Thinking about starting a business in Diagonal, Iowa? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Diagonal.
Are You Sure You Want to Do This?
Being an entrepreneur is difficult, much harder than working as an employee. Are you positive you have the stamina and skills to succeed on your own?
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Talk to other entrepreneurs in Diagonal. Ask them candidly what it's like to run a 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. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Diagonal, Iowa Demographic Information
Diagonal has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Diagonal demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Diagonal.
|Business Size||# of|
|All Diagonal Businesses
As a new Diagonal entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Diagonal 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.
Burial Casket Manufacturing
Farm Supplies Merchant Wholesalers
General Automotive Repair
Site Preparation Contractors
Company Formation in Diagonal, Iowa
A critical step is ensuring that you choose the right legal structure for your new entity. 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.
Incorporation 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 Iowa, it doesn't mean you are required to incorporate in Iowa. In fact, you can incorporate in the state of your choosing. 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 Avoiding Personal Liability in Business. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Diagonal, Iowa, our information on Incorporating in Iowa may be a useful resource if you decide to incorporate in Iowa.
Don't Forget to Create a Business Plan
Having a business plan is essential in laying a solid foundation for your business success. Indeed, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan makes you more prone to becoming a business failure statistic.
To learn more about business plans, read Business Plan Contests. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Iowa.
Raising Capital for Your Venture
Getting your Diagonal business the capital it needs to succeed is not an easy task. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
On the bright side, this site contains dozens of articles on raising money, including one we recommend entitled Business Credit Evaluation.
For Diagonal entrepreneurs who need startup capital, you'll want to take a look at our List of Iowa Angel Investors and our List of Iowa Venture Capital Firms.
Improving Your Entrepreneurial Skillset
The best entrepreneurs know that what they know now may not be enough to ensure their future success.
Given that you are starting a business in Diagonal, Iowa, you will want to take advantage of the many programs available at nearby Iowa universities, colleges and community colleges. It's also worthwhile to see if there are any networking organizations for Diagonal entrepreneurs.
As an entrepreneur in Diagonal, 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 Diagonal and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Diagonal 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 Diagonal, Iowa
Here are more links that we believe will help you be successful in starting a business in Diagonal.
- Resources for Diagonal, Iowa Entrepreneurs - Browse a variety of resources we've collected to assist Diagonal entrepreneurs.
- Iowa Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Iowa.
- Iowa Small Business Development Center - The Iowa SBDC conducts research, counsels, and trains business people in management, financing, and operating small businesses. They provide comprehensive information services and access to experts in a variety of fields. This is a great resource for Iowa entrepreneurs!