Business Expansion Checklist

✨ Business Expansion Checklist ✨

🕵️	Review Your Business Strategy Update your business plan Assemble an advisory team
📝	Evaluate Your Business Needs Evaluate your business structure Consider your location Work with your planning department Maintain licenses and permits
💰	Grow Your Market Research your market Increase sales/marketing efforts
💵	Finance Your Growth
✒️	Hire Employees Research wages and trends Services for employers
🎁	Incentives for Your Business California Competes Tax Credit Manufacturing and Research and Development Exemption
📚	Networking Events and workshops Business publications Chambers of commerce Human resource development

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🕵️ Review Your Business Strategy

🔄 Update your business plan

As your business grows, your goals may change. When considering how to expand your business, it's a good idea to start at the beginning. Your business plan is your original outline, with your original goals and plans for running your business. As you audit your old business plan, think about your current goals and plans for 

👫 Assemble an advisory team

Once you have a solid understanding of where your business stands, it's a good idea to check in with trusted advisors. You should check in with your financial and legal team periodically. You may also want t consider finding a business mentor or an informal advisory board to ensure that your continue to have a fresh perspective on your business. 

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📝 Evaluate Your Business Needs

🏗️ Evaluate your business structure

If you started your business as a sole proprietorship, you may want to update your status if you’re now in a partnership or have hired employees—so check with an attorney or accountant for a review of your structure. For a list of business types, visit the State of California Type of Business Entity website.

📍 Consider your location

When your business is in expansion mode, you might need more physical space.
To find available commercial properties or get current lease rates, contact your real estate broker. The EDC can also provide preliminary research on available properties and lease rates through the CoStar commercial real estate database.

🚧 Work with your planning department

You will also want to check with the planning and building department where your business is located to make sure that the property you are considering is zoned for your business use.

📎 Maintain licenses and permits 

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💵 Finance Your Growth

As you move into a growth phase, make sure you have a good funding source that will sustain you through economic ups and downs. 

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✒️ Hire Employees

If you decide to hire employees, you will be required to register them for workers’ compensation and unemployment insurance. Visit the State of California's website for detailed information on workers' compensation, unemployment insurance, and hiring employees.

If you need extra staff, learn the difference between hiring an independent contractor versus an employee at the State of California's page.

💲 Research wages and trends

Find out what is going on in the Sonoma job market by taking a look at our quarterly Job Market Tracker and Workforce Development Survey.

🛎️ Services for employers

The EDC, in partnership with Sonoma County Job Link, can help businesses tackle some of their most difficult workforce problems and connect your business to valuable support services.

• Workforce recruitment and retention
• Customized workforce trainings
• Subsidized hiring incentives
• Specialized hiring events

Check out our Find Employees page for more information on workforce training and incentives.

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🎁 Incentives for Your Business

California Competes Tax Credit

The California Competes Tax Credit is an income tax credit designed to help businesses stay in California by encouraging investment and the creation of new well-paying jobs. This incentive program is available industry, size, or location. Visit their website to detailed information on how businesses can qualify for this tax credit.

🏭 Manufacturing and Research and Development Exemption

The California Department of Tax and Fee Administration (CDTFA) offers manufacturers a partial reduction in state sales and use taxes for certain equipment purchases and leases.

Currently, the State of California imposes a statewide sale and use tax rate of 7.25% (plus applicable district tax) on sales and leases of property. With the Manufacturing and Research and Development Tax Exemption, eligible businesses would only pay 3.9375% of the statewide sales and use tax, saving $39.37 for every $1,000 in purchases of qualifying property.

The partial tax exemption is available to businesses in the following North American Industry Classification System (NAICS) business categories:

• Manufacturing NAICS: 3111–3399
• Electric Power Generation NAICS: 22111-221118
• Electric Power Distribution NAICS: 221122
• BioTech Research and Development NAICS: 541711
• Physical, Engineering, and Life Sciences Research and Development NAICS: 54171
• Social Science and Humanities NAICS: 54172

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👋 Networking

Running a business can be lonely at times, especially if you’re a solo-preneur. Networking is a great way to connect with other business owners and get the support that you need. Here’s a list of where you can find local networking events and business organizations that you might consider joining.

🗓️ Networking events and workshops

Check out our Sonoma County Networking and Community Events Calendar!

 

📚 Business publications

• North Bay Biz Magazine
• North Bay Business Journal (NBBJ)
• NBBJ: Book of Lists

💼 Chambers of commerce

There are many chambers of commerce in Sonoma County. With chambers based on region and identity, you will be able to find a supportive community of entrepreneurs. 

☑️ Human resource development

 

• The Professional Association of Sonoma County (PASCO)

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