Maryland Business Startup Guides
Opening a Business in Germantown, Maryland
Contemplating starting a business in Germantown, Maryland? We walk you through the process of opening a business in Germantown.
Germantown, Maryland Demographic Information
Germantown has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Germantown demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Germantown.
Businesses
As a new Germantown entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Germantown 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?
Browse the Yellow Pages for Germantown and you'll notice that many local entrepreneurs have gone the franchising route. So, it probably makes sense for you to consider franchising too.
Our recommendation is that you consider franchising as an option. We have many articles on franchises, such as Detecting Franchising Scams. 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 Right At Home, Inc. and Interior Door Replacement Company. Alternatively, you can browse franchise categories, such as Children Arts Programs Franchises and Coffee Shop Franchises.
Note on Germantown Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Germantown.
Have You Considered Buying an Existing Germantown Business?
We've created a handy website page for those who want to Buy a Business in Maryland. Follow that link and you might discover several good businesses for sale in Germantown.
For anybody who wants to buy a business, we recommend reading this useful article: Buying a Business.
Company Formation in Germantown, Maryland
A critical step is ensuring 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. 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. Just because you are starting a business in Maryland, you don't necessarily have to incorporate in Maryland. 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as C Corp Versus S Corp. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Germantown, Maryland, our information on Incorporating in Maryland may be a useful resource if you decide to incorporate in Maryland.
Don't Skip the Business Plan
Writing a business plan is essential to the health of your new business. Indeed, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan will greatly reduce your chances of business success.
To learn more about business plans, read Business Plan Contests. You can also get face-to-face free consulting available from your local SCORE chapter in Maryland.
Building Up Your Sales
Being able to sell is essential to your business success. Whether you are focused on selling local customers in Germantown or are selling to customers throughout Maryland, the United States or even the world, you have to be able to sell.
The key to selling is to set sales goals goals and monitor your progress towards those goals. The good news is we can help you to make selling a big competitve advantage for your new firm.
The Art of Customer Referrals offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
How to Improve Your Entrepreneurial Abilities
Successful entrepreneurs know that what they know now may not be enough to ensure their future success.
Given that you are starting a business in Germantown, Maryland, you will want to take advantage of the many programs available at nearby Maryland universities, colleges and community colleges. It's also worthwhile to see if there are any Germantown networking organizations.
Moving Forward
You have a dream -- starting a business in Germantown. To achieve your dream, you have to persevere, even when the odds are against you.
From this point on, you control your own destiny.
We are here to help Germantown businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Germantown 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 Germantown, Maryland
Here are more links that we believe will help you be successful in starting a business in Germantown.
- Resources for Germantown, Maryland Entrepreneurs - Browse a variety of resources we've collected to assist Germantown entrepreneurs.
- Maryland Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Maryland.
- Maryland Small Business Development Center - The Maryland Small Business Development Center Network has six regional offices and more than 20 locations where Maryland entrepreneurs can receive comprehensive, resources and relevant assistance.
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