January 24, 2021  
 
  Entrepreneurial Resources - Advice for Illinois Entrepreneurs  
  Morrisonville, Illinois Resources for Entrepreneurs  
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Starting a Business in Morrisonville, Illinois

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

Do You Have What It Takes?

Most startup ventures fail, in part because the business owner did not have the entrepreneurial skills and traits needed to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.

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 Morrisonville. Get their candid feedback on what it takes to start a successful business.
  • We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
  • Get feedback from somebody whom you trust. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.

Which Business to Choose?

Choosing a business that is right for you is very important. You might get some good ideas about what kind of business to start by reading Good Business Ideas.

For step-by-step instructions on starting a variety of business types, visit the Good Businesses to Start section of our site. For example, you might be interested in our Starting a Lamps Mounting & Repair Business guide or our Opening a Sexual Abuse Attorneys Business guide.

Don't forget that your new startup will be located in Morrisonville. If Morrisonville already has plenty of the kind of business you want to start, you might want to change your plans. Study Morrisonville demographics and do a competitive analysis as part of your startup planning process.

Morrisonville, Illinois Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 126
5-9 Employees 48
10-19 Employees 12
20-49 Employees 0
50-99 Employees 0
100-249 Employees 0
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Morrisonville Businesses 186

As a new Morrisonville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Morrisonville 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
Ambulance Services 1
Community Food Services 1
Drinking Places (Alcoholic Beverages) 1
Elementary and Secondary Schools 1
Exterminating and Pest Control Services 2
Farm Supplies Merchant Wholesalers 2
Framing Contractors 1
General Automotive Repair 1
General Freight Trucking, Local 1
Hardware Stores 1
Insurance Agencies and Brokerages 1
Landscaping Services 1
Limited-Service Restaurants 1
Men's Clothing Stores 1
Painting and Wall Covering Contractors 1

Is Franchising a Better Option?

As you drive around Morrisonville, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?

Our recommendation is that you consider franchising as an option. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Staffing a Franchise. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.

To learn about specific franchise opportunities, check out our Franchise Directory.

Sample franchise opportunities include Club Z In-Home Tutoring and FastTrain Licensing Corp.. Alternatively, you can browse franchise categories, such as Carpet Care Franchises and Deli Restaurant Franchises.

Note on Morrisonville Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Morrisonville.

Forming a Company in Morrisonville, Illinois

It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will protect 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 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 Illinois, you don't necessarily have to incorporate in Illinois. In fact, you can 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 Corporate Formalities. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in Morrisonville, Illinois, our web page covering Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.

The Role of the Business Plan

A business plan is critical in laying a solid foundation for your business success. Indeed, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.

To learn more about business plans, read The Art of the Executive Summary. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Illinois.

Now It's Up To You

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

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

This site is all about helping entrepreneurs in Morrisonville and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Morrisonville entrepreneur who is just getting started or you are already up and running with your new venture.

More Entrepreneurial Resources for Starting a Business in Morrisonville, Illinois

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

 

 

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