Open a Business in Federal Way, Washington

Contemplating starting a business in Federal Way, Washington? We walk you through the process of opening a business in Federal Way.

Federal Way, Washington Demographic Information

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

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

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

Have You Considered Buying an Existing Federal Way Business?

We've created a helpful website page for those who want to Buy a Business in Washington. Follow that link and you might discover several good businesses for sale in Federal Way.

Before buying a business, be sure to read this article: Hold Harmless Agreements When Buying Businesses.

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.

Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?

For other considerations regarding naming a company, we recommend this article: Branding Advice.

On a final note, given that you are opening a business in Federal Way, it's very important that you make sure your company name has not already been claimed by another Washington business.

Company Formation in Federal Way, Washington

It's essential that your business is formed as a legal entity that is separate from its owners. The main advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.

When forming a company, you will decide among many company types, such as 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 Washington, you don't necessarily have to incorporate in Washington. 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 Registered Agents. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Federal Way, Washington, our web page covering Incorporating in Washington may be a useful resource if you decide to incorporate in Washington.

Do You Need a Business Plan?

A business plan is vital 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. Not having a business plan is a recipe for disaster.

Before you start writing a business plan, we suggest you skim Business Plan Mistakes. You can also get free counseling sessions provided by your local SCORE chapter in Washington.

Advancing Your Entrepreneurial Skills

The best business owners know that they need to continually improve.

As an entrepreneur who lives in Federal Way, Washington, you should get information on some of the learning programs at local Washington educational institutions. You should also check if there are any networking organizations for Federal Way entrepreneurs.

Next Steps

You have a dream -- starting a business in Federal Way. To achieve your dream, you have to persevere, even when the odds are against you.

If you choose the right business and love what you do, you will greatly increase your odds of success.

Our goal here is to promote the vitality and growth of small businesses in Federal Way and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Federal Way 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 Federal Way, Washington

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

• Resources for Federal Way, Washington Entrepreneurs - Browse a variety of resources we've collected to assist Federal Way entrepreneurs.
• Washington Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Washington.
• Washington Small Business Development Center - Washington Small Business Development Centers promote economic vitality by providing advice, training and research to Washington entrepreneurs and existing Washington businesses.
• Federal Way, Washington Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Federal Way, Washington newspapers, including ad costs for newspapers serving the Federal Way area.