Economic Alliance of Kankakee County: ​The Economic Alliance of Kankakee County is a public-private partnership dedicated to fostering economic growth in Kankakee County, Illinois. Its mission is to create jobs and expand the economic base by improving the business climate through retention and expansion of established employers, recruitment of new employers, and business development. ​

Illinois Small Business Development Centers (SBDC): The Illinois Small Business Development Centers (SBDCs) offer no-cost, confidential support to entrepreneurs and small business owners across Illinois. They help with everything from starting a business to expanding or managing an existing one, offering guidance on business planning, marketing, financing, and more.

Small Business Administration (SBA): The Small Business Administration (SBA) is a federal agency that provides support to small businesses through loans, grants, counseling, and contracting opportunities. Its main goal is to help entrepreneurs succeed and promote economic growth.

 

Business Plan guide

• Access Our One-Page Business Plan
• First Stop Business Center
• SBDC: Where do I start business plan

Marketing Resources

• Marketing research and competitive analysis
• Illinois Department of Commerce: Publications & Business Guide

Financial Resources

• Loan and Financing Options
• Back to Business (B2B)

Legal Resources

 

1.Research & Planning

Before making financial commitments, conduct research to ensure your business idea is viable.

Key Steps:

• Conduct market research to identify your target customers, competition, and industry trends.
• Create a business plan outlining goals, marketing strategies, financial projections, and funding needs.

Local Resources:

• Illinois Small Business Development Center (SBDC) at Kankakee Community College – Offers free business planning assistance and market research support.
• Website: www.kcc.edu| Phone: (815) 802-8222
• Kankakee Public Library – Provides access to market research databases and business reference materials.
• Website: www.kankakeepubliclibrary.org| Phone: (815) 939-4564

2. Choose your Structure

Your legal structure affects taxes, liability, and operations. Options include:

• Sole Proprietorship – Easy to set up, but you are personally liable for business debts.
• LLC (Limited Liability Company) – Protects personal assets while offering flexibility.
• Corporation (C-Corp or S-Corp) – Best for larger businesses seeking investment.

Local Resources:

• Illinois Secretary of State – Business Services – Register your LLC or Corporation.
• Website: www.ilsos.gov| Phone: (217) 782-6961
• SBDC at KCC – Provides guidance on choosing the right structure for your business.

3. Register Your Business

Key Steps:

• Choose and register a business name with the Illinois Secretary of State.
• Obtain an EIN (Employer Identification Number) for tax purposes and hiring employees.
• Register with the State of Illinois if forming an LLC or corporation.

Local Resources:

• Illinois Secretary of State – Business Registration
• Website: www.ilsos.gov
• IRS – Apply for EIN
• Website: www.irs.gov

5. Set Up Finances & Taxes

Key Steps:

• Open a business bank account to separate personal and business finances.
• Set up accounting software or hire an accountant.
• Register for state taxes if selling goods or services.

Local Resources:

• Illinois Department of Revenue (IDOR) – Handles state sales tax and employer taxes.
• Website: www2.illinois.gov/rev
• Local Banks & Credit Unions – Offer business banking services.
• Local Small Business Accountants – The Chamber can connect you with CPAs.

6. Secure Funding

Starting a business often requires capital. Consider:

• Small business loans from banks and credit unions.
• Grants and incentives from local and state programs.
• Alternative funding such as investors or crowdfunding.

Local Resources:

• Kankakee County SBDC – Helps businesses apply for loans and grants.
• Kankakee County Economic Alliance – Provides financial resources for small businesses.
• Website: www.kankakeecountyed.org

7. Set Up Operations & Marketing

Key Steps:

• Find a business location and check zoning laws.
• Obtain business insurance to protect against liability.
• Develop a marketing plan and establish an online presence.

Local Resources:

• Kankakee County Chamber of Commerce – Offers networking, business promotion, and marketing support.
• Website: www.kankakeecountychamber.com
• Kankakee Small Business Development Center (SBDC) – Offers marketing strategy assistance.
• Google My Business – Free online business listing.
• Website: www.google.com/business

8. Hire & Train Employees (If Needed)

Key Steps:

• Comply with federal and state labor laws.
• Obtain workers’ compensation insurance if hiring employees.
• Develop employee policies and training programs.

Local Resources:

• Illinois Department of Employment Security (IDES) – Provides employer guidelines.
• Website: www.ides.illinois.gov
• Kankakee Workforce Services – Helps with recruitment and employee training.
• Website: www.kcc.edu/workforce

9. Launch & Grow Your Business

Once everything is in place, it’s time to open your doors!

• Plan a grand opening event.
• Engage with the Chamber of Commerce and other local business networks.
• Monitor financial performance and adjust as needed.

Local Resources:

• Kankakee County Chamber of Commerce – Offers ribbon-cutting ceremonies, networking opportunities, and marketing support.
• Kankakee County Economic Alliance – Provides business growth resources.