North Dakota Business Startup Guides
Opening a Business in Ellendale, North Dakota
Contemplating starting a business in Ellendale, North Dakota? We walk you through the process of opening a business in Ellendale.
Are You Ready for Entrepreneurship?
Most new ventures don't make it, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Talk to other entrepreneurs in Ellendale. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
Ellendale, North Dakota Demographic Information
Ellendale has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Ellendale demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Ellendale.
Businesses
As a new Ellendale entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Ellendale 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 Ellendale Business?
An excellent way to get started in business is to Buy a Business in North Dakota. Follow that link and you may find several good businesses for sale in Ellendale.
If you are going to be buying a business, you may want to read this article: How to Buy a Business.
Selecting a Name For Your Startup
A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Branding Advice.
There's one other important factor when naming a business. Since you are planning on starting a business in Ellendale, it's imperative that you check now that you will be the only North Dakota company using the business name you have chosen.
Company Formation in Ellendale, North Dakota
It's essential 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 popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in North Dakota, it doesn't mean you are required to incorporate in North Dakota. As it turns out, 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 Incorporating Online. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Ellendale, North Dakota, our information on Incorporating in North Dakota may be a useful resource if you decide to incorporate in North Dakota.
Where to Get Money to Start a Company
Finding the funds to fuel the growth of your Ellendale business is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
The good news is this site contains dozens of articles on raising money, including one we recommend entitled Choosing VC Firms.
For Ellendale entrepreneurs on the hunt for startup funding, check out our List of North Dakota Angel Investors and our List of North Dakota Venture Capital Firms.
Building Up Your Sales
Mastering the art of selling is essential if you want your new Ellendale business to do well.
So what does it take to bring in more prospects and close more business? The good news is we can help you to make selling a big competitve advantage for your new firm.
Selling Products on eBay is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.
Never Give Up
Most new Ellendale businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
We are here to help Ellendale businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Ellendale, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Ellendale, North Dakota
Here are more links that we believe will help you be successful in starting a business in Ellendale.
- Resources for Ellendale, North Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Ellendale entrepreneurs.
- North Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in North Dakota.
- North Dakota Small Business Development Center - The North Dakota Small Business Development Center's mission is to provide high quality business assistance in the form of counseling, training, and research to existing and prospective North Dakota small businesses.
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