April 24, 2019  
 
  Entrepreneurial Resources - Advice for Iowa Entrepreneurs  
  Lake Mills, Iowa Resources for Entrepreneurs  
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Open a Business in Lake Mills, Iowa

Need help starting a business in Lake Mills, Iowa? We've got the information you need to open a business in Lake Mills.

Are You Ready for the Challenges of Being an Entrepreneur?

Before quitting your day job, consider your entrepreneurial instincts and capabilities.

Here are three things we recommend you do before you fully commit to starting a new business of your own.

  • Talk to other entrepreneurs in Lake Mills. Listen closely to their experiences and see if you think you too can be successful.
  • We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
  • Have a candid conversation with friends and family. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.

Lake Mills, Iowa Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 330
5-9 Employees 102
10-19 Employees 84
20-49 Employees 36
50-99 Employees 12
100-249 Employees 24
250-499 Employees 0
500-999 Employees 6
1000+ Employees 0
All Lake Mills Businesses 594

As a new Lake Mills entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lake Mills 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
Automotive Parts and Accessories Stores 2
Broadwoven Fabric Mills 1
Child Day Care Services 1
Community Food Services 1
Credit Unions 1
Drinking Places (Alcoholic Beverages) 1
Drywall and Insulation Contractors 1
Electrical Contractors 1
Fitness and Recreational Sports Centers 1
Floor Covering Stores 1
Frozen Specialty Food Manufacturing 1
Full-Service Restaurants 1
Funeral Homes and Funeral Services 1
Furniture Stores 1
General Freight Trucking, Local 1
Golf Courses and Country Clubs 1
Hardware Stores 2
Heating Oil Dealers 1
Insurance Agencies and Brokerages 3
Iron and Steel Mills 1
Landscaping Services 1
Limited-Service Restaurants 1
Machine Shops 1
Metal Window and Door Manufacturing 2
New Car Dealers 1
Nursing Care Facilities 1
Offices of Certified Public Accountants 1
Offices of Dentists 2
Offices of Lawyers 2
Offices of Optometrists 1
Outdoor Power Equipment Stores 1
Painting and Wall Covering Contractors 1
Pharmacies and Drug Stores 1
Portfolio Management 1
Solid Waste Collection 1
Solid Waste Landfill 1
Tire Dealers 1
Translation and Interpretation Services 1
Used Merchandise Stores 2
Veterinary Services 1
Video Tape and Disc Rental 1
Wired Telecommunications Carriers 2

What About Franchising Opportunities?

Visit the business district of Lake Mills and you'll conclude that many business owners have opted to buy a franchise, rather than starting a business on their own. But is franchising the right option for you?

We advise the entrepreneurs we work with to consider franchising as an option. This site has dozens of articles on franchising, such as Franchise Tradeshows. 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 Get Nuts and Always Best Care Senior Services. Alternatively, you can browse franchise categories, such as Child Care Franchises and Cleaning and Maintenance Franchises.

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

Forming a Company in Lake Mills, Iowa

It's very important that you are forming a legal entity that operates independently from you. 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 common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Iowa, you don't necessarily have to incorporate in Iowa. In fact, you can incorporate wherever you want. 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 Incorporating Online. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Lake Mills, Iowa, our information on Incorporating in Iowa may be a useful resource if you decide to incorporate in Iowa.

Make Sure You Have a Business Plan

Having a business plan is vital in maximizing the prospects of your new company. Simply put, a business plan is a written description of the future you envision for your business. Starting a business without a business plan makes you more prone to becoming a business failure statistic.

To learn more about business plans, read Business Plan Outsourcing. You can also get face-to-face free consulting available from your local SCORE chapter in Iowa.

Raising Capital for Your Company

Finding the funds to fuel the growth of your Lake Mills business is not an easy task. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.

Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled 504 Loans.

For Lake Mills entrepreneurs in need of startup financing, check out our List of Iowa Angel Investors and our List of Iowa Venture Capital Firms.

Advancing Your Entrepreneurial Skills

Successful entrepreneurs recognize that they need to continually improve.

Given that you are starting a business in Lake Mills, Iowa, you will want to take advantage of the many programs available at nearby Iowa universities, colleges and community colleges. We also recommend you look into networking groups or organizations in which Lake Mills entrepreneurs get together to network and trade their business experiences.

Never Give Up

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

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

We are here to help Lake Mills businesses to be successful. 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 Lake Mills, Iowa

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

  • Resources for Lake Mills, Iowa Entrepreneurs - Browse a variety of resources we've collected to assist Lake Mills entrepreneurs.
  • Iowa Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Iowa.
  • Iowa Small Business Development Center - The Iowa SBDC conducts research, counsels, and trains business people in management, financing, and operating small businesses. They provide comprehensive information services and access to experts in a variety of fields. This is a great resource for Iowa entrepreneurs!
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Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety