Thinking about starting a business in Dorchester, Massachusetts? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Dorchester.
Will You Be a Good Entrepreneur?
Most new companies do not succeed, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
To determine whether you have what it takes to run a business, we recommend these three steps to help you decide:
- Talk to other entrepreneurs in Dorchester. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
- Have a candid conversation with friends and family. Others sometimes know you better than you know yourself.
What Business Are You Starting?
Choosing a business that is right for you is very important. To stir your creative juices on what kind of business to start, take a look at Business Ideas That Don't Make Sense.
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 Starting a Dance Club guide or our Starting a Tatoo Parlor guide.
Always keep in mind that starting a business in Dorchester has some implications. Think about what needs are currently being underserved in Dorchester. Only by spending some time analyzing Dorchester demographics can you decide if there will be strong demand for your business idea.
Is a Franchise Opportunity Right For You?
Browse the Yellow Pages for Dorchester and you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
We advise the entrepreneurs we work with to consider franchising as an option. On our site, you can read many articles about franchising, such as How to Franchise a Business. Get a thorough education on franchising by browsing all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Representative franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.
Note on Dorchester Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Dorchester.
Have You Considered Buying an Existing Dorchester Business?
An excellent way to get started in business is to Buy a Business in Massachusetts. Follow that link and you may find several good businesses for sale in Dorchester.
If you are serious about buying a business, you may want to read this article: Hold Harmless Agreements When Buying Businesses.
Naming the Company
A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.
Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Business.
On a final note, given that you are opening a business in Dorchester, it's imperative that you check now that no Massachusetts company has already registered the company name you have selected.
Forming a Company in Dorchester, Massachusetts
It's very important 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.
When forming a company, you will pick from many company types, such as a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporation 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 Massachusetts, you don't necessarily have to incorporate in Massachusetts. In fact, you can incorporate in any state you would like to. 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 are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as ESOP Formation. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Dorchester, Massachusetts, our web page covering Incorporating in Massachusetts may be a useful resource if you decide to incorporate in Massachusetts.
Don't Skip the Business Plan
Writing a business plan is vital in laying a solid foundation for your business success. Simply put, 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.
To learn more about business plans, read Free Business Plan Templates. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Massachusetts.
Where to Get Money to Start a Company
Obtaining startup financing for your Dorchester business is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
Recognizing this challenge, this site contains dozens of articles on raising money, including one we recommend entitled Borrowing Money from Friends and Family.
For Dorchester entrepreneurs in need of startup financing, browse our List of Massachusetts Angel Investors and our List of Massachusetts Venture Capital Firms.
Promoting Your New Business
To grow your Dorchester business, you'll need to have a good marketing plan.
You can learn quite a bit about marketing on our site. Local Search discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just one of the many useful articles we have on Marketing a Small Business.
Mastering the art of selling is a must if you want your new Dorchester business to do well.
Why should customers buy from you instead of buying from competitors? Let us help you refine your selling techniques through our many useful sales advice tips.
Selling on the Phone is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Increase Your Entrepreneurial Knowledge
The best business owners recognize that they don't know everything.
With your business being located in Dorchester, Massachusetts, you should investigate some of the many programs available at nearby Massachusetts universities, colleges and community colleges. Another way to keep up on your learning is to investigate networking organizations for Dorchester entrepreneurs.
Most new Dorchester businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
This site is all about helping entrepreneurs in Dorchester and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Dorchester 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 Dorchester, Massachusetts
Here are more links that we believe will help you be successful in starting a business in Dorchester.