Minnesota Business Startup Guides
Start a Business in Albany, Minnesota
Are you starting a business in Albany, Minnesota? This article discusses the most important things to consider when opening a business in Albany.
Are You Ready for Entrepreneurship?
Running your own business is demanding, and can be orders of magnitude more strenuous than working as an employee. Are you positive you want to start a business?
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Grab a meal or cofee with other entrepreneurs in Albany. Listen closely to their experiences and see if you think you too can be successful.
- Take a look at The Entrepreneurial Personality. It's a short article but it's a good reality check for those are about to jump into the world of entrepreneurship.
- Reach out to a trusted acquaintance. 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.
Albany, Minnesota Demographic Information
Albany has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Albany demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Albany.
Businesses
As a new Albany entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Albany 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 Albany Business?
We've created a handy website page for those who want to Buy a Business in Minnesota. Follow that link and you can assess several good businesses for sale in Albany.
If you are intent on buying a business, you may want to read this article: Hold Harmless Agreements When Buying Businesses.
Naming the Company
A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.
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: Naming a Business.
On a final note, given that you are planning on starting a business in Albany, it's critical that you ensure that you will be the only Minnesota company using the business name you have chosen.
Forming a Company in Albany, Minnesota
It's very important that you are forming a legal entity that operates independently from you. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
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 Minnesota, you don't necessarily have to incorporate in Minnesota. 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. To learn the fundamentals of company formation, browse articles on our site, such as Why Incorporate in Delaware. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Albany, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.
The Art of Selling
Do you know how to sell? In order to attract customers to your new Albany business, you need to focus on sales.
Why should customers buy from you instead of buying from competitors? The good news is we can help you to make selling a big competitve advantage for your new firm.
Tips on Customer Referrals offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
Never Give Up
As an entrepreneur in Albany, 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 Albany businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Albany, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Albany, Minnesota
Here are more links that we believe will help you be successful in starting a business in Albany.
- Resources for Albany, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Albany 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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