August 8, 2020  
 
  Entrepreneurial Resources - Advice for Indiana Entrepreneurs  
  Albion, Indiana Resources for Entrepreneurs  
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Opening a Business in Albion, Indiana

Contemplating starting a business in Albion, Indiana? We walk you through the process of opening a business in Albion.

What Type of Business Should You Start?

An important decision is what kind of business you want to start. To help you decide on a business type, we encourage you to read Finding Your Niche in Life.

For step-by-step instructions on starting a variety of business types, visit the Good Businesses to Start section of our site. For example, you might be interested in our Opening a Food Processing & Manufacturers Business guide or our How to Start a Ski Equipment Service & Repair Business guide.

Remember that starting a business in Albion has some implications. The business you want to start may already be well-represented in Albion. Make sure you fully understand Albion demographics before you lock in on your business idea.

Albion, Indiana Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 2280
5-9 Employees 720
10-19 Employees 300
20-49 Employees 240
50-99 Employees 150
100-249 Employees 30
250-499 Employees 60
500-999 Employees 30
1000+ Employees 0
All Albion Businesses 3810

As a new Albion entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Albion 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 1
Beauty Salons 1
Beer, Wine, and Liquor Stores 1
Bottled Water Manufacturing 1
Bowling Centers 1
Business Associations 1
Child and Youth Services 1
Child Day Care Services 1
Civic and Social Organizations 2
Construction Sand and Gravel Mining 1
Direct Title Insurance Carriers 1
Drinking Places (Alcoholic Beverages) 1
Electric Power Distribution 1
Electrical Contractors 1
Engineering Services 2
Fine Arts Schools 1
Finish Carpentry Contractors 1
Florists 1
Food Service Contractors 1
Full-Service Restaurants 3
General Automotive Repair 2
Golf Courses and Country Clubs 1
Hardware Stores 1
Hazardous Waste Treatment and Disposal 1
Industrial Building Construction 1
Industrial Mold Manufacturing 1
Insurance Agencies and Brokerages 5
Iron and Steel Mills 1
Janitorial Services 1
Landscaping Services 1
Limited-Service Restaurants 4
Machine Shops 1
Marketing Consulting Services 1
Newspaper Publishers 1
Offices of Dentists 1
Offices of Lawyers 2
Offices of Optometrists 1
Offices of Real Estate Appraisers 1
Pharmacies and Drug Stores 1
Precision Turned Product Manufacturing 2
Residential Remodelers 2
Sewage Treatment Facilities 1
Siding Contractors 1
Site Preparation Contractors 2
Snack and Nonalcoholic Beverage Bars 1
Solid Waste Collection 1
Temporary Shelters 1
Title Abstract and Settlement Offices 1
Veterinary Services 1
Video Tape and Disc Rental 1
Vocational Rehabilitation Services 1

Choosing a Company Name

Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.

Company names need to be easy to spell, easy to pronounce, and easy to remember.

Numerous company naming issues are discussed in more detail in this article: Naming a Company.

On a final note, given that you are planning on starting a business in Albion, it's critical that you ensure that you will be the only Indiana company using the business name you have chosen.

Company Formation in Albion, Indiana

A critical step is ensuring 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.

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. Just because you are starting a business in Indiana, you don't necessarily have to incorporate in Indiana. As it turns out, you are allowed to 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as How to Incorporate. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Albion, Indiana, our information on Incorporating in Indiana may be a useful resource if you decide to incorporate in Indiana.

Letting the World Know You Exist

To rise above the crowd in Albion and build your business, having an excellent marketing plan is fundamental to your succeeding.

You can learn quite a bit about marketing on our site. Billboard Advertising Best Practices is an article that will stimulate a few thoughts on your marketing plan. That's just a sampling of the many useful articles we have on Marketing a Small Business.

Learning More About Entrepreneurship

Good business owners know that they need to continually improve.

With your business being located in Albion, Indiana, you will want to take advantage of the many programs available at nearby Indiana universities, colleges and community colleges. We also recommend you look into Albion networking organizations.

Next Steps

As an entrepreneur in Albion, you won't be working for the boss anymore. You are the boss.

From this point on, you control your own destiny.

Our goal here is to promote the vitality and growth of small businesses in Albion and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in Albion, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Albion, Indiana

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

 

 

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