Minnesota Business Startup Guides
Starting a Business in Minneapolis, Minnesota
Thinking about starting a business in Minneapolis, Minnesota? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Minneapolis.
Will You Be a Good Entrepreneur?
Most startup companies don't make it, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Reach out to other entrepreneurs in Minneapolis. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- Peruse Should You Become an Entrepreneur?. This is one of our more popular articles for folks who want to go into business for themselves.
- Have a candid conversation with friends and family. Others sometimes know you better than you know yourself.
Minneapolis, Minnesota Demographic Information
Minneapolis has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Minneapolis demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Minneapolis.
Businesses
As a new Minneapolis entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Minneapolis 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
Is Franchising a Better Option?
As you drive around Minneapolis, you may be surprised to see how many franchises there are in the area. So, it probably makes sense for you to consider franchising too.
Our advice is to evaluate the possibility of your buying a franchise opportunity. We have many articles on franchises, such as Franchise Marketing Support. 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 Jet City Pizza and MAACO Enterprises, Inc.. Alternatively, you can browse franchise categories, such as Health and Beauty Franchises and Leisure and Entertainment Franchises.
Note on Minneapolis Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Minneapolis.
Don't Skip the Business Plan
A business plan is vital to the health of your new business. In effect, 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.
If writing a business plan is on your to-do list, be sure to read Business Plan Contests. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Minnesota.
The Art of Selling
Mastering the art of selling is priority one if you want your new Minneapolis business to do well.
Why should customers buy from you instead of buying from competitors? Let us help you refine your selling techniques through our many useful sales advice tips.
Cold Call Selling 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
Good entrepreneurs recognize that what they know now may not be enough to ensure their future success.
As an entrepreneur who lives in Minneapolis, Minnesota, you will want to take advantage of the many programs available at nearby Minnesota universities, colleges and community colleges. It's also beneficial to see if there are any Minneapolis networking organizations.
Interviews With Minneapolis Entrepreneurs
Here, we'll keep a running list of interviews we've had with Minneapolis entrepreneurs.
What's Next?
Most new Minneapolis businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Minneapolis 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 Minneapolis, Minnesota
Here are more links that we believe will help you be successful in starting a business in Minneapolis.
- Resources for Minneapolis, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Minneapolis 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.
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