South Dakota Business Startup Guides

Starting a Business in Lennox, South Dakota

Thinking about starting a business in Lennox, South Dakota? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Lennox.

Are You Sure You Want to Do This?

Before you get too far along in the process, take inventory of your entrepreneurial instincts and capabilities.

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

  • Reach out to other entrepreneurs in Lennox. Ask them candidly what it's like to run a business.
  • Peruse Should You Become an Entrepreneur?. This is one of our more popular articles for folks who want to go into business for themselves.
  • Have a candid conversation with friends and family. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

Lennox, South Dakota Demographic Information

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

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

Business Size
# of
1-4 Employees
5-9 Employees
10-19 Employees
20-49 Employees
50-99 Employees
100-249 Employees
250-499 Employees
500-999 Employees
1000+ Employees
All Lennox Businesses

As a new Lennox entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lennox 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
Automotive Parts and Accessories Stores
Beauty Salons
Child and Youth Services
Civic and Social Organizations
Coin-Operated Laundries and Drycleaners
Commercial Lithographic Printing
Community Food Services
Electric Power Distribution
Ethyl Alcohol Manufacturing
Framing Contractors
Full-Service Restaurants
Funeral Homes and Funeral Services
Golf Courses and Country Clubs
Hardware Stores
Landscaping Services
Limited-Service Restaurants
Metal Stamping
Newspaper Publishers
Nursing Care Facilities
Offices of Certified Public Accountants
Offices of Chiropractors
Offices of Lawyers
Pet Care (except Veterinary) Services
Pharmacies and Drug Stores
Photography Studios, Portrait
Residential Property Managers
Residential Remodelers
Savings Institutions
Solid Waste Collection
Used Car Dealers
Vending Machine Operators
Veterinary Services
Wholesale Trade Agents and Brokers
Wired Telecommunications Carriers

What About Buying an Existing Lennox Business?

We've created a handy website page for those who want to Buy a Business in South Dakota. Follow that link and you can assess several good businesses for sale in Lennox.

Before buying a business, be sure to read this article: How to Buy a Business.

Company Formation in Lennox, South Dakota

It's very important that you form your business as a legal structure. Doing so will shield you from personal liability for business debts and obligations.

When forming a company, you will select one of many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporating is a very common way to legally create a business entity. 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. Just because you are starting a business in South Dakota, you don't necessarily have to incorporate in South Dakota. As it turns out, you are allowed to 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 Where to Incorporate. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Lennox, South Dakota, our web page covering Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.

Do You Need a Business Plan?

Having a business plan is critical in laying a solid foundation for your business success. Simply put, 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 Mistakes. You can also get free business counselors available to you through your local SCORE chapter in South Dakota.

Getting Money to Start a Business

Raising money to fund your new Lennox business will be harder than you might expect. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.

Take advantage of our many articles on finding startup capital, such as Getting a Small Business Loan.

For Lennox entrepreneurs in need of startup financing, we have assembled a List of South Dakota Angel Investors and our List of South Dakota Venture Capital Firms.

Next Steps

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

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

Our goal here is to promote the vitality and growth of small businesses in Lennox and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in Lennox, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Lennox, South Dakota

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

More Startup Articles for South Dakota Cities

Starting a Business in Lemmon
Starting a Business in Leola

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