Minnesota Business Startup Guides
Start a Business in Marshall, Minnesota
Are you starting a business in Marshall, Minnesota? This article discusses the most important things to consider when opening a business in Marshall.
Is Becoming an Entrepreneur Right for You?
Before quitting your day job, take inventory of your entrepreneurial instincts and capabilities.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Grab a meal or cofee with other entrepreneurs in Marshall. Get their take on what it's really like to be an entrepreneur.
- Take a look at The Entrepreneurial Personality. It's a short article but it's a good reality check for those are about to jump into the world of entrepreneurship.
- Reach out to a trusted acquaintance. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Marshall, Minnesota Demographic Information
Marshall has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Marshall demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Marshall.
As a new Marshall entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Marshall 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.
Choosing a Business Name
A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
For other considerations regarding naming a company, we recommend this article: Naming a Business.
On a final note, given that you are starting a business in Marshall, it's very important that you make sure your company name has not already been claimed by another Minnesota business.
Company Formation in Marshall, Minnesota
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.
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.
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. Just because you are starting a business in Minnesota, it doesn't mean you are required to incorporate in Minnesota. As it turns out, you are allowed to incorporate in the state of your choosing. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about forming a company. To learn the basics of company formation, browse articles on our site, such as C Corp Versus S Corp. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Marshall, Minnesota, our web page covering Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.
The Role of the Business Plan
Having a business plan is vital to the health of your new business. In effect, your business plan is your game plan for how you hope to grow your business. Failure to write a business plan makes you more prone to becoming a business failure statistic.
If you want more information on writing business plans, we recommend reading The Art of the Executive Summary. You can also get face-to-face free consulting available from your local SCORE chapter in Minnesota.
Startup Financing Basics
Raising money to fund your new Marshall business will be harder than you might expect. 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.
You have a dream -- starting a business in Marshall. To achieve your dream, you have to persevere, even when the odds are against you.
Owning your own business will be a daunting task, but you can do it.
We are here to help Marshall businesses to be successful. 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 Marshall, Minnesota
Here are more links that we believe will help you be successful in starting a business in Marshall.
- Resources for Marshall, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Marshall entrepreneurs.
- Minnesota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.
- Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no-cost, professional business consulting to Minnesota small businesses covering a variety of business needs.
Starting-a-Business Guides for Other Cities in Minnesota
Share this article
Additional Resources for Entrepreneurs