Need Help Financing Your Launch?

The Kansas government offers many resources designed to help small business owners fund their operations. You’ll want to explore as many of these funding opportunities as apply to your business model because securing enough funding to launch a business successfully is not an easy undertaking. In addition to financing the launch itself, you’ll need to have enough funding in reserve to last until your business is self-sustaining. 

Once your company starts turning a profit, you may need to start paying back debts immediately. Make sure to factor these challenging realities into your planning as you prepare to finance the startup period for your new Kansas LLC.

When researching your options, look for opportunities available to all small business owners, as well as those uniquely available to certain owners and business models. For example, you could find funding options specifically tailored for your new company by searching for “rural small business startup funding” or “grants for Black-owned bookstores.” Get creative as you assess:

• Crowdfunding
• Traditional bank loans
• Federal small business loans
• Investment programs
• Microlending
• Grants
• Matching loans
• Rural opportunity zone funding

Expect the Unexpected

Your company will encounter challenging times at one point or another. It’s important to prepare to weather these stormy periods successfully. By anticipating challenges and seeking the guidance and protections available to you, you’ll better position your business to thrive well into the future.

Insurance

It’s likely that one of the primary reasons why you decided to structure your business as a Kansas LLC is that, unlike sole proprietorships and most partnerships, LLCs offer members liability protection. In the event that your company’s finances take a dive, your LLC is sued or your company is fined, your personal assets can’t be seized to pay your business debts by virtue of the LLC business structure.

Be aware that the LLC legal formation structure only protects your personal assets. It won’t protect your company’s finances from taking a hit if your business falls on hard times. If your place of business is flooded or struck by a tornado, if a vengeful former employee sues your company or if your inventory is set ablaze by an arsonist, only insurance can protect your bottom-line.

There are different kinds of business insurance available, so speak with a small business insurance provider before committing to any specific type of coverage.

Legal Concerns

Small business owners face all kinds of liability risks that can’t be covered by insurance. A competitor could claim that you’ve infringed upon their intellectual property rights or a vendor could sue you for breach of contract. The need to protect your company from the risk of being sued, compliance violations and other liability concerns is one of the two primary reasons why it’s important to develop a working relationship with a small business attorney. The other is that your company may need to hold an individual or competitor accountable for infringing on your business rights.

Connecting with a lawyer proactively will help to mitigate liability risks, protect your company’s legal interests and keep the government from accusing you of missteps. Too often, business owners only seek legal counsel when they’re in trouble. Working with a Kansas LLC lawyer from the start can halt potential causes for concern in their tracks.

Accounting Needs

How are you going to keep track of your company’s finances? You can potentially use reputable accounting software, as long as you’re willing to invest time into keeping meticulous track of every single transaction. You’ll also need to speak with your attorney about tax strategy and financial planning, as accounting software can’t provide that kind of personalized guidance.

Alternatively, you could work with a small business accountant. Accounting services can be tailored to your company’s unique needs. You can also discuss financial goal-setting with an accountant and receive detailed feedback in return. If you’re going to be running a complex business, investing in the step up from accounting software to accounting service may benefit your company in a myriad of potentially profitable ways.

Start Hiring Workers

If you’re not launching a single-member Kansas LLC, you’ll likely need to hire capable employees to help you operate your business. You’ll need to take the following steps before any promising applicants can start work:

Unlike many other states, Kansas does not offer a state-run workers’ compensation program. Private employers are generally required to obtain private workers’ compensation coverage unless they’re eligible to operate as self-insured entities. You may want to speak with your small business lawyer about this requirement and any other employment-related mandates that you’ll be obligated to follow moving forward.

Implement a Winning Marketing Strategy

You’ve worked hard to register your business, protect your company’s interests and finance your startup period. Now it’s time to get customers in the door so that you can start earning their loyalty and turning a profit. You may have drawn up a marketing strategy as one aspect of your broader business plan. You’ll need to flesh out those ideas and start implementing them once your business is legally authorized to commence operations.

Kansas has a rich history and a unique culture. Learn all you can about the demographics of the marketplace and what people in your local community care about. This information can help to inspire the ways in which you can target potential customers and connect with them most organically and effectively.

Don’t forget to devote time and resources to cultivating a solid online presence as you’re engaging in marketing efforts:

• Register a memorable domain name
• Build a professional-looking website
• Open business-related profiles and develop a presence on major social media sites