Massachusetts Business Startup Guides
Opening a Business in Lynn, Massachusetts
Contemplating starting a business in Lynn, Massachusetts? We walk you through the process of opening a business in Lynn.
Lynn, Massachusetts Demographic Information
Lynn has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lynn demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lynn.
Businesses
As a new Lynn entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lynn 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 Buying an Existing Lynn Business?
An excellent way to get started in business is to Buy a Business in Massachusetts. Follow that link and you can review several good businesses for sale in Lynn.
Before buying a business, be sure to read this article: Buying a Business.
Forming a Company in Lynn, Massachusetts
It's very important that you form your business as a legal structure. Doing so will insulate 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.
Incorporating 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 Massachusetts, you don't necessarily have to incorporate in Massachusetts. In fact, 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 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 Avoiding Personal Liability in Business. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Lynn, Massachusetts, our information on Incorporating in Massachusetts may be a useful resource if you decide to incorporate in Massachusetts.
The Role of the Business Plan
A business plan is vital to the health of your new business. Simply put, a business plan is a written description of the future you envision for your business. Failure to write a business plan is a recipe for disaster.
If writing a business plan is on your to-do list, be sure to read Find Sample Business Plans Online. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Massachusetts.
Raising Money for Your New Venture
Finding the funds to fuel the growth of your Lynn business is very difficult due to the ongoing business credit crunch. 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 raising capital, such as Getting a Small Business Loan.
For Lynn entrepreneurs on the hunt for startup funding, check out our List of Massachusetts Angel Investors and our List of Massachusetts Venture Capital Firms.
Increase Your Entrepreneurial Knowledge
Successful entrepreneurs recognize that they don't know everything.
With your business being located in Lynn, Massachusetts, you will want to take advantage of the many programs available at nearby Massachusetts universities, colleges and community colleges. We also recommend you look into networking organizations for Lynn entrepreneurs.
Next Steps
Most new Lynn businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
This site is all about helping entrepreneurs in Lynn 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 Lynn, Massachusetts
Here are more links that we believe will help you be successful in starting a business in Lynn.
- Resources for Lynn, Massachusetts Entrepreneurs - Browse a variety of resources we've collected to assist Lynn entrepreneurs.
- Massachusetts Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Massachusetts.
- Massachusetts Small Business Development Center - The Massachusetts Small Business Development Center (MSBDC) Network provides one-to-one free comprehensive and confidential services focusing on, business growth and strategies, financing and loan assistance as well as strategic, marketing and operational analysis.
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