June 1, 2020  
 
  Entrepreneurial Resources - Advice for Wisconsin Entrepreneurs  
  Florence, Wisconsin Resources for Entrepreneurs  
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Starting a Business in Florence, Wisconsin

Thinking about starting a business in Florence, Wisconsin? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Florence.

Will You Be a Good Entrepreneur?

Before quitting your day job, take inventory of your entrepreneurial instincts and capabilities.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

  • Speak with other entrepreneurs in Florence. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
  • You should read Starting a Company. It's a good read for those who are thinking about becoming an entrepreneur.
  • Talk it over with a close friend or partner. Others sometimes know you better than you know yourself.

Choosing the Right Company to Start

Choosing a business that is right for you is very important. If you are struggling with what type of business to start, read Business Ideas That Don't Make Sense.

For in-depth how-to guides on how to start specific businesses, browse our 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 your new business will be in Florence. If Florence already has plenty of the kind of business you want to start, you might want to change your plans. Study Florence demographics and do a competitive analysis as part of your startup planning process.

Florence, Wisconsin Demographic Information

Florence has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Florence demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Florence.

Business Size# of
Businesses
1-4 Employees 2496
5-9 Employees 507
10-19 Employees 390
20-49 Employees 78
50-99 Employees 39
100-249 Employees 39
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Florence Businesses 3549

As a new Florence entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Florence 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.

Business Type # of
Businesses
Beauty Salons 1
Bed-and-Breakfast Inns 1
Beer, Wine, and Liquor Stores 2
Boat Building 1
Boat Dealers 1
Breweries 1
Building Inspection Services 1
Convenience Stores 1
Cut Stock, Resawing Lumber, and Planing 1
Drinking Places (Alcoholic Beverages) 7
Electrical Contractors 2
Full-Service Restaurants 6
General Automotive Repair 1
Gift, Novelty, and Souvenir Stores 1
Hardware Stores 1
Heating Oil Dealers 1
Insurance Agencies and Brokerages 1
Landscaping Services 2
Limited-Service Restaurants 1
Local Messengers and Local Delivery 1
Logging 5
Machine Shops 1
Motorcycle Dealers 2
New Car Dealers 1
Nursing Care Facilities 1
Office Administrative Services 1
Offices of Dentists 1
Offices of Lawyers 2
Residential Remodelers 2
Sawmills 1
Site Preparation Contractors 1
Snack and Nonalcoholic Beverage Bars 2
Support Activities for Forestry 1
Telecommunications Resellers 1
Title Abstract and Settlement Offices 1
Veterinary Services 1

Is Franchising a Better Option?

As you drive around Florence, you'll conclude that many business owners have opted to buy a franchise, rather than starting a business on their own. Is there a franchise opportunity out there that makes sense for you?

Our recommendation is that you consider franchising as an option. We have many articles on franchises, such as Franchising My Business. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.

To learn about specific franchise opportunities, check out our Franchise Directory.

Sample franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.

Note on Florence Franchise Opportunities: To find out if a franchise you are interested in is available in Florence, you will need to get in direct contact with the franchisor.

Have You Considered Buying an Existing Florence Business?

We've created a handy website page for those who want to Buy a Business in Wisconsin. Follow that link and you may find several good businesses for sale in Florence.

Before buying a business, be sure to read this article: How to Buy a Business.

Selecting a Name For Your Business

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.

For other considerations regarding naming a company, we recommend this article: Naming a Company.

As a final piece of advice, remember that because you are starting a business in Florence, it's very important that you make sure no Wisconsin company has already registered the company name you have selected.

Company Formation in Florence, Wisconsin

It's essential that you form your business as a legal structure. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.

When forming a company, you will pick from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporation 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 Wisconsin, it doesn't mean you are required to incorporate in Wisconsin. 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. To learn the fundamentals of company formation, browse articles on our site, such as Dissolving a Corporation. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Florence, Wisconsin, our web page covering Incorporating in Wisconsin may be a useful resource if you decide to incorporate in Wisconsin.

Make Sure You Have a Business Plan

A business plan is essential in laying a solid foundation for your business success. Simply put, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.

To learn more about business plans, read Free Business Plan Templates. You can also get free business counselors available to you through your local SCORE chapter in Wisconsin.

Startup Financing Basics

Obtaining startup financing for your Florence business will be harder than you might expect. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.

Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Business Line of Credit.

For Florence entrepreneurs who want to raise money for a new venture, you'll want to take a look at our List of Wisconsin Angel Investors and our List of Wisconsin Venture Capital Firms.

Letting the World Know You Exist

Whether your goal is to attract Florence customers or you plan on selling elsewhere, you'll need to have a good marketing plan.

There are myriad resources on this site to help you with your marketing plan. Business Logo Design is a good read to get your marketing juices flowing. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.

Ramping Up Sales

Being able to sell is critical to your business success. Whether you are focused on selling local customers in Florence or are selling to customers throughout Wisconsin, the United States or even the world, you have to be able to sell.

Why should customers buy from you instead of buying from competitors? Fortunately, we've got plenty of good advice to help you improve your selling skills.

Mastering the Complex Sale 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.

Improving Your Entrepreneurial Skillset

The best entrepreneurs know that what they know now may not be enough to ensure their future success.

With your business being located in Florence, Wisconsin, you should investigate some of the learning programs at local Wisconsin educational institutions. Another way to keep up on your learning is to investigate networking groups or organizations in which Florence entrepreneurs get together to network and trade their business experiences.

What's Next?

You have a dream -- starting a business in Florence. 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.

We are here to help Florence businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Florence, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Florence, Wisconsin

Here are more links that we believe will help you be successful in starting a business in Florence.

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety