Minnesota Business Startup Guides
Open a Business in Golden Valley, Minnesota
Need help starting a business in Golden Valley, Minnesota? We've got the information you need to open a business in Golden Valley.
Do You Have What It Takes?
Most new ventures do not succeed, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you open a 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 Golden Valley. Get their candid feedback on what it takes to start a successful business.
- We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
- Have a candid conversation with friends and family. 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.
Is a Franchise Opportunity Right For You?
As you drive around Golden Valley, you may be surprised to see how many franchises there are in the area. Would going with a franchise be a good idea for you?
Our advice is to evaluate the possibility of your buying a franchise opportunity. We have many articles on franchises, such as Protecting Your Franchise Territory. Become a franchising expert of sorts by reading more of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Note on Golden Valley Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Golden Valley.
Naming the Company
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.
We strongly advocate that you make sure the ".com" domain name is available for your company name. Every business needs a strong Web presence these days, and having a non ".com" domain means somebody else may outrank you in the search results for your own company name.
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 planning on starting a business in Golden Valley, it's imperative that you check now that no other Minnesota company is using the business name you want to use.
Forming a Company in Golden Valley, Minnesota
It's very important 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. If you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. In fact, you are allowed to 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 are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Registered Agents. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Golden Valley, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.
The Role of the Business Plan
A business plan is essential in laying a solid foundation for your business success. Indeed, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan is a recipe for disaster.
If writing a business plan is on your to-do list, be sure to read Business Plan Contests. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Minnesota.
Improving Your Entrepreneurial Skillset
Successful entrepreneurs recognize that they need to continually improve.
Given that you are starting a business in Golden Valley, Minnesota, you will want to take advantage of the many programs available at nearby Minnesota universities, colleges and community colleges. It's also smart to see if there are any Golden Valley networking organizations.
Now It's Up To You
Most new Golden Valley 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 Golden Valley and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Golden Valley 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 Golden Valley, Minnesota
Here are more links that we believe will help you be successful in starting a business in Golden Valley.
- Resources for Golden Valley, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Golden Valley 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.
More Business Startup Guides for Minnesota
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