How Pipestone Economic Development Authority (PEDA) Can Help You!

This section of our website is aimed at guiding new entrepreneurs through the process of starting their own business. We understand that the process of starting your own business can be scary and complex, our goal is to create a step-by-step process for you and your business. Our assistance can be used at any point in this process by contacting the City Administrator.

The Essentials

The following documents are vital to the successful start up of your small business. Also, these same documents are almost always requested when filling out a small business-grant application.

Business Plan

This plan is a statement of a set of business goals, reasons they are believed attainable, and the plan for reaching those goals. A business plan is often accompanied by supporting documents.

Statement of Cash Flow

This statement is a financial statement that shows how changes in balance-sheet accounts and income affect cash and cash equivalents, and breaks all the analysis down to operating, investing and financing activities.

Description of Financial Structure

This description is the framework of various types of financing that is employed by a firm to acquire the support resources necessary for its operations. It is commonly made up of shareholders investments, long-term loans, short-term loans, and short-term liabilities.

Getting Started

• First you should contact the Pipestone Economic Development Authority (PEDA) for assistance in creating a new business.
• If you plan to hire employees visit Minnesota Unemployment Insurance website.
• Use the IRS's Tax Guide for Small Business.
• Determine the type of business you wish to set up; sole proprietorship; partnership; limited liability corporation (LLC); S-corporation; or C-corporation.
• Work with your local economic development team to prepare your business plan, statement of cash flows, and a description of your financial structure.
• Secure capital through loans, grants, and other incentives.
• Register your business name with the Office of the Minnesota Secretary of State.
• Secure business license and permits; check local and state.
• Obtain Sales and Use Tax Permit and display at your business if applicable.
• Register for IRS Business ID number.
• Register for Minnesota Business ID number.