Starting a Business in Elk River, Minnesota

Contemplating starting a business in Elk River, Minnesota? We walk you through the process of opening a business in Elk River.

Which Business to Choose?

Choosing a business that is right for you is very important. If you are struggling with what type of business to start, read Free Business Ideas.

For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our How to Start a Bronze & Bronze Products Business guide or our How to Start a Speaker Dealers Business guide.

Don't forget that Elk River is the place where you are starting a business. Some businesses will do better in Elk River than others. Don't forget to review Elk River demographics to see if there's a market for what you want to sell.

Elk River, Minnesota Demographic Information

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

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

Business Size	# of Businesses
1-4 Employees	3392
5-9 Employees	966
10-19 Employees	696
20-49 Employees	390
50-99 Employees	144
100-249 Employees	78
250-499 Employees	18
500-999 Employees	0
1000+ Employees	0
All Elk River Businesses	5684

As a new Elk River entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Elk River 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.

Business Type	# of Businesses
Advertising Agencies	2
Ambulance Services	1
Amusement Arcades	1
Architectural Services	1
Automotive Exhaust System Repair	1
Automotive Parts and Accessories Stores	10
Automotive Transmission Repair	2
Beauty Salons	12
Beer, Wine, and Liquor Stores	2
Boat Building	1
Boat Dealers	1
Bowling Centers	1
Building Inspection Services	1
Business Associations	3
Cafeterias	1
Car Washes	1
Carpet and Upholstery Cleaning Services	3
Caterers	2
Cemeteries and Crematories	1
Charter Bus Industry	1
Child and Youth Services	1
Child Day Care Services	14
Civic and Social Organizations	7
Coin-Operated Laundries and Drycleaners	1
Collection Agencies	1
Commercial Lithographic Printing	1
Community Food Services	1
Computer Facilities Management Services	5
Computer Systems Design Services	9
Concrete Block and Brick Manufacturing	1
Construction Sand and Gravel Mining	3
Consumer Lending	1
Convenience Stores	1
Couriers	1
Custom Computer Programming Services	7
Direct Life Insurance Carriers	2
Direct Mail Advertising	1
Direct Title Insurance Carriers	1
Discount Department Stores	2
Document Preparation Services	1
Drafting Services	1
Drilling Oil and Gas Wells	1
Drywall and Insulation Contractors	13
Electrical Contractors	10
Elementary and Secondary Schools	2
Engineering Services	6
Environmental Consulting Services	2
Fine Arts Schools	1
Finish Carpentry Contractors	8
Fitness and Recreational Sports Centers	5
Floor Covering Stores	4
Flooring Contractors	8
Florists	1
Food (Health) Supplement Stores	1
Food Service Contractors	2
Fossil Fuel Electric Power Generation	1
Framing Contractors	11
Fruit and Vegetable Canning	1
Full-Service Restaurants	15
Funeral Homes and Funeral Services	1
Furniture Stores	4
General Automotive Repair	10
General Freight Trucking, Local	15
Gift, Novelty, and Souvenir Stores	3
Glass and Glazing Contractors	1
Golf Courses and Country Clubs	1
Graphic Design Services	1
Hardware Merchant Wholesalers	1
Hardware Stores	1
Historical Sites	1
HMO Medical Centers	1
Hobby, Toy, and Game Stores	1
Home Centers	3
Home Health Care Services	4
Homes for the Elderly	3
Household Appliance Stores	1
Industrial Mold Manufacturing	4
Industrial Valve Manufacturing	1
Insurance Agencies and Brokerages	15
Investment Advice	3
Iron and Steel Mills	1
Janitorial Services	10
Jewelry Stores	2
Land Subdivision	7
Landscape Architectural Services	1
Landscaping Services	16
Limited-Service Restaurants	20
Limousine Service	1
Local Messengers and Local Delivery	3
Locksmiths	1
Machine Shops	14
Mail-Order Houses	1
Marketing Consulting Services	2
Masonry Contractors	11
Meat Markets	2
Miscellaneous Intermediation	1
Mortgage and Nonmortgage Loan Brokers	9
Motion Picture and Video Production	1
Motor and Generator Manufacturing	1
Motor Vehicle Towing	2
Motorcycle Dealers	3
Musical Groups and Artists	1
Musical Instrument and Supplies Stores	1
Nail Salons	3
New Car Dealers	4
New Housing Operative Builders	4
Newspaper Publishers	1
Nonresidential Property Managers	1
Nursing Care Facilities	1
Office Administrative Services	1
Office Supplies and Stationery Stores	1
Offices of Bank Holding Companies	1
Offices of Certified Public Accountants	2
Offices of Chiropractors	10
Offices of Dentists	6
Offices of Lawyers	8
Offices of Optometrists	3
Offices of Other Holding Companies	1
Offices of Podiatrists	1
Offices of Real Estate Appraisers	6
Optical Goods Stores	2
Outdoor Power Equipment Stores	1
Packaging and Labeling Services	2
Paint and Wallpaper Stores	2
Painting and Wall Covering Contractors	7
Payroll Services	1
Pet and Pet Supplies Stores	2
Pet Care (except Veterinary) Services	1
Petroleum Bulk Stations and Terminals	1
Pharmacies and Drug Stores	3
Photography Studios, Portrait	1
Plate Work Manufacturing	1
Portfolio Management	1
Precision Turned Product Manufacturing	3
Private Mail Centers	2
Quick Printing	3
Ready-Mix Concrete Manufacturing	2
Real Estate Credit	5
Recreational Vehicle Dealers	2
Repossession Services	1
Residential Property Managers	2
Residential Remodelers	21
Retail Bakeries	1
Reupholstery and Furniture Repair	2
Roofing Contractors	7
School and Employee Bus Transportation	1
Securities Brokerage	5
Septic Tank and Related Services	1
Sheet Metal Work Manufacturing	1
Shoe Stores	2
Siding Contractors	7
Site Preparation Contractors	7
Snack and Nonalcoholic Beverage Bars	3
Solid Waste Landfill	1
Special Needs Transportation	1
Sporting Goods Stores	2
Sports and Recreation Instruction	3
Storage Battery Manufacturing	1
Tax Preparation Services	4
Temporary Help Services	1
Theater Companies and Dinner Theaters	1
Tile and Terrazzo Contractors	3
Tire and Tube Merchant Wholesalers	1
Tire Dealers	1
Title Abstract and Settlement Offices	4
Tobacco Stores	1
Travel Agencies	1
Used Car Dealers	3
Used Household and Office Goods Moving	1
Used Merchandise Stores	2
Veterinary Services	3
Video Tape and Disc Rental	2
Vocational Rehabilitation Services	1
Water Supply and Irrigation Systems	1
Wholesale Trade Agents and Brokers	2
Wired Telecommunications Carriers	1
Women's Clothing Stores	3
Wood Container and Pallet Manufacturing	1

