August 3, 2020  
 
  Entrepreneurial Resources - Advice for Illinois Entrepreneurs  
  Mahomet, Illinois Resources for Entrepreneurs  
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Opening a Business in Mahomet, Illinois

Contemplating starting a business in Mahomet, Illinois? We walk you through the process of opening a business in Mahomet.

Are You Ready for the Challenges of Being an Entrepreneur?

An entrepreneurial life is demanding, much harder than working as an employee. Are you positive you have the stamina and skills to succeed on your own?

Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:

  • Talk to other entrepreneurs in Mahomet. Listen closely to their experiences and see if you think you too can be successful.
  • We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
  • Get feedback from somebody whom you trust. 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.

Mahomet, Illinois Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 399
5-9 Employees 117
10-19 Employees 99
20-49 Employees 36
50-99 Employees 9
100-249 Employees 6
250-499 Employees 3
500-999 Employees 3
1000+ Employees 0
All Mahomet Businesses 672

As a new Mahomet entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Mahomet 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
Architectural Services 1
Audio and Video Equipment Manufacturing 1
Automotive Parts and Accessories Stores 1
Beauty Salons 2
Book Publishers 1
Broadwoven Fabric Finishing Mills 1
Child Day Care Services 2
Civic and Social Organizations 1
Claims Adjusting 1
Coin-Operated Laundries and Drycleaners 1
Commercial Photography 1
Computer and Software Stores 3
Computer Systems Design Services 1
Couriers 1
Diagnostic Imaging Centers 1
Drinking Places (Alcoholic Beverages) 2
Drywall and Insulation Contractors 1
Electrical Contractors 2
Electronic Shopping 2
Employment Placement Agencies 1
Engineering Services 2
Finish Carpentry Contractors 2
Fitness and Recreational Sports Centers 3
Flooring Contractors 2
Florists 2
Food Service Contractors 2
Framing Contractors 1
Full-Service Restaurants 8
General Automotive Repair 2
Gift, Novelty, and Souvenir Stores 1
Grantmaking Foundations 1
Hardware Stores 1
Insurance Agencies and Brokerages 8
Internet Service Providers 1
Janitorial Services 2
Landscape Architectural Services 1
Landscaping Services 6
Lessors of Other Real Estate Property 1
Limited-Service Restaurants 9
Local Messengers and Local Delivery 2
Manufactured (Mobile) Home Dealers 1
Masonry Contractors 3
New Car Dealers 1
New Housing Operative Builders 1
Newspaper Publishers 1
Office Administrative Services 1
Offices of Chiropractors 1
Offices of Dentists 4
Offices of Lawyers 1
Painting and Wall Covering Contractors 3
Pharmacies and Drug Stores 1
Photography Studios, Portrait 2
Professional Employer Organizations 1
Recreational Vehicle Dealers 1
Residential Property Managers 1
Residential Remodelers 10
Securities Brokerage 1
Septic Tank and Related Services 1
Siding Contractors 1
Sign Manufacturing 1
Site Preparation Contractors 4
Software Publishers 1
Sporting Goods Stores 1
Tile and Terrazzo Contractors 1
Tire Dealers 1
Travel Agencies 1
Used Car Dealers 1
Used Merchandise Stores 1
Veterinary Services 3
Video Tape and Disc Rental 1
Wholesale Trade Agents and Brokers 1
Wired Telecommunications Carriers 1
Women's Clothing Stores 1

Have You Considered Buying an Existing Mahomet Business?

If you have some capital to play with, you may want to Buy a Business in Illinois. Follow that link and you may find several good businesses for sale in Mahomet.

If you are intent on buying a business, you may want to read this article: How to Buy a Business.

Forming a Company in Mahomet, Illinois

It's essential 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 traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporation 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. If you are starting a business in Illinois, you don't necessarily have to incorporate in Illinois. In fact, you can incorporate in any state you would like to. 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 Pre-Incorporation Agreements. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in Mahomet, Illinois, our web page covering Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.

Do You Need a Business Plan?

Having a business plan is essential in laying a solid foundation for your business success. Simply put, a business plan is a written description of the future you envision for your business. Starting a business without a business plan makes you more prone to becoming a business failure statistic.

To learn more about business plans, read The Art of the Executive Summary. You should also take advantage of free business counselors available to you through your local SCORE chapter in Illinois.

How to Improve Your Entrepreneurial Abilities

Good entrepreneurs recognize that what they know now may not be enough to ensure their future success.

With your business being located in Mahomet, Illinois, you should get information on some of the many programs available at nearby Illinois universities, colleges and community colleges. You should also check if there are any networking organizations for Mahomet entrepreneurs.

Never Give Up

As an entrepreneur in Mahomet, you won't be working for the boss anymore. You are the boss.

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

We are here to help Mahomet businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Mahomet, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Mahomet, Illinois

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

 

 

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