South Dakota Business Startup Guides
Start a Business in Marion, South Dakota
Are you starting a business in Marion, South Dakota? This article discusses the most important things to consider when opening a business in Marion.
Are You Ready for the Challenges of Being an Entrepreneur?
An entrepreneurial life is hard work, much more arduous than working as an employee. Are you sure you want to go into business for yourself?
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Speak with other entrepreneurs in Marion. Listen closely to their experiences and see if you think you too can be successful.
- You should read Starting a Company. It's a good read for those who are thinking about becoming an entrepreneur.
- Talk it over with a close friend or partner. 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.
Marion, South Dakota Demographic Information
Marion has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Marion demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Marion.
Businesses
As a new Marion entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Marion 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.
Businesses
Have You Considered Buying an Existing Marion Business?
If you have some capital to play with, you may want to Buy a Business in South Dakota. Follow that link and you can review several good businesses for sale in Marion.
For anybody who wants to buy a business, we recommend reading this useful article: How to Buy a Business.
Company Formation in Marion, South Dakota
It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will shield you from personal liability for business debts and obligations.
When forming a company, you will choose from many company types, such as 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. 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. Just because you are starting a business in South Dakota, you don't necessarily have to incorporate in South Dakota. 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's a lot to know about forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Incorporation Advice. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Marion, South Dakota, our web page covering Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.
Raising Money for Your New Venture
Obtaining startup financing for your Marion business is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
Take advantage of our many articles on securing funding, such as 504 Loans.
For Marion entrepreneurs with great ambition but a shortage of investment capital, check out our List of South Dakota Angel Investors and our List of South Dakota Venture Capital Firms.
Getting the Word Out About Your New Startup
Whether your goal is to attract Marion customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
You can learn quite a bit about marketing on our site. Promoting an Online Business is an article that will stimulate a few thoughts on your marketing plan. That's just one of the many useful articles we have on Marketing a Small Business.
Advancing Your Entrepreneurial Skills
The best entrepreneurs know that what they know now may not be enough to ensure their future success.
Given that you are starting a business in Marion, South Dakota, you should investigate some of the many programs available at nearby South Dakota universities, colleges and community colleges. Another way to keep up on your learning is to investigate Marion networking organizations.
Never Give Up
As an entrepreneur in Marion, you won't be working for the boss anymore. You are the boss.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Marion businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Marion, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Marion, South Dakota
Here are more links that we believe will help you be successful in starting a business in Marion.
- Resources for Marion, South Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Marion entrepreneurs.
- South Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in South Dakota.
- South Dakota Small Business Development Center - The South Dakota Small Business Development Center (SBDC) helps new South Dakota entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
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