We’re Here to Support Small Business!
Starting a new business is a very exciting prospect, one that requires research, preparation, and often times hard work. The rewards are plenty: be your own boss, profit from your own labors, provide jobs for your community; provide valued services or products for your community, to name a few. There are risks to be sure; the most obvious being risking hard saved capital and maybe a less obvious risk is personal sacrifice. Starting your own business will likely cost more money than you think and will take up more of your personal time and resources than you plan. So why do it? When you succeed the success is yours!
There are great resources you should avail yourself of when considering opening your new business. Some of the best online sources are the Small Business Administration, the State of Alaska and the City of Cordova. Your bank is also another important resource for your new venture. Work with them in every way possible as you do your research and planning.
Your path to small business ownership may look something like this:
Join your local Chamber of Commerce
Chamber membership is a sound business decision that can help you start on the right track and open up all sorts of resources for you and your business! Learn more…
Write a business plan
Even if your business is already running, it can be really helpful to write a business plan. It gives your business the best possible chance of success by ensuring that you pay attention to both the broad operational and financial objectives of your new or existing business and the details, such as budgeting and market planning. Here’s the great news: our friends at Alaska SBDC can help you put one together for FREE! Scroll down and fill out the form below to get more info.
Find a business mentor
Maybe you already know someone who you look up to professionally. If not, contact us at the Chamber to sign up for a business mentor. Spending time with and learning from others who have been where you are can be invaluable! Scroll down and fill out the form for more info!
Choose your business location
This can be challenging, but there are resources available. Start by contacting your bank or loan officer to see what you can afford. Then contact a local real estate agent to see what’s available. Sometimes you can even find local, state or national incentive programs to help make this easier. Alaska is great place to do business, and Cordova is poised for growth. Learn more about business incentive programs…
Get your finances in order
This often starts with a financial analysis. Again, this is something we can help you work on with our friends at Alaska SBDC as part of your Business Plan. Scroll down and fill out the contact form to get started. Learn more about incentivized loans…
Settle on the legal structure of your business
Sole proprietorship, general partnership, limited partnership, limited liability partnership, corporation, professional association, limited liability company, business trust, non-profit… There are lots of ways to set up your business, and your structure can give you great benefits. Doing your research right away a picking the right fit for your business is essential. Learn more…
Get a Taxpayer Identification Number with the IRS
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the Social Security Administration (SSA) or by the IRS. A Social Security number (SSN) is issued by the SSA whereas all other TINs are issued by the IRS. Learn more…
Get an AK Unemployment Insurance ID Number
Does every business need Unemployment Insurance (UI) coverage? Most do.
“For UI Tax purposes, any person, firm, corporation, Limited Liability Company, or other type of organization that hires one or more individuals to perform services for its direct benefit during any portion of the day is an employer… Alaska statutes do not provide for UI coverage for self-employed individuals… Out-of-state and multi-state employers must set up accounts for workers who are hired in Alaska and perform work in Alaska. Employers may also be required to report to Alaska the workers who are hired out-of-state and brought to work in Alaska… Fishing operations are excluded under Alaska law when there are less than 10 crew members, and the crew is paid on a share basis. Tender operations and fish processing wages, however, are reportable.” Learn more…
Get your State of Alaska business license
The City of Cordova requires a State of Alaska business license in order to issue a City of Cordova business license, so do this first. Cordova Chamber also requires both a City and State business license to become a member. Click here to get started.
Get your City of Cordova business license
Once you have your State of Alaska business license, you can get your City of Cordova business license. This must be renewed annually, and is connected to your quarterly Sales Tax reporting. Click here to get started.
Understand your responsibilities as a business owner.
We believe that small businesses are the heart and sole of our community. They provide our goods and services, and support our non-profits and school groups. Learning legal and fair business practices is paramount, and reading our Cordova Chamber of Commerce code of ethics is a good place to start. Joining the Chamber is also a great way to make sure you are on the right track. Learn more…
This is not an exhaustive list and you should do your own complete research and planning. As you do your research about starting your business you will learn about basic bookkeeping and how imperative it will be to the success of your business. You may want to start out with a bookkeeping service and as you become more comfortable with your business and all that it requires, you may find that using a bookkeeping program such as QuickBooks suits you well. The bottom line is keep good and true records. Track all your expenses and all your income. Track your employees hours as well as your own. Work with a tax preparer. Keep up with your accounting on a daily basis and you will find that it will not overwhelm you.
City of Cordova Business License Application
Small Business Administration
Internal Revenue Service
State of Alaska – Business
State of Alaska Department of Revenue
US Census Facts – Alaska
Alaska Department of Commerce, Community and Economic Development
Resource Development Council for Alaska
Included in Chamber membership:
- Business referrals through Chamber inquiries
- Rack card, brochure or business card display at our Visitor Center office
- Training and networking opportunities through our Chamber Luncheon series
- Listing on our Online Business Directory and printed Member Directory
- Placement in the Cordova Coupon Book include free ad design
- Access to low-cost cooperative advertising rates in local and statewide publications
FREE Business Support:
Cordova Chamber of Commerce will be offering FREE Business Development Support through the Alaska Small Business Development Center starting fall 2018. If you’d like more information, fill out the form below. These services are open to ALL current business owners and those looking to start a new business in Cordova, but we ask that you sign up below. Services available include:
- Business Development Seminars
- One-on-one Business Counseling
- Business Plan Writing Assistance