August 9, 2020  
 
  Entrepreneurial Resources - Advice for Minnesota Entrepreneurs  
  Hibbing, Minnesota Resources for Entrepreneurs  
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Opening a Business in Hibbing, Minnesota

Contemplating starting a business in Hibbing, Minnesota? We walk you through the process of opening a business in Hibbing.

Hibbing, Minnesota Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 812
5-9 Employees 342
10-19 Employees 162
20-49 Employees 150
50-99 Employees 39
100-249 Employees 18
250-499 Employees 3
500-999 Employees 6
1000+ Employees 0
All Hibbing Businesses 1532

As a new Hibbing entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Hibbing 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
Architectural Services 2
Automotive Glass Replacement Shops 2
Automotive Parts and Accessories Stores 6
Baked Goods Stores 1
Beauty Salons 2
Beer, Wine, and Liquor Stores 5
Blood and Organ Banks 1
Book Stores 2
Bowling Centers 1
Business Associations 1
Cable and Other Program Distribution 1
Car Washes 1
Carpet and Upholstery Cleaning Services 2
Caterers 1
Charter Bus Industry 1
Child and Youth Services 1
Child Day Care Services 2
Civic and Social Organizations 12
Claims Adjusting 1
Clothing Accessories Stores 1
Coin-Operated Laundries and Drycleaners 1
Collection Agencies 2
Computer and Software Stores 2
Computer Systems Design Services 1
Consumer Lending 1
Couriers 1
Credit Unions 2
Custom Computer Programming Services 1
Drinking Places (Alcoholic Beverages) 9
Drywall and Insulation Contractors 1
Electrical Contractors 5
Elementary and Secondary Schools 3
Emergency and Other Relief Services 1
Engineering Services 8
Finish Carpentry Contractors 2
Fitness and Recreational Sports Centers 1
Flooring Contractors 1
Florists 3
Food (Health) Supplement Stores 1
Food Service Contractors 1
Full-Service Restaurants 20
Funeral Homes and Funeral Services 3
Furniture Stores 3
General Automotive Repair 5
General Freight Trucking, Local 1
General Medical and Surgical Hospitals 1
General Rental Centers 2
Gift, Novelty, and Souvenir Stores 2
Golf Courses and Country Clubs 2
Graphic Design Services 1
Hardware Merchant Wholesalers 2
Hardware Stores 1
Heating Oil Dealers 2
Home Centers 2
Home Health Care Services 2
Industrial Launderers 1
Industrial Valve Manufacturing 1
Insurance Agencies and Brokerages 13
Investment Advice 2
Iron Foundries 1
Iron Ore Mining 2
Janitorial Services 3
Jewelry Stores 2
Landscaping Services 4
Lessors of Other Real Estate Property 1
Limited-Service Restaurants 11
Logging 1
Machine Shops 1
Marketing Consulting Services 2
Masonry Contractors 2
Medical Laboratories 1
Men's Clothing Stores 2
Metal Stamping 1
Metal Window and Door Manufacturing 2
Miscellaneous Intermediation 1
Mortgage and Nonmortgage Loan Brokers 1
Museums 1
Musical Instrument and Supplies Stores 1
New Car Dealers 3
Newspaper Publishers 3
Nonresidential Property Managers 1
Nursing Care Facilities 2
Office Administrative Services 1
Office Equipment Merchant Wholesalers 1
Offices of Certified Public Accountants 4
Offices of Chiropractors 1
Offices of Dentists 12
Offices of Lawyers 11
Offices of Optometrists 3
Offices of Real Estate Appraisers 1
Optical Goods Stores 1
Outdoor Power Equipment Stores 1
Packaging and Labeling Services 1
Paint and Wallpaper Stores 1
Painting and Wall Covering Contractors 2
Pharmacies and Drug Stores 3
Photography Studios, Portrait 2
Plate Work Manufacturing 1
Quick Printing 1
Radio Stations 1
Remediation Services 1
Residential Remodelers 4
Retail Bakeries 1
Roofing Contractors 3
Scheduled Passenger Air Transportation 1
School and Employee Bus Transportation 2
Securities Brokerage 7
Septic Tank and Related Services 1
Sheet Metal Work Manufacturing 1
Sign Manufacturing 1
Site Preparation Contractors 5
Snack and Nonalcoholic Beverage Bars 3
Sporting Goods Stores 2
Synthetic Rubber Manufacturing 1
Tax Preparation Services 4
Taxi Service 1
Television Broadcasting 1
Temporary Help Services 2
Testing Laboratories 1
Tire and Tube Merchant Wholesalers 1
Tire Dealers 2
Title Abstract and Settlement Offices 1
Tobacco Stores 1
Travel Agencies 1
Used Car Dealers 1
Used Merchandise Stores 1
Veterinary Services 3
Video Tape and Disc Rental 1
Vocational Rehabilitation Services 2
Warehouse Clubs and Supercenters 1
Wholesale Trade Agents and Brokers 3
Wired Telecommunications Carriers 2

Have You Considered Franchising?

Browse the Yellow Pages for Hibbing and it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. But is franchising the right option for you?

Our advice is to consider franchising as an option. We have many articles on franchises, such as Franchising Mistakes. Get a thorough education on franchising by browsing all of our Articles on Franchising.

You can review hundreds of franchise opportunities by browing our Franchise Directory.

Sample franchise opportunities include Inner Circle and Lapels. Alternatively, you can browse franchise categories, such as Home Furnishings Franchises and Automotive Services Franchises.

Note on Hibbing Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Hibbing.

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.

To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Business.

As a final piece of advice, remember that because you are starting a business in Hibbing, it's imperative that you check now that no Minnesota company has already registered the company name you have selected.

Forming a Company in Hibbing, Minnesota

It's very important 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. 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. If you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. As it turns out, 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 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 Corporate Formalities. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Hibbing, Minnesota, our web page covering Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.

Raising Money for Your New Venture

Obtaining startup financing for your Hibbing business is very difficult due to the ongoing business credit crunch. 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 Hibbing entrepreneurs on the hunt for startup funding, you'll want to take a look at our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.

How to Sell

Mastering the art of selling is essential if you want your new Hibbing business to do well.

Clever sales techniques can transform any business from good to great. The good news is we can help you to make selling a big competitve advantage for your new firm.

Hiring Good Sales People 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.

Next Steps

Most new Hibbing businesses underestimate the number of challenges they will face.

Owning your own business will be a daunting task, but you can do it.

We are here to help Hibbing businesses to be successful. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.

More Entrepreneurial Resources for Starting a Business in Hibbing, Minnesota

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

 

 

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