January 16, 2021  
 
  Entrepreneurial Resources - Advice for Minnesota Entrepreneurs  
  Hancock, Minnesota Resources for Entrepreneurs  
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Open a Business in Hancock, Minnesota

Need help starting a business in Hancock, Minnesota? We've got the information you need to open a business in Hancock.

What Business Are You Starting?

An important decision is what kind of business you want to start. We recommend that you 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 Opening a Foundry Equipment & Supplies Business guide or our Starting a Sign Design Services Business guide.

Don't forget that Hancock is the place where you are starting a business. Some businesses will do better in Hancock than others. Make sure you fully understand Hancock demographics before you lock in on your business idea.

Hancock, Minnesota Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 444
5-9 Employees 72
10-19 Employees 72
20-49 Employees 18
50-99 Employees 0
100-249 Employees 0
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Hancock Businesses 606

As a new Hancock entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Hancock 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
Animal (except Poultry) Slaughtering 1
Concrete Pipe Manufacturing 2
Drinking Places (Alcoholic Beverages) 1
Electrical Contractors 1
Farm Supplies Merchant Wholesalers 2
Framing Contractors 1
General Freight Trucking, Local 1
Insurance Agencies and Brokerages 1
Janitorial Services 1
Landscaping Services 1
New Housing Operative Builders 1
Offices of Dentists 1
Truss Manufacturing 1
Used Car Dealers 1
Used Household and Office Goods Moving 1

Have You Considered Buying an Existing Hancock Business?

If you have some capital to play with, you may want to Buy a Business in Minnesota. Follow that link and you may find several good businesses for sale in Hancock.

If you are intent on buying a business, you may want to read this article: Buying a Business.

Company Formation in Hancock, Minnesota

A critical step is ensuring that you are forming a legal entity that operates independently from you. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.

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. Just because you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. In fact, you can incorporate wherever you want. 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 should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Hancock, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.

Marketing Your New Venture

Whether your goal is to attract Hancock customers or you plan on selling elsewhere, you need a great marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Typical Direct Mail Response Rates is an article that will generate a few thoughts on your marketing plan. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.

Advancing Your Entrepreneurial Skills

Good entrepreneurs know that they don't know everything.

Given that you are starting a business in Hancock, Minnesota, you will want to take advantage of the learning programs at local Minnesota educational institutions. We also suggest you look into networking organizations for Hancock entrepreneurs.

Next Steps

As an entrepreneur in Hancock, 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.

We are here to help Hancock businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Hancock 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 Hancock, Minnesota

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

 

 

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