Minnesota Business Startup Guides
Opening a Business in Lafayette, Minnesota
Contemplating starting a business in Lafayette, Minnesota? We walk you through the process of opening a business in Lafayette.
What Business to Start
Choosing a business that is right for you is very important. To stir your creative juices on what kind of business to start, take a look at Finding Your Niche in Life.
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 Starting an Asbestos & Lead Abatement & Removal Services guide or our How to Start a Copyright Services Business guide.
Don't forget that your new startup will be located in Lafayette. Think about what needs are currently being underserved in Lafayette. Make sure you fully understand Lafayette demographics before you lock in on your business idea.
Lafayette, Minnesota Demographic Information
Lafayette has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lafayette demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lafayette.
Businesses
As a new Lafayette entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lafayette 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
Have You Considered Franchising?
Visit the business district of Lafayette and 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. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Benefits of Owning A Franchise. Become a franchising expert of sorts by reading more of our Articles on Franchising.
You can find franchise opportunities by browsing our Franchise Opportunities Directory.
Sample franchise opportunities include Sir Speedy, Inc. and All About Honeymoons. Alternatively, you can browse franchise categories, such as Gift Items Franchises and Home Furnishings Franchises.
Note on Lafayette Franchise Opportunities: To find out if a franchise you are interested in is available in Lafayette, you will need to get in direct contact with the franchisor.
Should You Buy an Existing Lafayette Business?
We've created a helpful website page for those who want to Buy a Business in Minnesota. Follow that link and you may find several good businesses for sale in Lafayette.
Before buying a business, be sure to read this article: How to Buy a Business.
Do You Need a Business Plan?
Having a business plan is vital in maximizing the prospects of your new company. Indeed, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan makes you more prone to becoming a business failure statistic.
If you want more information on writing business plans, we recommend reading Business Plan Software. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Minnesota.
Raising Money for Your New Venture
Obtaining startup financing for your Lafayette business will be harder than you might expect. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Take advantage of our many articles on raising capital, such as SBIR Funding.
For Lafayette entrepreneurs who want to raise money for a new venture, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.
What's Next?
Most new Lafayette businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Lafayette businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Lafayette 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 Lafayette, Minnesota
Here are more links that we believe will help you be successful in starting a business in Lafayette.
- Resources for Lafayette, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Lafayette 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.
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