Boost Your Business in Wisconsin This Year. Check Out These 15 Must-Know Tips

Boost Your Business in Wisconsin This Year. Check Out These 15 Must-Know Tips

Calculate the Costs – Know the fees for state and local business licenses

Starting a new business in Wisconsin can be an exciting yet daunting task. One of the first steps is to research and calculate the various licensing fees and costs you’ll face at both the state and local levels. These expenses can add up quickly, so doing your homework upfront is crucial.

At the state level, Wisconsin requires certain business types like LLCs and corporations to register with the Department of Financial Institutions. The filing fees for online applications typically range from $130 to $500 depending on your structure. Sole proprietors may need to register fictitious business names for around $25. Most businesses will also need general state permits and licenses that can cost another $100 annually.

Don’t forget city and county permits, fees and business licenses that can cost you another few hundred dollars. For example, obtaining a general business license in Milwaukee costs $100 for your first location and $30 for each additional spot. Costs vary widely, so check with your local municipality clerk.

Fill Out the Applications – Forms for LLCs, corps, partnerships, etc.

Once you’ve determined the business structure that best fits your needs and budget, it’s time to fill out and submit the corresponding state application forms. The most common structures for small businesses are limited liability companies (LLCs), S-corporations and C-corporations.

LLCs only require a simple 2-page application form called the Articles of Organization. S-corps and C-corps involve further registration paperwork like drafting corporate bylaws. General and limited partnerships also require filing partnership agreements. Lean on business lawyers or incorporation services to ensure all documents are error-free.

The WI Department of Financial Institutions website provides all the application forms and instructions you’ll need. Be sure to include the required filing fees – usually around $170 for online registrations. Processing times take 5-7 business days.

Get Your Business Insurance – Compare quotes for liability and other policies

Business insurance is crucial protection that could save you from financial ruin if you ever face a lawsuit, property damage or other loss. At minimum, Wisconsin businesses should carry general liability insurance – especially those in higher risk sectors like construction.

Product liability insurance is essential for manufacturers and retailers to cover injuries from defective products. Professional liability protects service providers like doctors and lawyers. Workers’ comp is mandatory for businesses with employees. Compare quotes from providers like State Farm and Travelers to find the best rate.

Consider business property coverage too for office equipment, inventory and buildings. Business interruption insurance helps replace lost income from disruptions. Discuss your specific risks with an insurance agent to customize the right policies.

Renew Licenses Annually – Don’t let state and local permits expire

After going through the hassle of obtaining your initial business licenses and permits, make sure you renew them before expiration every year. The state and municipalities typically send out renewal reminders 30-60 days in advance.

For Wisconsin, most annual business license renewals are done online through the SAM (Statewide Account Manager) portal. Some city permits like food service licenses may need to be renewed in person. Mark your calendar with renewal deadlines to avoid lapses.

Letting a business license or permit expire accidentally can lead to penalties, fees or even suspension of operations. Stay organized and on top of renewals to keep your business compliant and running smoothly.

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Fill Out the Applications – Forms for LLCs, corps, partnerships, etc.

After deciding on the ideal business structure for your needs and budget, the next step is completing the corresponding Wisconsin state registration forms. This may seem daunting, but breaking it down step-by-step can simplify the process.

For many small businesses, forming a limited liability company (LLC) offers the best mix of liability protection and tax flexibility. The application is easy – just submit the 2-page Articles of Organization form and $170 fee online via the Department of Financial Institutions website.

LLCs allow you to choose partnership tax treatment if you want to avoid corporate taxes. The owners are called members, and you’ll want to draft an operating agreement outlining financial and management details.

S-corporations are also popular for small businesses. They provide liability limits like an LLC but with the ability to issue stock. The application process is more complex, requiring corporate bylaws and an S-election IRS form.

C-corporations have higher setup costs but give you the most flexibility to raise capital through stock offerings. General and limited partnerships involve filing lengthy partnership agreements.

No matter the structure, utilize lawyer services like LegalZoom if you get stuck. They can review your documents to minimize errors and rejection delays. The $170 Wisconsin filing fees apply across the board.

Get Your Business Insurance – Compare quotes for liability and other policies

Operating any type of business in Wisconsin legally requires proper insurance coverage. Failing to carry adequate policies leaves you vulnerable to potentially bankrupting lawsuits or losses.

General liability insurance is a must to protect against claims of bodily injury, property damage and more. It covers legal fees and settlements up to your policy limits. Costs vary based on your industry risk and coverage level.