Is a Franchise Opportunity Right For You?

Visit the business district of Elk River and it's apparent that franchising has become a very popular way to start a business. But is franchising the right option for you?

Most business experts recommend that you consider franchising as an option. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Evaluating Franchise Opportunities. Become a franchising expert of sorts by reading more of our Articles on Franchising.

To learn about specific franchise opportunities, check out our Franchise Directory.

Representative franchise opportunities include Rainbow Station and Charles Wells - UK. Alternatively, you can browse franchise categories, such as Framing Store Franchises and Juice Bar Franchises / Smoothie Franchises.

Note on Elk River Franchise Opportunities: To find out if a franchise you are interested in is available in Elk River, you will need to get in direct contact with the franchisor.

Selecting a Name For Your Venture

Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.

Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.

To get up to speed on what makes for a good company name, we encourage you to read this useful article: Branding Advice.

On a final note, given that you are starting a business in Elk River, it's critical that you ensure that you will be the only Minnesota company using the business name you have chosen.

Company Formation in Elk River, Minnesota

A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Among other things, forming a legal entity for the business limits your liabilities.

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

Incorporating is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Minnesota, it doesn't mean you are required to incorporate in Minnesota. In fact, you can incorporate in any state you would like to. 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 Avoiding Personal Liability in Business. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Elk River, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.

The Role of the Business Plan

Having a business plan is essential in maximizing the prospects of your new company. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Failure to write a business plan makes you more prone to becoming a business failure statistic.

To learn more about business plans, read Business Plan Outsourcing. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Minnesota.

Where to Get Money to Start a Company

Finding the funds to fuel the growth of your Elk River business is a difficult chore. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.

The good news is this site contains dozens of articles on raising money, including one we recommend entitled Business Incubators.

For Elk River entrepreneurs who need startup capital, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.

Never Give Up

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

Owning your own business will be a daunting task, but you can do it.

This site is all about helping entrepreneurs in Elk River and elsewhere to achieve real success. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.

More Entrepreneurial Resources for Starting a Business in Elk River, Minnesota

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

• Resources for Elk River, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Elk River entrepreneurs.
• Minnesota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.
• Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no-cost, professional business consulting to Minnesota small businesses covering a variety of business needs.
• Elk River, Minnesota Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Elk River, Minnesota newspapers, including ad costs for newspapers serving the Elk River area.

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