Alaska Business Startup Guides
Start a Business in Kodiak, Alaska
Are you starting a business in Kodiak, Alaska? This article discusses the most important things to consider when opening a business in Kodiak.
Are You Ready for the Challenges of Being an Entrepreneur?
Most startup companies don't make it, in part because the founder did not have the tenacity and/or the skills to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Talk to other entrepreneurs in Kodiak. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
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 How to Evaluate a Business Idea.
For step-by-step instructions on starting a variety of business types, visit the Good Businesses to Start section of our site. For example, you might be interested in our Opening a Boarding Stables Business guide or our Opening a Security Equipment Repair Business guide.
Always keep in mind that your new startup will be located in Kodiak. Some businesses will do better in Kodiak than others. Study Kodiak demographics and do a competitive analysis as part of your startup planning process.
Kodiak, Alaska Demographic Information
Kodiak has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Kodiak demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Kodiak.
Businesses
As a new Kodiak entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Kodiak 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?
As you drive around Kodiak, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
We advise the entrepreneurs we work with to investigate buying a franchise. We have many articles on franchises, such as The Franchising Process. 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 Stuft Pizza and Enviro Masters Lawn Care. Alternatively, you can browse franchise categories, such as Soccer Franchises and Bakery Franchises.
Note on Kodiak Franchise Opportunities: To find out if a franchise you are interested in is available in Kodiak, you will need to get in direct contact with the franchisor.
Naming the Business
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.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
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 Kodiak, it's imperative that you check now that no other Alaska company is using the business name you want to use.
Forming a Company in Kodiak, Alaska
It's essential that you choose the right legal structure for your new entity. 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 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 Alaska, it doesn't mean you are required to incorporate in Alaska. As it turns out, 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 Incorporating Online. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Kodiak, Alaska, our information on Incorporating in Alaska may be a useful resource if you decide to incorporate in Alaska.
How to Improve Your Entrepreneurial Abilities
Successful entrepreneurs recognize that they don't know everything.
With your business being located in Kodiak, Alaska, you will want to take advantage of the many programs available at nearby Alaska universities, colleges and community colleges. It's also beneficial to see if there are any networking groups or organizations in which Kodiak entrepreneurs get together to network and trade their business experiences.
Never Give Up
Most new Kodiak businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Kodiak businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Kodiak 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 Kodiak, Alaska
Here are more links that we believe will help you be successful in starting a business in Kodiak.
- Resources for Kodiak, Alaska Entrepreneurs - Browse a variety of resources we've collected to assist Kodiak entrepreneurs.
- Alaska Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Alaska.
- Alaska Small Business Development Center - The Alaska Small Business Development Center, which is hosted by the University of Alaska and funded in part by the U.S. Small Business Administration, has assisted businesses by providing free, confidential technical business assistance and low-cost business training in Alaska for twenty years.
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