Product liability insurance provides protection if a customer is harmed by a defective product you sold. It’s crucial for manufacturers and retailers.

Compare quotes from providers like State Farm and Travelers. Discuss your specific business risks with an agent to customize the right liability policy. Don’t cut corners here – the consequences could be severe.

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Get Your Business Insurance – Compare quotes for liability and other policies

Operating any type of registered business in Wisconsin requires having proper insurance coverage. The specific policies and levels you need depend on your industry, number of employees, and other risk factors.

At minimum, every business should carry general liability insurance to protect against third party claims of bodily injury, property damage, personal injury, and advertising injury that could arise from your operations, products, services, or premises.

For example, if a customer slips and falls in your store, you’d be covered for their medical bills and any lawsuit. Premiums vary based on amount of coverage, industry risk, location, and other factors. Shop around for the most competitive rates.

If you manufacture or sell products, product liability insurance is crucial to cover injuries or damage caused by a defective product. It will pay for any related lawsuits too.

Professional liability (errors & omissions) insurance protects service providers like consultants, architects, and lawyers from claims of inadequate work or negligent advice. Again, premiums vary widely based on profession.

Workers compensation insurance is mandatory in Wisconsin for any business with employees, covering lost wages and medical treatment for job-related injuries. Rates depend on your industry risk classification and history.

Discuss your specific business risks with providers like State Farm and Travelers to customize the right policies at competitive prices. Don’t cut corners here – inadequate insurance could lead to financial disaster.

Renew Licenses Annually – Don’t let state and local permits expire

Now that you’ve registered your business entity and obtained the proper licenses and insurance, stay on top of renewing them annually so they don’t expire. The state and local municipalities typically send renewal notices 30-60 days in advance.

For Wisconsin state business licenses, annual renewals can generally be quickly completed online via the SAM portal. Some city permits like food service licenses may need to be renewed in person at the clerk’s office.

Mark your calendar with all upcoming renewal deadlines and fees to avoid an accidental lapse. Letting a license or permit expire can lead to late fees, suspension of operations, or even having to redo the full application process.

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Renew Licenses Annually – Don’t let state and local permits expire

After going through the hassle and expense of obtaining all the necessary licenses and permits to operate your business in Wisconsin, the last thing you want is to let them accidentally expire. Staying on top of annual renewals is crucial for avoiding costly penalties or suspensions.

For state level business licenses, the Department of Financial Institutions sends out renewal notices typically 30-60 days before the expiration date. You can then quickly renew your LLC or corporation registration online via the SAM portal in just minutes.

However, some city and county permits need to be renewed in person at the local municipal clerk’s office. For example, annual food service permits and liquor licenses may need to be renewed locally rather than with the state.

Mark your calendar with all upcoming renewal deadlines and fees to avoid a lapse. Setting reminders on your phone can help prevent forgetting. Letting a business license or permit expire, even if accidental, can lead to late fees, suspension of operations, or having to redo the full application process.

Some key annual renewal fees for Wisconsin businesses include: LLC/corporation renewal – $130, fictitious business name renewal – $25, state permits/licenses – $100, local general business license – $30-100. Keeping fees like “Wisconsin business license cost” in mind helps budget.

Pick the Right Business Structure – LLC, S-Corp, C-Corp? Know the differences

Choosing the ideal business structure is a key decision when starting your Wisconsin company. The most common options are sole proprietorship, partnership, limited liability company (LLC), S-corporation, and C-corporation.

LLCs offer liability protection for owners while allowing partnership tax treatment if desired. S-corps provide liability limits with ability to issue stock. C-corps have the highest setup costs but offer the most flexibility.

Factors like number of owners, liability concerns, tax implications, and ease of setup should guide your choice. Consult with attorneys and CPAs to determine which structure fits your business goals and vision.

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Pick the Right Business Structure – LLC, S-Corp, C-Corp? Know the differences

Selecting the ideal business structure is one of the most critical decisions you’ll make when starting your company in Wisconsin. The options include sole proprietorship, partnership, limited liability company (LLC), S-corporation, and C-corporation.

Sole proprietorships are the simplest, with no distinction between you and the business. Partnerships allow multiple owners to share control and liability. LLCs provide liability protection with partnership tax flexibility.

S-corps offer liability limits with ability to issue stock. C-corps have the highest setup costs but allow unlimited ownership shares. Weigh factors like liability coverage, taxes, ownership flexibility, and compliance complexity.

