Planning Your Business

Starting a small business in Kodiak is an exciting opportunity to build something meaningful in a unique and close-knit community. Whether you’re opening a coffee shop, launching a fishing carter, or offering digital services, your journey begins with thoughtful planning. 

Overview

Choose Your Business Type
Defining Your Mission & Vision Statement

 

Understanding Your Market & Customers
Write Your Business Plan
Outline Your Startup Costs
Starting a Business vs. Buying an Existing Business
Starting a Nonprofit
Native Alaskan-Owned Businesses
Choose Your Business Type

Visit the U.S. Small Business Administration to learn more about business structures: https://www.sba.gov/business-guide/launch-your-business/choose-business-structure

Look at “20 Questions Before Starting a Business,” by the Alaska Small Business Development Center: https://aksbdc.org/tools/20-questions-before-starting-a-business/

 

Talk to a local business advisor, financial advisor, or attorney to determine which structure works best for you:

  • Northrim Bank 
  • Wells Fargo 
  • Haven Financial Partners, LLC 
  • Alaska Small Business Development Center – has business advisors, cannot give legal or financial advice 
  • The Foraker Group – for nonprofits 
  • Skinner Law Office, LLC 
  • Wallstrum Stevens CPA 
  • Credit Union 1 
  • Edward Jones Investments, Tyler Wallace 
  • First National Bank Alaska 
  • Global Credit Union 
  • Key Bank 

Clearly state why your business exists and what you aim to achieve. A strong mission and vision will guide decision-making and inspire both customers and employees.

Download the Business Plan Outline Tool from the Alaska Small Business Development Center: https://aksbdc.org/tools/business-plan-outline/

Read “The Importance of Mission, Vision, and Values For Business Strategy,” published by the University of Phoenix: https://www.phoenix.edu/blog/mission-vision-values-statements.html

Kodiak’s population is culturally rich and is economically diverse. It’s vital to understand your target audience:

  • Who are your customers?
  • What do they need or want?
  • Who else is offering similar services?

 

Use surveys (U.S. Census Data for Kodiak), social media polls, or informational interviews to gather insights.

Visit the United States Census Bureau: https://data.census.gov/

Visit the National Archives’ Census Records: https://www.archives.gov/research/census

A strong business plan is a roadmap to success. Outline your goals, target audience, services/products, marketing strategy, and financial plan. 

Your plan should cover:

          • Business Description
          • Market Analysis
          • Marketing and Sales Strategy
          • Operations and Logistics
          • Financial Projections

Pro Tip: Kodiak’s seasonal economy (fishing, tourism) affects demand. Plan for these cycles.

View the U.S. Small Business Administration’s guides and examples of a Traditional Business Plan and a LEAN Startup Plan.

https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan

Download the Business Plan Outline Tool from the Alaska Small Business Development Center: https://aksbdc.org/tools/business-plan-outline/

Evaluate what you need to launch your business:

  • Equipment or Inventory
  • Software
  • Website/Domain Registration
  • Licenses and Permits
  • Rent and Utilities
  • Marketing and Advertising

Pro Tip: Use this calculator from the SBA to
calculate your startup costs https://www.sba.gov/business-guide/plan-your-business/calculate-your-startup-costs

When you’re ready to become a business owner, you have two main paths: start from scratch or purchase an existing business. Each option has their benefits and challenges.

Starting a Business

Pros: Full creative control, ability to build your own systems, and potential for lower upfront costs if starting small.

Cons: Takes time to establish your customer base, may face higher risk in the early years, requires building brand recognition from the ground up.

Buying an Existing Business

Pros: Established customer base, existing brand recognition, and trained staff in place. May include assets like equipment, inventory, or prime location.

Cons: Higher upfront cost, potential hidden debts and hidden processes, and the need to adapt to an existing reputation.

Legal Considerations When Buying an Existing Business

Purchasing an existing business involves more legal steps than starting from scratch. Work with a business attorney and accountant to perform due diligence before finalizing a purchase. Before signing any agreements, consider:

  • Business Structure Review: Confirm the legal structure (LLC, Corporation, Sole Proprietorship) and understand how ownership will transfer.
  • Licenses & Permits: Verify that all business licenses are current and transferable. Some licenses may need to be re-applied for under your name.
  • Contracts & Leases: Review all contracts (with suppliers, customers, employees, etc.) and commercial leases with an attorney. Understand your rights, obligations, and any potential penalties for changes.
  • Outstanding Debts or Liabilities: Conduct a financial and legal audit to uncover unpaid taxes, pending lawsuits, or vendor debts.
  • Intellectual Property: Ensure trademarks, copyrights, logos, and domain names are included in the sale and are properly transferred.
  • Compliance: Confirm the business meets health, safety, environmental and zoning requirements for its location and industry.

An Alaska Small Business Development Center Business Advisor can help you navigate the business buying and selling process: https://aksbdc.org/services/business-counseling/buying-and-selling-businesses/

Nonprofits operate with a mission to serve the public or a specific community rather than to make a profit for the owners. They can still earn revenue through donations, grants, or sales, but the funds must be reinvested into the organization.

Key steps that may differentiate your business plan:

  • Define your mission and vision clearly
  • Choose a board of directors
  • Register your nonprofit with the State of Alaska
  • Apply for federal tax-exempt status ((501©(3) or other category))
  • Comply with state charitable registration requirements
  • Develop bylaws and operating procedures

Visit the State of Alaska Non-Profit and Religious Corporations FAQs page: https://www.commerce.alaska.gov/web/cbpl/corporations/nonprofitandreligiousfaqs.aspx

Visit the IRS’s page for Applying For Tax Exempt Status: https://www.irs.gov/charities-non-profits/applying-for-tax-exempt-status

Ask the Alaska Small Business Development Center for guidance: https://aksbdc.org/

The federal government provides some support for programs and resources exist for underrepresented groups and other small business owners through free technical assistance.

  • Military Spouse businesses
  • Rural businesses
  • Minority-owned businesses
  • Women-owned businesses
  • Native Alaskan-owned businesses
  • Veteran-owned businesses

https://www.sba.gov/business-guide/grow-your-businessGet resources for all these categories through the SBA’s page titled, “Grow your   business.” : https://www.sba.gov/business-guide/grow-your-business