Starting a Business in Chicago, Illinois

Contemplating starting a business in Chicago, Illinois? We walk you through the process of opening a business in Chicago.

Chicago, Illinois Demographic Information

Chicago has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Chicago demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Chicago.

As a new Chicago entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Chicago for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.

Choosing a Company Name

A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.

Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.

Numerous company naming issues are discussed in more detail in this article: Branding Advice.

There's one other important factor when naming a business. Since you are planning on starting a business in Chicago, it's critical that you ensure that no other Illinois company is using the business name you want to use.

Company Formation in Chicago, Illinois

It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will protect you from personal liability for business debts and obligations.

The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.

Incorporating is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Illinois, you don't necessarily have to incorporate in Illinois. In fact, you can incorporate in the state of your choosing. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.

There's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Piercing the Corporate Veil. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Chicago, Illinois, our information on Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.

Don't Skip the Business Plan

A business plan is critical in laying a solid foundation for your business success. Indeed, your business plan is your game plan for how you hope to grow your business. Failure to write a business plan is a recipe for disaster.

Before you start writing a business plan, we suggest you skim Business Plan Contests. You should also take advantage of free business counselors available to you through your local SCORE chapter in Illinois.

Marketing Your New Company

To rise above the crowd in Chicago and build your business, you need a great marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. National TV Spot Advertising Rates is an article that will stimulate a few thoughts on your marketing plan. That's just a taste of the many useful articles we have on Marketing a Small Business.

The Art of Selling

Do you know how to sell? In order to attract customers to your new Chicago business, you need to focus on sales.

Why should customers buy from you instead of buying from competitors? Let us help you refine your selling techniques through our many useful sales advice tips.

Anticipating Prospect Responses offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.

Interviews With Chicago Entrepreneurs

Enjoy these interviews we've had with Chicago entrepreneurs.

• Interview with OrecX Co-Founder Bruce Kaskey
• Interview with Doors for Builders Founder Greg Wozniak
• Interview with Bizhemia Founder Matt Goodman

Never Give Up

As an entrepreneur in Chicago, you won't be working for the boss anymore. You are the boss.

From this point on, you control your own destiny.

We are here to help Chicago businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Chicago entrepreneur who is just getting started or you are already up and running with your new venture.

More Entrepreneurial Resources for Starting a Business in Chicago, Illinois

Here are more links that we believe will help you be successful in starting a business in Chicago.

• Resources for Chicago, Illinois Entrepreneurs - Browse a variety of resources we've collected to assist Chicago entrepreneurs.
• Illinois Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Illinois.
• Illinois Small Business Development Center - Illinois Small Business Development Centers located throughout the state provide assistance to new and existing small businesses.
• Chicago, Illinois Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Chicago, Illinois newspapers, including ad costs for newspapers serving the Chicago area.
• Chicago, Illinois Radio Advertising Prices - To help you in your marketing efforts, we've gathered radio advertising rates for Chicago, Illinois area radio stations.
• Chicago, Illinois Payroll Services - This list includes Chicago, Illinois payroll services, national payroll services for Chicago, and helpful information on choosing a Chicago payroll service.
• Chicago, Illinois Businesses for Sale - This list includes resources for buying a business in Chicago, Illinois, such as business brokers in Chicago and other helpful information on how to buy a Chicago business.