January 13, 2021  
 
  Entrepreneurial Resources - Advice for Wisconsin Entrepreneurs  
  Balsam Lake, Wisconsin Resources for Entrepreneurs  
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Opening a Business in Balsam Lake, Wisconsin

Contemplating starting a business in Balsam Lake, Wisconsin? We walk you through the process of opening a business in Balsam Lake.

Choosing the Right Company to Start

Choosing a business that is right for you is very important. If you are struggling with what type of business to start, read Free Business Ideas.

If you still are not sure what type of business to start, peruse the Good Businesses to Start section of our site. For example, you might be interested in our Opening a Full Service Laundries Business guide or our Opening a Masonry Contractors Commercial & Industrial Business guide.

Remember that you are starting a business in Balsam Lake. Some businesses will do better in Balsam Lake than others. Make sure you fully understand Balsam Lake demographics before you lock in on your business idea.

Balsam Lake, Wisconsin Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 167
5-9 Employees 39
10-19 Employees 30
20-49 Employees 9
50-99 Employees 3
100-249 Employees 3
250-499 Employees 3
500-999 Employees 0
1000+ Employees 0
All Balsam Lake Businesses 254

As a new Balsam Lake entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Balsam Lake 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
Business Associations 1
Child and Youth Services 1
Computer Systems Design Services 2
Construction Sand and Gravel Mining 1
Convenience Stores 1
Cut Stock, Resawing Lumber, and Planing 1
Direct Title Insurance Carriers 1
Document Preparation Services 1
Drinking Places (Alcoholic Beverages) 1
Drywall and Insulation Contractors 2
Finish Carpentry Contractors 1
Fitness and Recreational Sports Centers 1
Food Service Contractors 1
Full-Service Restaurants 7
General Freight Trucking, Local 1
Gypsum Product Manufacturing 1
Hardware Stores 1
Historical Sites 1
Industrial Design Services 1
Insurance Agencies and Brokerages 2
Landscaping Services 4
Machine Shops 1
Marinas 1
Masonry Contractors 1
Newspaper Publishers 1
Offices of Chiropractors 1
Offices of Lawyers 3
Offices of Real Estate Appraisers 1
Pet Care (except Veterinary) Services 1
Pharmacies and Drug Stores 1
Residential Remodelers 1
Special Needs Transportation 1
Temporary Help Services 2
Vocational Rehabilitation Services 2

What About Franchising Opportunities?

Browse the Yellow Pages for Balsam Lake and you may be surprised to see how many franchises there are in the area. Is it perhaps smarter to franchise a business instead of doing it from scratch.

Our advice is to look into purchasing a franchise. To help you learn more about franchising, we've gathered a ton of articles on franchising, including How Franchises Work. 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 Wings To Go and Blind Butler. Alternatively, you can browse franchise categories, such as Consulting Franchises and Health Franchises.

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

Have You Considered Buying an Existing Balsam Lake Business?

An excellent way to get started in business is to Buy a Business in Wisconsin. Follow that link and you might discover several good businesses for sale in Balsam Lake.

For anybody who wants to buy a business, we recommend reading this useful article: Buying a Business.

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.

Pick a company name that isn't too generic. If you do a search engine search for your proposed name and a billion results come up, you may want to reconsider the name. It's much easier to come up in the search engines when your name is fairly unique.

To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.

There's one other important factor when naming a business. Since you are opening a business in Balsam Lake, it's imperative that you check now that you will be the only Wisconsin company using the business name you have chosen.

The Role of the Business Plan

Writing a business plan is vital in maximizing the prospects of your new company. In effect, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan will greatly reduce your chances of business success.

Before you start writing a business plan, we suggest you skim Business Plan Outsourcing. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Wisconsin.

Marketing Your New Business

To rise above the crowd in Balsam Lake and build your business, you'll need to have a good marketing plan.

There are myriad resources on this site to help you with your marketing plan. Telemarketing Service Costs discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a sampling of the many useful articles we have on Marketing a Small Business.

Next Steps

Most new Balsam Lake 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.

Our goal here is to promote the vitality and growth of small businesses in Balsam Lake and throughout the United States . 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 Balsam Lake, Wisconsin

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

 

 

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