How to Turn Your Dream into a Business E12

In episode 12 of the Good Money Moves podcast, titled "How to Turn Your Dream into a Business," Jenna Taubel, AVP of Marketing, is joined by Danielle Sommerfeldt, AVP of Business Development & Lending at First Alliance Credit Union, to walk you through the first—and often scariest—part of entrepreneurship: turning a bright idea into a real-world business. Danielle shares the exact steps she coaches local founders through every day, from crafting a rock-solid business plan to choosing the right legal structure, opening the right accounts, and funding growth without drowning in debt. Whether you’re still dreaming or already filing paperwork, you’ll learn how to set yourself up for long-term success (and avoid the most common rookie mistakes).

What You’ll Learn
Idea → Plan → Launch – How the Small Business Development Center process turns a napkin sketch into a full business plan you can take to any lender.

Must-Have Plan Elements – Market research, startup costs, break-even math, insurance, inventory, and the “what-if” analysis lenders love.

EIN & Business Structure 101 – Why an EIN matters, when an LLC protects you (and when a DBA is fine), plus the tax and liability trade-offs.

Separate Your Money – The risks of co-mingling funds and the sanity-saving power of a dedicated business checking, money-market, and digital banking tools.

Funding Without Regret – Bootstrapping, SBA-style micro-loans, tapping home equity, and when unsecured credit makes sense—for the business and your personal credit.
First Alliance Credit Union

Build Credit Day One – Simple habits that create a positive payment history even before your business earns its first dollar.

Real-Life Success – Danielle’s favorite member wins (and the best “no… for now” she’s ever delivered).

Community Resources – SBDC, Collider, and other Rochester partners ready to help you move from concept to ribbon-cutting.

Resources & Next Steps
How to Start a Business: Your Guide to Turning Dreams into Big Success - https://www.firstalliancecu.com/blog/how-to-start-a-business

4 Ways to Fund Your Small Business Idea -https://www.firstalliancecu.com/blog/4-ways-to-fund-your-small-business-idea

The Basics of SBA Loans – https://www.firstalliancecu.com/blog/the-basics-of-sba-loans

How to Form an LLC in Minnesota in 4 Steps – https://www.firstalliancecu.com/blog/how-to-form-an-llc-in-minnesota-in-4-steps

For more tools and personal guidance, visit First Alliance Credit Union: https://www.firstalliancecu.com/

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First Alliance Credit Union is federally Insured by NCUA & an Equal Housing Lender