a general liability policy. Businesses selling professional advice or services, such as consulting and accounting firms, should also consider a professional liability policy. In Montana, businesses with one or more employees, including LLC members and corporate officers, are required by law to have workers compensation insurance.

Keep Business and Personal Funds SEPARATE

Mixing business and personal accounts makes your personal assets (your home, car, and other valuables) vulnerable in the event your business is sued. 

You can protect your business with these two steps:

1. Open a bank account solely for business transactions:

• This will ensure your company’s assets remain seperate from your personal assets, which is necessary for personal asset protection.
• This will also make accounting and tax filing easier come end-of-year.

2. Get a business credit card:

• Helps to keep business expenses separate from personal expenses.
• If used wisely, can help to build credit for the business, which can be useful in acquiring capital later on.

An accounting system helps you track the performance of your business and simplifies annual tax filings. Quality accounting software lets you download your bank and credit card transactions, making accounting fast and easy. Learn more about the importance of accounting and how to get started with accounting today.

As a sponsor of the National Association of Small Business Development Center’s Intuit’s QuickBooks offers excellent functionality for small businesses at a reasonable cost. To try QuickBooks free for 30 days, click here.

With the world-wide web at our fingertips, you can’t afford to NOT have a digital presence. There are multiple things to consider when establishing your digital presence. Keep in mind how your business operates, and who your target audience is. 

We recommend:

1. Claim Your Google Business Listing

Google is the most frequently used search engine in the world, and odds are, if someone wants to find you, they will start with Google. You can claim your Google listing yourself, or to expedite the process, reach out to one of our accredited Business Advisors.

2. Create a Website

A website is a powerful business tool. When done right, a website can help capture users’ attention and convert them into paying customers.

Ask yourself:

1. Do I have web design skills? Some platforms require more coding than others.
2. Will I require e-commerce? Not all platforms have this capability, and some platforms charge an extra fee.
3. How much am I willing to spend? Prices differ greatly depending on your needs, or if you consult with a professional design firm.

3. Social Media

Social media is a must. The platforms you put your energy into depend on your target audience, but there are three that every business should put energy into: Google My Business, Facebook and Yelp.

Remember to start small, and stay engaged. Read our article on Online Reputation Management.

Not sure which social media platforms are right for your business? Check out our free guide detailing each of the major platforms.

Know the difference between franchising and buying a business

Before you decide if one of these options is right for you, make sure you know the basics of franchising and buying an existing business. The main difference between franchising and buying an existing business is the level of control you’ll have over your business. Read this article here.

An Introduction to Franchising; Ebook by the IFA Educational Foundation

Read the ebook here 

Funded in part through a Cooperative Agreement with the U.S. Small Business Administration and the Montana Department of Commerce.