For small businesses, LLCs are attractive for their liability shield and simplified tax filing. Single-owner LLCs default to sole proprietorship taxes. Multi-owner LLCs can choose partnership taxation if desired.

S-corps are also popular for small businesses. They provide liability protection but allow issuance of stock. However, they come with stricter operational processes than LLCs. Consult with attorneys and accountants to determine the best fit.

Register Your Business Name – Protect your brand with a DBA filing

Once you select the business structure, it’s wise to register a “Doing Business As” name which serves as your official brand name. Even if you form an LLC, your legal name will be clunky.

For example, your pub’s legal LLC name might be “JWB Enterprises LLC” but you want your brand to be “The Wolf & Ox Pub.” File a DBA certificate with the state to register The Wolf & Ox Pub as your public-facing business name.

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Register Your Business Name – Protect your brand with a DBA filing

Once you determine the legal business structure and entity name, it’s wise to also register a “Doing Business As” (DBA) name, which will serve as your official brand name.

For example, your legal LLC name might be “ABC Company LLC” but you may want your public-facing brand to be “Carol’s Baked Goods”. Filing a DBA certificate registers “Carol’s Baked Goods” as your trade name.

There are a few options for DBA registration in Wisconsin. You can file with the state Department of Financial Institutions for $25. Or register with your county clerk for around $50. Your local municipality may also require registration.

Registering a DBA protects your business brand identity. It also prevents other businesses from using your trade name. Customers will come to recognize your DBA so it’s worth protecting.

Get Zoning Approvals – Make sure your location and activities are allowed

Before signing a lease or purchasing property for your Wisconsin business, be sure to check local zoning laws. Certain business types, sizes, or activities may be prohibited based on the property’s zoning classification.

For example, manufacturing operations or large warehouses likely won’t be allowed in retail zoned areas. And a boutique shop probably can’t open in an industrial zone without special approvals.

Check with the local municipality planning department to ensure your anticipated location and business activities align with zoning requirements before investing in a property or build-out.

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Get Zoning Approvals – Make sure your location and activities are allowed

Before signing a lease or purchasing property for your Wisconsin business, it’s critical to verify that your intended location and activities align with local zoning laws. Property zones dictate allowable business types, sizes, operations, and more.

For example, manufacturing plants or large warehouses likely won’t be allowed in retail-zoned commercial areas meant for shops and restaurants. And a boutique clothing store probably can’t open in a property zoned for industrial uses without special approvals.

Check with your city or county planning/zoning department to understand the property’s zoning classification before investing in a lease or purchase. You want to ensure your business type, size, operations, hours, signage, parking needs etc. are permitted based on zoning.

Seeking any necessary zoning variances or special use permits can be time-consuming and costly. It’s much easier to find a compliant property upfront rather than deal with zoning issues after the fact.

Comply with Regulations – Follow all rules for your type of business

In addition to general business licensing requirements in Wisconsin, specific industries face added regulations at both state and local levels. Thoroughly research all compliance rules for your business type.

For example, food service businesses must adhere to strict health and safety codes. Childcare centers and medical clinics have extensive operational regulations. Waste management companies face environmental rules. Be sure to comply with all applicable regulations.

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Comply with Regulations – Follow all rules for your type of business

In addition to general business licensing and permits in Wisconsin, specific industries face supplementary local, state, and federal regulations. It’s critical to research and comply with all rules and codes for your particular business type.

For example, food service establishments must adhere to strict health and safety regulations enforced by health departments. Restaurants may need additional liquor licenses, food handler permits, and more.

Childcare centers and medical/dental clinics need to comply with extensive operational, reporting, and personnel regulations imposed by state agencies. Failure to comply can mean steep fines or even closure.

Construction companies face workplace safety rules, building codes, contractor licensing, and environmental regulations. Waste management and recycling businesses are subject to numerous EPA and state environmental compliance rules.

Take time to thoroughly research all applicable regulations for your industry. Consult local and state agencies or industry associations to ensure you meet all requirements before opening up shop.

Charge Sales Tax – Register for a seller’s permit and collect tax

If your Wisconsin business sells taxable goods or services to customers within the state, you must obtain a seller’s permit and collect/remit sales tax. Some exemptions apply for certain products or business types.

