Starting a Business in Elmendorf AFB, Alaska

Thinking about starting a business in Elmendorf AFB, Alaska? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Elmendorf AFB.

Is Becoming an Entrepreneur Right for You?

Most startup businesses don't make it, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

• Talk to other entrepreneurs in Elmendorf AFB. Get their take on what it's really like to be an entrepreneur.
• We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
• Get feedback from somebody whom you trust. That's the best way to get a truly objective assessment as to whether others think you have what it takes.

What Business to Start

Choosing a business that is right for you is very important. We recommend that you read Free Business Ideas.

To view an extensive list of business types, complete with startup instructions, spend some time in the Good Businesses to Start section of our site. For example, you might be interested in our Starting a Dance Club guide or our Starting a Tatoo Parlor guide.

Remember that you are starting a business in Elmendorf AFB. Some businesses will do better in Elmendorf AFB than others. Study Elmendorf AFB demographics and do a competitive analysis as part of your startup planning process.

Elmendorf AFB, Alaska Demographic Information

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

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

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

Is Franchising a Better Option?

As you drive around Elmendorf AFB, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?

We advise the entrepreneurs we work with to look into purchasing a franchise. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Franchising and Veterans. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.

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

Representative franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.

Note on Elmendorf AFB Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Elmendorf AFB.

Have You Considered Buying an Existing Elmendorf AFB Business?

We've created a useful website page for those who want to Buy a Business in Alaska. Follow that link and you may find several good businesses for sale in Elmendorf AFB.

If you are headed down the path of buying a business, you may want to read this article: How to Buy a Business.

Naming the Company

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.

For other considerations regarding naming a company, we recommend this article: Naming a Company.

There's one other important factor when naming a business. Since you are opening a business in Elmendorf AFB, it's imperative that you check now that no other Alaska company is using the business name you want to use.

Forming a Company in Elmendorf AFB, Alaska

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 traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporating is a very popular way to form a business. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Alaska, you don't necessarily have to incorporate in Alaska. In fact, you can incorporate in any state you would like to. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.

There are many nuances to 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 may also want to seek the advice of an attorney. Finally, if you are starting a business in Elmendorf AFB, Alaska, our information on Incorporating in Alaska may be a useful resource if you decide to incorporate in Alaska.

Don't Skip the Business Plan

A business plan is critical in laying a solid foundation for your business success. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan is a recipe for disaster.

Before you start writing a business plan, we suggest you skim Business Plan Contests. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Alaska.

Startup Financing Basics

Getting your Elmendorf AFB business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.

Take advantage of our many articles on securing funding, such as 504 Loans.

For Elmendorf AFB entrepreneurs on the hunt for startup funding, we have assembled a List of Alaska Angel Investors and our List of Alaska Venture Capital Firms.

Getting the Word Out About Your New Company

Whether your goal is to attract Elmendorf AFB customers or you plan on selling elsewhere, you'll need to have a good marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Pros and Cons of Advertising discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a sampling of the many useful articles we have on Marketing a Small Business.

Bring in Revenues

Mastering the art of selling is essential if you want your new Elmendorf AFB business to do well.

So what does it take to bring in more prospects and close more business? Let us help you refine your selling techniques through our many useful sales advice tips.

Closing Sales is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.

Improving Your Entrepreneurial Skillset

The best entrepreneurs recognize that what they know now may not be enough to ensure their future success.

Given that you are starting a business in Elmendorf AFB, Alaska, you will want to take advantage of the many programs available at nearby Alaska universities, colleges and community colleges. It's also smart to see if there are any Elmendorf AFB networking organizations.

Moving Forward

Most new Elmendorf AFB businesses underestimate the number of challenges they will face.

From this point on, you control your own destiny.

We are here to help Elmendorf AFB businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Elmendorf AFB, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Elmendorf AFB, Alaska

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

• Resources for Elmendorf AFB, Alaska Entrepreneurs - Browse a variety of resources we've collected to assist Elmendorf AFB entrepreneurs.
• Alaska Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Alaska.
• Alaska Small Business Development Center - The Alaska Small Business Development Center, which is hosted by the University of Alaska and funded in part by the U.S. Small Business Administration, has assisted businesses by providing free, confidential technical business assistance and low-cost business training in Alaska for twenty years.
• Elmendorf AFB, Alaska Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Elmendorf AFB, Alaska newspapers, including ad costs for newspapers serving the Elmendorf AFB area.