Minnesota Business Startup Guides
Starting a Business in Erskine, Minnesota
Thinking about starting a business in Erskine, Minnesota? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Erskine.
Do You Have Entrepreneurial Drive and Passion?
Most new businesses fail, in part because the entrepreneur did not have the tenacity and/or the skills to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Grab a meal or cofee with other entrepreneurs in Erskine. Get their candid feedback on what it takes to start a successful business.
- Take a look at Starting a Company. It's a short article but it's a good reality check for those are about to jump into the world of entrepreneurship.
- Talk it over with a close friend or partner. 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.
Erskine, Minnesota Demographic Information
Erskine has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Erskine demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Erskine.
As a new Erskine entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Erskine 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.
Naming the Company
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.
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?
Numerous company naming issues are discussed in more detail in this article: Naming a Company.
There's one other important factor when naming a business. Since you are starting a business in Erskine, it's imperative that you check now that your company name has not already been claimed by another Minnesota business.
Forming a Company in Erskine, Minnesota
It's essential that you choose the right legal structure for your new entity. Among other things, forming a legal entity for the business limits your liabilities.
When forming a company, you will select one of many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
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. If you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. 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 are many nuances to forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Pre-Incorporation Agreements. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Erskine, Minnesota, our web page covering Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.
Getting the Word Out About Your New Startup
To rise above the crowd in Erskine and build your business, you need a excellent marketing plan.
We have some great resources on this site for entrepreneurs who are working on marketing plans. Search Engine Promotion discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
Learning More About Entrepreneurship
The best entrepreneurs recognize that what they know now may not be enough to ensure their future success.
With your business being located in Erskine, Minnesota, you should check out some of the learning programs at local Minnesota educational institutions. You should also check if there are any Erskine networking organizations.
Now It's Up To You
Most new Erskine businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
Our goal here is to promote the vitality and growth of small businesses in Erskine 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 Erskine, Minnesota
Here are more links that we believe will help you be successful in starting a business in Erskine.
- Resources for Erskine, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Erskine entrepreneurs.
- Minnesota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.
- Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no-cost, professional business consulting to Minnesota small businesses covering a variety of business needs.
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