South Dakota Business Startup Guides
Opening a Business in Geddes, South Dakota
Contemplating starting a business in Geddes, South Dakota? We walk you through the process of opening a business in Geddes.
Will You Be a Good Entrepreneur?
Running your own business is hard work, much more challenging than working as an employee. Are you certain you are ready to take on this challenge?
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Speak with other entrepreneurs in Geddes. 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.
Geddes, South Dakota Demographic Information
Geddes has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Geddes demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Geddes.
Businesses
As a new Geddes entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Geddes 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
Is Franchising a Better Option?
As you drive around Geddes, it's apparent that franchising has become a very popular way to start a business. Should you be giving franchising serious consideration?
Our recommendation is that you look into purchasing a franchise. This site has dozens of articles on franchising, such as Common Franchisee Mistakes. Become a franchising expert of sorts by reading more of our Articles on Franchising.
A comprehensive list of franchisors is available via our List of Franchise Opportunities.
Representative franchise opportunities include Wood Re New and Mailbox IT. Alternatively, you can browse franchise categories, such as Specialty Foods Franchises and Health and Beauty Franchises.
Note on Geddes Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Geddes.
Is Buying an Existing Geddes Business a Good Strategy?
We've created a helpful website page for those who want to Buy a Business in South Dakota. Follow that link and you might discover several good businesses for sale in Geddes.
Before buying a business, be sure to read this article: How to Buy a Business.
Company Formation in Geddes, South Dakota
It's essential that you choose the right legal structure for your new entity. Doing so will shield you from personal liability for business debts and obligations.
When forming a company, you will decide among many company types, such as 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 South Dakota, you don't necessarily have to incorporate in South Dakota. In fact, you can incorporate in any state you would like to. 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 Avoiding Personal Liability in Business. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Geddes, South Dakota, our web page covering Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.
Don't Forget to Create a Business Plan
A business plan is critical in maximizing the prospects of your new company. In effect, your business plan is your game plan for how you hope to grow your business. Failure to write a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim Expert Advice on Business Plans. You should also take advantage of free business counselors available to you through your local SCORE chapter in South Dakota.
Startup Financing Basics
Raising money to fund your new Geddes business is a difficult chore. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
Take advantage of our many articles on raising capital, such as 504 Loans.
For Geddes entrepreneurs with great ambition but a shortage of investment capital, check out our List of South Dakota Angel Investors and our List of South Dakota Venture Capital Firms.
What's Next?
As an entrepreneur in Geddes, you won't be working for the boss anymore. You are the boss.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Geddes and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Geddes 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 Geddes, South Dakota
Here are more links that we believe will help you be successful in starting a business in Geddes.
- Resources for Geddes, South Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Geddes entrepreneurs.
- South Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in South Dakota.
- South Dakota Small Business Development Center - The South Dakota Small Business Development Center (SBDC) helps new South Dakota entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
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