People and Funding

Management and Workers and Advisers

Management is most likely you and maybe another owner. In this section you want to present highlights
of your career as it relates to the business you are starting. Leave details for a full resume you attach to the
back of the plan as an appendix item. Here, just give readers confidence that you know the industry and market.

Workers. If you do not need help running your business, skip this paragraph. But if you will need help producing or delivering
services or products to customers, read these items carefully! The biggest mistake is to pretend a worker is an
independent contractor only to find they do not pass the tests below by the IRS or Worker Comp Insurance. That can
put you out of business and facing thousands of dollars of penalties and back taxes!

Read here to decide if workers need to be paid as employees or contractors. The SBA has a simple overview of this
topic along with links to additional articles such as writing your employee manual. Check it out here - SBA Employers

                   IRS Rules  20 Rule Test
                   WI DWD     9 Rule Test     PDF Version
If you decide workers will be employees, try this DWD site to understand your obligations for paying unemployment
and worker compensation insurance.

Another small business handy guide is published by the Federal Dept. of Labor - Labor Standards for Small Business       

Last but not least for employees - wondering how much to pay them? That is not purely scientific and attracting the right workers depends on many factors. But to see what typical wages are for different jobs, visit the Bureau of Labor Statistics at www.bls.gov/data/#wages to lookup wage rates.

Advisors. The first key step is to start NOW at building a team of advisers you can work with to build a successful business.
These are individuals or firms that will help you prepare tax returns, decide what insurance it right for you and
other business related tasks. Having the right advisers can make or break your business! So start searching for
these resources sooner than later. One way to explore advisors is to use the WCTC's Take a Professional List.
Another way is to ask other business owners who they use and how their experience has been.
  (Tip: Bankers want your business AND 'work' for free!)                                                                                                                                                                                                   

Funding Requirements

The first step is to identify your suppliers and contractors you can use to get your business ready.

A reality check for new business owners is this: If you do not know off the top of your head names of companies to buy equipment from or help you locate office space, then this is a major priority to get started on right away!

The more specific you get on what you will buy and from whom during the planning stage will take weeks if not MONTHS off of your start-up time.

So start calling and emailing tomorrow to find out what companies you feel comfortable using - and ask for references and check those out!