Michigan Business Startup Guides
Open a Business in Lowell, Michigan
Need help starting a business in Lowell, Michigan? We've got the information you need to open a business in Lowell.
Is Becoming an Entrepreneur Right for You?
Before quitting your day job, take inventory of your entrepreneurial instincts and capabilities.
Before you move forward with starting a business, be sure to do these three things:
- Grab a meal or cofee with other entrepreneurs in Lowell. Get their take on what it's really like to be an entrepreneur.
- Take a look at Business Failure. It's a short article but it's a good reality check for those are about to jump into the world of entrepreneurship.
- Involve a spouse, family member or trusted friend in the decision. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Lowell, Michigan Demographic Information
Lowell has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lowell demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lowell.
As a new Lowell entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lowell 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.
Have You Considered Buying an Existing Lowell Business?
If you have some capital to play with, you may want to Buy a Business in Michigan. Follow that link and you may find several good businesses for sale in Lowell.
If you are going to be buying a business, you may want to read this article: How to Buy a Business.
Naming the Company
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.
Numerous company naming issues are discussed in more detail in this article: Branding Advice.
On a final note, given that you are opening a business in Lowell, it's very important that you make sure your company name has not already been claimed by another Michigan business.
Forming a Company in Lowell, Michigan
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will separate you from personal liability for business debts and obligations.
When forming a company, you will pick from many company types, such as a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporating 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 Michigan, you don't necessarily have to incorporate in Michigan. In fact, you can incorporate in any state you would like to. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
There are many nuances to forming a company. To learn the fundamentals of company formation, browse articles on our site, such as LLC Advantages. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Lowell, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Marketing Your New Venture
Whether your goal is to attract Lowell customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
There are myriad resources on this site to help you with your marketing plan. Phone Book Advertising Costs is a good read to get your marketing thoughts flowing. That's just a taste of the many useful articles we have on Marketing a Small Business.
You have a dream -- starting a business in Lowell. 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 Lowell and elsewhere to achieve real success. 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 Lowell, Michigan
Here are more links that we believe will help you be successful in starting a business in Lowell.
- Resources for Lowell, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Lowell entrepreneurs.
- Michigan Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Michigan.
- Michigan Small Business Development Center - This organization supports 12 regional offices and over 30 satellite offices, each providing counseling and training to Michigan small business owners and entrepreneurs throughout the 83 counties in Michigan. Services to entrepreneurs are offered through a cooperative agreement with the U.S. Small Business Administration.
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