Register for your seller’s permit through the Wisconsin Department of Revenue. This allows you to legally collect required sales tax at the point of purchase. You’ll need to file regular sales tax returns to remit collected tax to the state.

Factor tax collection, reporting, and remittance into your bookkeeping and cash flow plans. Outsourcing to an accountant can help ensure sales tax compliance.

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Charge Sales Tax – Register for a seller’s permit and collect tax

If your Wisconsin business sells taxable goods or services, you must obtain a seller’s permit, charge sales tax, file returns, and remit the tax to the state. Some exemptions apply for certain products or business types.

Register for your seller’s permit through the Wisconsin Department of Revenue. This allows you to legally collect required sales tax at the point of purchase. The current state sales tax rate is 5%.

Keep diligent records of all taxable sales. You’ll need to file regular sales and use tax returns to report and remit the tax you collected from customers to the Department of Revenue. Returns are typically filed monthly or quarterly.

Factor sales tax compliance into your bookkeeping and cash flow plans. The taxes you collect belong to the state, not your business. Consider outsourcing reporting and remittance to an accountant or bookkeeper.

Neglecting to register for a seller’s permit and properly collect/remit sales tax can lead to audits, penalties, fees, or other enforcement action. Don’t risk non-compliance.

Hire Employees – Obtain an EIN, workers comp and unemployment insurance

When your Wisconsin business is ready to start hiring employees, there are some key requirements to meet including obtaining an Employer Identification Number (EIN), workers’ compensation insurance, and unemployment insurance.

An EIN serves like a Social Security Number for your business for tax purposes. Workers comp covers job-related injuries. Unemployment insurance protects against staff layoffs.

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Hire Employees – Obtain an EIN, workers comp and unemployment insurance

When your Wisconsin business grows to the point of needing employees, there are a few key requirements to meet including obtaining an Employer Identification Number (EIN), workers’ compensation insurance, and unemployment insurance.

An EIN serves like a Social Security Number for tax purposes and is required when hiring employees. EIN applications are free and fast through the IRS website.

Workers’ comp insurance is mandatory in WI to cover lost wages and medical care for job-related staff injuries and illnesses. Rates vary based on risk classification.

Unemployment insurance protects against staff layoffs. You’ll need to pay quarterly payroll taxes into the state fund. Accounts are managed through the Department of Workforce Development.

Also consider needs like payroll processing, health insurance, retirement plans, employee policies and handbooks. Leverage HR services or accountants to ensure compliance.

Open a Business Bank Account – Separate from personal finances

It’s highly advisable to open a dedicated business bank account when starting your Wisconsin company. Keeping business and personal finances separated makes accounting and tax filing much smoother.

Shop around to find a bank that offers the right account features and fees for your needs. Many offer free business checking accounts to win your long-term business.

Get a tax ID (EIN) before opening the account. Also consider merchant services, payroll services, loans and credit cards through your business bank.

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Open a Business Bank Account – Separate from personal finances

It’s highly advisable to open a dedicated business bank account when starting your company in Wisconsin. Keeping business finances separated from your personal accounts makes recordkeeping, accounting, and tax filing much smoother.

Shop around to find a bank that offers the right features, technology, and fees to suit your business needs. Many banks offer free business checking accounts to win your long-term business.

You’ll need to get an Employer Identification Number (EIN) before opening the account. This serves as a tax ID number for the business.

Also consider any other business banking needs like merchant credit card processing, business loans or lines of credit, payroll services, and business credit cards. Establishing the relationship early provides flexibility as you grow.

Keeping personal and business transactions completely separate makes tax reporting simpler and helps avoid IRS red flags. Only pay yourself via shareholder distributions, payroll, or owner’s draw.

Create a Business Plan – Outline strategy, marketing, operations and financials

Every Wisconsin startup should create a thorough business plan outlining their business model, target market, competitive strategy, marketing plan, operations, and financial projections.

This in-depth planning process validates your overall concept and models projected costs, break-even analysis, capital requirements, and timelines. It also identifies potential pitfalls and opportunities.

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Create a Business Plan – Outline strategy, marketing, operations and financials

Every new business in Wisconsin should invest the time upfront to create a comprehensive business plan outlining their business model, target market, competitive strategy, marketing, operations, and financial projections.

This in-depth planning process allows you to validate your overall concept, model costs, identify risks and opportunities, and forecast financial performance. It also helps guide strategic decision-making as you establish and grow the business.

