Maryland Business Startup Guides
Starting a Business in Bethesda, Maryland
Thinking about starting a business in Bethesda, Maryland? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Bethesda.
Do You Have What It Takes?
Before you get too far along in the process, assess your entrepreneurial instincts and capabilities.
Before you move forward with starting a business, be sure to do these three things:
- Talk to other entrepreneurs in Bethesda. Get their candid feedback on what it takes to start a successful business.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.
What Business to Start
There are many businesses that you can start. How do you know which type of business is right for you? If you are struggling with what type of business to start, 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 How to Start a Creditors' Rights Attorneys Business guide or our Starting a Publishers' Shipping Services Business guide.
Always keep in mind that your new startup will be located in Bethesda. Some businesses will do better in Bethesda than others. Only by spending some time analyzing Bethesda demographics can you decide if there will be strong demand for your business idea.
Bethesda, Maryland Demographic Information
Bethesda has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Bethesda demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Bethesda.
Businesses
As a new Bethesda entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Bethesda 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
What About Buying an Existing Bethesda Business?
We've created a helpful website page for those who want to Buy a Business in Maryland. Follow that link and you may find several good businesses for sale in Bethesda.
For anybody who wants to buy a business, we recommend reading this useful article: Hold Harmless Agreements When Buying Businesses.
Company Formation in Bethesda, Maryland
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 corporation, LLC, sole proprietorship, partnership or other structure.
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 Maryland, you don't necessarily have to incorporate in Maryland. As it turns out, you are allowed to incorporate in the state of your choosing. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
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 Dissolving a Corporation. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Bethesda, Maryland, our information on Incorporating in Maryland may be a useful resource if you decide to incorporate in Maryland.
Don't Forget to Create a Business Plan
Having a business plan is essential to the health of your new business. In effect, a business plan is a written description of the future you envision for your business. Not having a business plan makes you more prone to becoming a business failure statistic.
If writing a business plan is on your to-do list, be sure to read Business Plan Contests. You can also get free business counselors available to you through your local SCORE chapter in Maryland.
Raising Money for Your Venture
Getting your Bethesda business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
To learn about raising money, we recommend you read the fundraising articles on our site, such as Only Idiots Send Venture Capitalists Business Plans.
For Bethesda entrepreneurs on the hunt for startup funding, check out our List of Maryland Angel Investors and our List of Maryland Venture Capital Firms.
Bethesda Entrepreneur Interviews
Enjoy these interviews we've had with Bethesda entrepreneurs.
Now It's Up To You
You have a dream -- starting a business in Bethesda. To achieve your dream, you have to persevere, even when the odds are against you.
If you choose the right business and love what you do, you will greatly increase your odds of success.
This site is all about helping entrepreneurs in Bethesda and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Bethesda entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Bethesda, Maryland
Here are more links that we believe will help you be successful in starting a business in Bethesda.
- Resources for Bethesda, Maryland Entrepreneurs - Browse a variety of resources we've collected to assist Bethesda entrepreneurs.
- Maryland Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Maryland.
- Maryland Small Business Development Center - The Maryland Small Business Development Center Network has six regional offices and more than 20 locations where Maryland entrepreneurs can receive comprehensive, resources and relevant assistance.
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