August 8, 2020  
 
  Entrepreneurial Resources - Advice for Illinois Entrepreneurs  
  Mount Sterling, Illinois Resources for Entrepreneurs  
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Open a Business in Mount Sterling, Illinois

Need help starting a business in Mount Sterling, Illinois? We've got the information you need to open a business in Mount Sterling.

Mount Sterling, Illinois Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 1035
5-9 Employees 330
10-19 Employees 150
20-49 Employees 75
50-99 Employees 60
100-249 Employees 15
250-499 Employees 15
500-999 Employees 15
1000+ Employees 0
All Mount Sterling Businesses 1695

As a new Mount Sterling entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Mount Sterling 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
Automotive Parts and Accessories Stores 2
Beauty Salons 1
Business Associations 1
Car Washes 1
Child Day Care Services 2
Civic and Social Organizations 1
Drinking Places (Alcoholic Beverages) 2
Farm Supplies Merchant Wholesalers 1
Finish Carpentry Contractors 1
Fitness and Recreational Sports Centers 1
Floor Covering Stores 1
Florists 2
Food Service Contractors 1
Full-Service Restaurants 3
Funeral Homes and Funeral Services 1
General Automotive Repair 2
Gift, Novelty, and Souvenir Stores 1
Golf Courses and Country Clubs 1
Grantmaking Foundations 1
Home Centers 1
Household Appliance Stores 1
Insurance Agencies and Brokerages 6
Interior Design Services 1
Janitorial Services 1
Lessors of Other Real Estate Property 1
Libraries and Archives 1
Limited-Service Restaurants 5
Nursing Care Facilities 1
Offices of Certified Public Accountants 1
Offices of Dentists 1
Offices of Lawyers 3
Outdoor Power Equipment Stores 1
Pharmacies and Drug Stores 1
Ready-Mix Concrete Manufacturing 1
Real Estate Investment Trusts 1
Roofing Contractors 1
Snack and Nonalcoholic Beverage Bars 1
Solid Waste Collection 1
Sports and Recreation Instruction 1
Tax Preparation Services 1
Tile and Terrazzo Contractors 1
Used Car Dealers 1
Veterinary Services 1
Video Tape and Disc Rental 1
Wholesale Trade Agents and Brokers 1
Wired Telecommunications Carriers 1

Should You Franchise?

Visit the business district of Mount Sterling and 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 investigate buying a franchise. On our site, you can read many articles about franchising, such as Franchisees Versus Licensees. Become a franchising expert of sorts by reading more of our Articles on Franchising.

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

Sample franchise opportunities include Recognition Express and Tuffy Auto Service Centers. Alternatively, you can browse franchise categories, such as Tanning Franchises and Marketing, Sales and Advertising Franchises.

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

Have You Considered Buying an Existing Mount Sterling Business?

An excellent way to get started in business is to Buy a Business in Illinois. Follow that link and you may find several good businesses for sale in Mount Sterling.

If you are headed down the path of buying a business, you may want to read this article: Hold Harmless Agreements When Buying Businesses.

Forming a Company in Mount Sterling, Illinois

It's very important that you choose the right legal structure for your new entity. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.

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. If you are starting a business in Illinois, you don't necessarily have to incorporate in Illinois. In fact, 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 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 C Corp Versus S Corp. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Mount Sterling, Illinois, our web page covering Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.

Don't Skip the Business Plan

Having a business plan is vital in laying a solid foundation for your business success. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Not having 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 Business Plan Mistakes. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Illinois.

Getting Money to Start a Business

Raising money to fund your new Mount Sterling business requires strong organization skills and perseverance. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.

Take advantage of our many articles on securing funding, such as Getting a Small Business Loan.

For Mount Sterling entrepreneurs in need of startup financing, check out our List of Illinois Angel Investors and our List of Illinois Venture Capital Firms.

What's Next?

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

If you choose the right business and love what you do, you will greatly increase your odds of success.

We are here to help Mount Sterling businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Mount Sterling 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 Mount Sterling, Illinois

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

 

 

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