Key sections to cover in your business plan include an executive summary, company description, market analysis, competitive analysis, marketing strategy, operations plan, and financial plan with projected income statement, balance sheet, cash flow statement, and break-even analysis.

Take your time to thoroughly research and develop each section. Create detailed financial projections and outline all startup and ongoing costs. Identify potential revenue sources and milestones. The more in-depth the better to set realistic forecasts.

Consult SBA templates and resources for guidance. Enlist help from SCORE mentors or SBDC advisors to review your plan. Consider hiring consultants to complement your knowledge gaps.

Build Your Team – Hire qualified staff and professionals like a CPA

As your Wisconsin business grows, build a team of talented employees, contractors and professional service providers to complement your skills and expertise.

Vet candidates thoroughly and only hire qualified, trustworthy staff. Work with reliable accountants, lawyers, consultants, and advisors. Surround yourself with experienced, knowledgeable professionals.

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Build Your Team – Hire qualified staff and professionals like a CPA

As your Wisconsin business grows and becomes more complex, build a skilled team of employees, contractors, and professional service providers to complement your expertise and bandwidth.

For any hires, vet candidates thoroughly via interviews, background checks, references etc. to ensure they are qualified, experienced, and trustworthy. Invest time to find staff truly aligned with your business culture and vision.

Bring on talented staff to manage key roles like sales, marketing, operations, customer service and finance/accounting. Outsource specialized work like payroll, tax prep, and legal needs to experienced professionals.

A reliable CPA or accounting firm is invaluable for handling your financial reporting, taxes, payroll, and advising on tax regulations. Work with competent business lawyers for contract reviews, compliance issues, and other legal needs.

Mentors like retired executives can provide helpful objective advice as you encounter new challenges. A strong team provides skills and expertise that complement your own.

Fund Your Business – Explore loans, investors and other startup capital

Sufficient startup funding is critical when launching a business in Wisconsin. Explore options like business loans, angel or VC investors, crowdfunding, business grants and competitions to access capital.

An SBA loan provides affordable financing with longer repayment terms. Investors bring financing in exchange for equity shares. Grants don’t need to be repaid but are highly competitive.

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Fund Your Business – Explore loans, investors and other startup capital

Sufficient startup funding is critical for getting a new business off the ground in Wisconsin. Explore financing options like business loans, angel or VC investors, crowdfunding platforms, business grants and competitions.

An affordable SBA loan provides longer repayment terms versus conventional loans. Investors provide capital in exchange for equity shares in your company. Grants and competitions offer small amounts that don’t need to be repaid.

Create a funding strategy by estimating start up costs and working capital needs for the first 1-2 years based on your business plan financials. Pursue a mix of financing sources to meet your needs.

SBA loans up to $5 million are available through approved lenders. An SBA 7(a) loan offers the widest use of funds, while a CDC/504 loan finances major assets. Average approval takes 2-3 months.

Angel investors and venture capital firms help startups secure tens of thousands to millions in funding. You give up equity and some control in exchange.

Crowdfunding sites like Kickstarter and Indiegogo let you raise smaller investments from a large pool of individuals. You’ll need a compelling campaign.

Market and Network – Promote your brand and connect with other businesses

Actively marketing your new Wisconsin business is key to building brand awareness, attracting customers, and driving sales. Networking fosters connections.

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Market and Network – Promote your brand and connect with other businesses

Proactively marketing your brand and products or services is essential for attracting customers and driving sales as a new business in Wisconsin. Networking helps build connections and relationships with other entrepreneurs.

Develop a marketing plan outlining your target audience, key messaging, and strategies you’ll employ. This provides a roadmap for promotion. Budget time and funds for implementation.

Tactics may include content marketing through blogging and social media, SEO to improve web visibility, pay-per-click ads, print/radio/TV advertising, direct mail campaigns, networking events, trade shows, and more. Choose affordable channels that reach your audience.

Create an eye-catching brand identity with elements like logos, taglines and messaging that express your business vision. Ensure brand consistency across your website, signage, promo materials and everything customers see.

Network at local chamber and industry events. Join relevant associations and business groups like Rotary Club or the WI Women’s Business Initiative Corporation. Follow up with contacts made to build relationships.

Leverage digital tools like social media, but also connect locally. Word of mouth is powerful, so focus on delivering an exceptional customer experience that compels referrals.

With sound planning and persistent promotion of your brand, products and services, your Wisconsin business can gain traction and thrive. Consider enlisting help from marketing professionals to complement your expertise.