Starting a business can be one of the most exciting adventures you’ll ever take—but let’s be honest, it can also feel a little scary. If you’ve got a big idea but don’t know where to begin, you’re not alone. Many successful entrepreneurs started exactly where you are: full of passion, a bit nervous, and eager to make their mark.
This guide will walk you through every step to start a business, from turning your idea into a real, registered entity to building the financial foundation that will help it grow. Let’s use Milly’s story as an example. She’s 19, loves dogs, and turned her weekend pet-walking gig into a professional pet care business. How did she do it? Let’s dive in.
Every successful business starts with a strong foundation. For Milly, her dog walking and grooming business began as a side hustle, but as referrals poured in, she realized she needed to take it to the next level. Here’s how she did it, step by step:
Milly’s first stop was Collider, a local organization that helps early-stage entrepreneurs navigate the startup process. They sat down with her to answer her questions, share helpful tips, and connect her to resources that made her journey much easier.
Why Collider?
Collider offers:
Affordable workshops on starting and running a business.
Personalized advice to help refine your business idea.
A supportive community where entrepreneurs like you can share insights.
Milly left Collider feeling confident and ready for the next step: turning her idea into a real plan.
Next, Milly went to the Small Business Development Center (SBDC) for even more personalized assistance. The SBDC specializes in helping entrepreneurs write comprehensive business plans and prepare financial projects. Here’s what they helped her with:
The SBDC gave Milly the tools she needed to make her business not just a dream, but a reality.
With her plan in hand, Milly was ready to make her business official. She decided to form a Limited Liability Company (LLC) for legal protection and credibility.
Steps to Register an LLC in Minnesota:
Pick a Name: Milly checked the Minnesota Secretary of State’s database to make sure her business name was unique.
File Articles of Organization: She filed this key document online and paid the $155 fee.
Designate a Registered Agent: Milly chose someone to handle her business’s legal paperwork.
Stay Compliant: She set reminders for her LLC’s annual renewal to keep it active.
By forming an LLC, Milly protected her personal assets and gave her business a professional edge.
Finally, Milly applied for her EIN—a crucial step for any new business. An EIN is essential for running any legitimate business, even if you're the person running the business by themselves. This number, issued by the IRS, is like a Social Security Number for your business.
Why You Need an EIN:
To open business bank accounts.
To file taxes.
To hire employees.
How to Apply for an EIN:
Fill out the free online application.
Receive your EIN instantly after submitting your form.
With her EIN in hand, Milly was officially ready to take her business to the next level.
Running a business is about more than great ideas—it’s about managing your money wisely. Good financial practices lay the foundation for sustainable growth and future success. The also protect your personal finances from being tangled with your business. Here’s how Milly got her financial house in order:
Milly opened accounts at First Alliance Credit Union to keep her personal and business finances separate.
Why This Matters:
It simplifies bookkeeping and tax preparation.
It shows clients and lenders you’re serious.
It makes it easier to track expenses and profits.
Milly also set aside money for unexpected expenses, like replacing worn-out grooming equipment. Having a business savings account gave her a safe place to grow her emergency fund. Even small contributions add up over time and provide peace of mind.
Milly needed funding to grow her business. Finding the right funding option depends on your business goals and current financial position. She wanted to:
Hire a professional website developer on websites like Fiverr and Upwork to build her online presence.
Bring in a photographer to take high-quality pictures of her work.
Buy professional grooming tools to enhance her services.
Build good credit for future opportunities.
Here’s how she made it happen:
Milly worked with First Alliance Credit Union to secure a small business loan.
What the Loan Covered:
The website developer’s fees.
The photographer’s services.
Essential grooming equipment.
To establish her business credit, Milly also got a secured credit card from First Alliance Credit Union. Building credit is needed for long-term success, especially if you plan to scale your business. Using credit wisely shows lenders that you're reliable and capable of managing debt.
How She Used It:
Bought smaller supplies and paid off the balance every month.
Kept her credit utilization below 30%.
This smart approach built her credit score and positioned her for larger funding opportunities down the line.
With her foundation in place, Milly focused on growing her business sustainably. By focusing on key areas like marketing and staffing, she was able to expand while maintaining high-quality services.
Milly used her loan to:
Build a professional website.
Print eye-catching flyers to distribute locally.
Launch a social media campaign featuring her services and client testimonials.
As her workload increased, Milly hired her best friend to help with dog walking and grooming, doubling her capacity to serve clients.
Starting a business doesn’t have to be overwhelming. With the right resources, guidance, and financial support, you can achieve your entrepreneurial dreams.
Whether you’re just starting out or rebuilding, First Alliance Credit Union is here to help you every step of the way. Open a business account, explore funding options, or speak with one of our advisers today to turn your dream into reality.
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