January 22, 2021  
 
  Entrepreneurial Resources - Advice for Illinois Entrepreneurs  
  Hillsboro, Illinois Resources for Entrepreneurs  
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Opening a Business in Hillsboro, Illinois

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

Are You Sure You Want to Do This?

Before quitting your day job, consider your entrepreneurial instincts and capabilities.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

  • Talk to other entrepreneurs in Hillsboro. Ask them candidly what it's like to run a business.
  • We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
  • Seek the advice of somebody who knows you well. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

What Business to Start

There are many businesses that you can start. How do you know which type of business is right for you? To stir your creative juices on what kind of business to start, take a look at Free Business Ideas.

To view an extensive list of business types, complete with startup instructions, spend some time in the Good Businesses to Start section of our site. For example, you might be interested in our Opening a Factory Maintenance Business guide or our How to Start a Dry Cleaners Equipment Service & Repair Business guide.

Don't forget that you are starting a business in Hillsboro. Some businesses will do better in Hillsboro than others. Only by spending some time analyzing Hillsboro demographics can you decide if there will be strong demand for your business idea.

Hillsboro, Illinois Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 4242
5-9 Employees 1806
10-19 Employees 840
20-49 Employees 588
50-99 Employees 294
100-249 Employees 42
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Hillsboro Businesses 7812

As a new Hillsboro entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Hillsboro 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
Abrasive Product Manufacturing 1
Ambulance Services 1
Appliance Repair and Maintenance 1
Automotive Parts and Accessories Stores 1
Beer, Wine, and Liquor Stores 1
Boat Dealers 1
Bowling Centers 1
Business Associations 1
Car Washes 1
Cemeteries and Crematories 1
Child and Youth Services 1
Child Day Care Services 1
Civic and Social Organizations 1
Commercial Photography 1
Consumer Lending 1
Continuing Care Retirement Communities 1
Credit Unions 1
Diagnostic Imaging Centers 1
Drinking Places (Alcoholic Beverages) 3
Electric Power Distribution 2
Electrical Contractors 5
Engineering Services 2
Fitness and Recreational Sports Centers 4
Floor Covering Stores 1
Florists 2
Framing Contractors 1
Full-Service Restaurants 9
Furniture Stores 1
General Automotive Repair 1
General Medical and Surgical Hospitals 1
General Rental Centers 1
Golf Courses and Country Clubs 1
Home Centers 1
Home Health Care Services 1
Insurance Agencies and Brokerages 3
Investment Advice 1
Jewelry Stores 1
Landscaping Services 2
Limited-Service Restaurants 3
Marking Device Manufacturing 1
Meat Markets 1
New Car Dealers 2
News Dealers and Newsstands 1
Newspaper Publishers 3
Nursing Care Facilities 2
Offices of Bank Holding Companies 1
Offices of Certified Public Accountants 1
Offices of Chiropractors 3
Offices of Dentists 4
Offices of Lawyers 5
Offices of Optometrists 1
Offices of Real Estate Appraisers 1
Painting and Wall Covering Contractors 1
Pharmacies and Drug Stores 3
Radio Stations 1
Ready-Mix Concrete Manufacturing 1
Real Estate Credit 1
Refrigerated Warehousing and Storage 1
Residential Remodelers 3
Securities Brokerage 1
Siding Contractors 1
Site Preparation Contractors 1
Solid Waste Collection 1
Special Needs Transportation 1
Telecommunications Resellers 1
Temporary Help Services 1
Tire Dealers 1
Title Abstract and Settlement Offices 2
Travel Agencies 1
Used Car Dealers 1
Veterinary Services 2
Video Tape and Disc Rental 1
Wood Preservation 1

Forming a Company in Hillsboro, Illinois

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.

Incorporation is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Illinois, you don't necessarily have to incorporate in Illinois. 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 C Corp Versus S Corp. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Hillsboro, Illinois, our information on Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.

Make Sure You Have a Business Plan

Having a business plan is essential to the health of your new business. Indeed, a business plan is a written description of the future you envision for your business. Not having a business plan makes you more prone to becoming a business failure statistic.

If writing a business plan is on your to-do list, be sure to read Business Plan Contests. You can also get free business counselors available to you through your local SCORE chapter in Illinois.

Improving Your Entrepreneurial Skillset

Successful entrepreneurs recognize that what they know now may not be enough to ensure their future success.

With your business being located in Hillsboro, Illinois, you will want to take advantage of the many programs available at nearby Illinois universities, colleges and community colleges. It's also beneficial to see if there are any networking groups or organizations in which Hillsboro entrepreneurs get together to network and trade their business experiences.

Next Steps

You have a dream -- starting a business in Hillsboro. To achieve your dream, you have to persevere, even when the odds are against you.

If you choose the right business and love what you do, you will greatly increase your odds of success.

This site is all about helping entrepreneurs in Hillsboro and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Hillsboro, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Hillsboro, Illinois

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

 

 

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