Michigan Business Startup Guides
Starting a Business in Manistique, Michigan
Thinking about starting a business in Manistique, Michigan? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Manistique.
Is Becoming an Entrepreneur Right for You?
Running your own business is difficult, and can be orders of magnitude more strenuous than working as an employee. Are you sure you want to go into business for yourself?
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Talk to other entrepreneurs in Manistique. Get their take on what it's really like to be an entrepreneur.
- 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. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Manistique, Michigan Demographic Information
Manistique has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Manistique demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Manistique.
Businesses
As a new Manistique entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Manistique 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
Forming a Company in Manistique, Michigan
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. The biggest advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
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. 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 Michigan, it doesn't mean you are required to incorporate in Michigan. 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 Incorporation Advice. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Manistique, Michigan, our information on Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Do You Need a Business Plan?
A business plan is essential in laying a solid foundation for your business success. Indeed, your business plan is your game plan for how you hope to grow your business. Failure to write a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Contests. You should also take advantage of free counseling sessions provided by your local SCORE chapter in Michigan.
Raising Money for Your New Venture
Getting your Manistique business the capital it needs to succeed 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.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled 504 Loans.
For Manistique entrepreneurs on the hunt for startup funding, check out our List of Michigan Angel Investors and our List of Michigan Venture Capital Firms.
Bring in Revenues
Do you know how to sell? In order to attract customers to your new Manistique business, you need to focus on sales.
The key to selling is to set sales goals goals and monitor your progress towards those goals. The good news is we can help you to make selling a big competitve advantage for your new firm.
Sales Forecasting offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
Moving Forward
As an entrepreneur in Manistique, 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.
Our goal here is to promote the vitality and growth of small businesses in Manistique 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 Manistique, Michigan
Here are more links that we believe will help you be successful in starting a business in Manistique.
- Resources for Manistique, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Manistique 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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