August 3, 2020  
 
  Entrepreneurial Resources - Advice for Wyoming Entrepreneurs  
  Lusk, Wyoming Resources for Entrepreneurs  
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Starting a Business in Lusk, Wyoming

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

Are You Ready for the Challenges of Being an Entrepreneur?

Most new companies do not succeed, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.

To determine whether you have what it takes to run a business, we recommend these three steps to help you decide:

  • Talk to other entrepreneurs in Lusk. Listen closely to their experiences and see if you think you too can be successful.
  • 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. 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.

Which Business to Choose?

There are many businesses that you can start. How do you know which type of business is right for you? You might get some good ideas about what kind of business to start by reading 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 Coconut Products Business guide or our Starting an Electric Transformers Wholesale & Manufacturers Business guide.

Always keep in mind that starting a business in Lusk has some implications. Some businesses will do better in Lusk than others. Don't forget to review Lusk demographics to see if there's a market for what you want to sell.

Lusk, Wyoming Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 164
5-9 Employees 29
10-19 Employees 27
20-49 Employees 6
50-99 Employees 0
100-249 Employees 0
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Lusk Businesses 226

As a new Lusk entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lusk 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
Automotive Parts and Accessories Stores 1
Bowling Centers 1
Carpet and Upholstery Cleaning Services 1
Child Day Care Services 2
Civic and Social Organizations 2
Convenience Stores 1
Convention and Visitors Bureaus 1
Court Reporting and Stenotype Services 1
Direct Title Insurance Carriers 1
Drinking Places (Alcoholic Beverages) 4
Electric Power Distribution 1
Full-Service Restaurants 1
Gift, Novelty, and Souvenir Stores 1
Hardware Stores 1
Insurance Agencies and Brokerages 2
Janitorial Services 1
Limited-Service Restaurants 2
Livestock Merchant Wholesalers 1
Machine Shops 1
Nail Salons 1
Natural Gas Distribution 1
New Car Dealers 1
Offices of Certified Public Accountants 1
Offices of Lawyers 2
Pet and Pet Supplies Stores 1
Petroleum Bulk Stations and Terminals 1
Pharmacies and Drug Stores 1
Residential Remodelers 2
Site Preparation Contractors 1
Sporting Goods Stores 1
Temporary Shelters 1
Toilet Preparation Manufacturing 1
Veterinary Services 1
Video Tape and Disc Rental 1
Wired Telecommunications Carriers 1

Have You Considered Buying an Existing Lusk Business?

We've created a useful website page for those who want to Buy a Business in Wyoming. Follow that link and you may find several good businesses for sale in Lusk.

If you are serious about buying a business, you may want to read this article: Hold Harmless Agreements When Buying Businesses.

Forming a Company in Lusk, Wyoming

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.

When forming a company, you will pick from many company types, such as a corporation, LLC, sole proprietorship, partnership or other structure.

Incorporation is a very popular way to form a business. 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. If you are starting a business in Wyoming, you don't necessarily have to incorporate in Wyoming. In fact, you are allowed to incorporate in the state of your choosing. 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Why Incorporate in Delaware. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Lusk, Wyoming, our web page covering Incorporating in Wyoming may be a useful resource if you decide to incorporate in Wyoming.

Getting Money to Start a Business

Raising money to fund your new Lusk business is a difficult chore. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.

Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.

For Lusk entrepreneurs who need startup capital, browse our List of Wyoming Angel Investors and our List of Wyoming Venture Capital Firms.

Never Give Up

Most new Lusk businesses underestimate the number of challenges they will face.

From this point on, you control your own destiny.

Our goal here is to promote the vitality and growth of small businesses in Lusk and throughout the United States . 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 Lusk, Wyoming

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

  • Resources for Lusk, Wyoming Entrepreneurs - Browse a variety of resources we've collected to assist Lusk entrepreneurs.
  • Wyoming Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Wyoming.
  • Wyoming Small Business Development Center - The Wyoming Small Business Development Center provides free and confidential consulting services to individual businesses, offers various products online of specific use to various businesses, sponsors affordable educational programs targeted at the small business community, and maintains links with various business resources throughout Wyoming and the nation.
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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