January 24, 2021  
 
  Entrepreneurial Resources - Advice for Michigan Entrepreneurs  
  New Buffalo, Michigan Resources for Entrepreneurs  
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Open a Business in New Buffalo, Michigan

Need help starting a business in New Buffalo, Michigan? We've got the information you need to open a business in New Buffalo.

Are You Sure You Want to Do This?

Being an entrepreneur is hard work, and can be orders of magnitude more strenuous than working as an employee. Are you positive you are ready to take on this challenge?

To determine whether you have what it takes to run a business, we recommend these three steps to help you decide:

  • Talk to other entrepreneurs in New Buffalo. Ask them candidly what it's like to run a business.
  • We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
  • Have a candid conversation with friends and family. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

Choosing the Right Company to Start

There are many businesses that you can start. How do you know which type of business is right for you? To stir your creative juices on what kind of business to start, take a look at How to Evaluate a Business Idea.

For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Opening an Illustrations Business guide or our How to Start an Auto Bumpers & Grills Business guide.

Remember that starting a business in New Buffalo has some implications. Some businesses will do better in New Buffalo than others. Study New Buffalo demographics and do a competitive analysis as part of your startup planning process.

New Buffalo, Michigan Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 576
5-9 Employees 222
10-19 Employees 106
20-49 Employees 108
50-99 Employees 6
100-249 Employees 12
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All New Buffalo Businesses 1030

As a new New Buffalo entrepreneur, you may also be interested in the table below. It shows how many businesses there are in New Buffalo 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
Air and Gas Compressor Manufacturing 1
Architectural Services 1
Baked Goods Stores 1
Beauty Salons 3
Bed-and-Breakfast Inns 1
Beer and Ale Merchant Wholesalers 1
Beer, Wine, and Liquor Stores 1
Boat Dealers 4
Business Associations 1
Caterers 1
Civic and Social Organizations 2
Computer and Software Stores 1
Direct Title Insurance Carriers 1
Drafting Services 1
Electrical Contractors 1
Fitness and Recreational Sports Centers 4
Florists 1
Fruit and Vegetable Markets 1
Full-Service Restaurants 17
General Automotive Repair 1
Gift, Novelty, and Souvenir Stores 3
Golf Courses and Country Clubs 1
Hardware Stores 1
Home Health Care Services 1
Homes for the Elderly 1
Hydroelectric Power Generation 1
Insurance Agencies and Brokerages 3
Interior Design Services 2
Investment Advice 1
Land Subdivision 1
Landscaping Services 4
Limited-Service Restaurants 5
Office Administrative Services 1
Offices of Certified Public Accountants 2
Offices of Chiropractors 1
Offices of Dentists 1
Offices of Lawyers 4
Outdoor Power Equipment Stores 1
Painting and Wall Covering Contractors 3
Pet Care (except Veterinary) Services 1
Pharmacies and Drug Stores 2
Ready-Mix Concrete Manufacturing 1
Real Estate Credit 1
Residential Property Managers 3
Roofing Contractors 1
Savings Institutions 1
Securities Brokerage 1
Sign Manufacturing 1
Snack and Nonalcoholic Beverage Bars 2
Sporting Goods Stores 1
Sports and Recreation Instruction 1
Travel Agencies 1
Truss Manufacturing 1
Veterinary Services 1
Wired Telecommunications Carriers 1
Women's Clothing Stores 1

Picking a Business Name

A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.

Company names need to be easy to spell, easy to pronounce, and easy to remember.

Numerous company naming issues are discussed in more detail in this article: Naming a Company.

On a final note, given that you are opening a business in New Buffalo, it's critical that you ensure that your company name has not already been claimed by another Michigan business.

Forming a Company in New Buffalo, Michigan

It's very important that your business is formed as a legal entity that is separate from its owners. Doing so will insulate you from personal liability for business debts and obligations.

When forming a company, you will select one of many company types, such as a corporation, LLC, sole proprietorship, partnership or other structure.

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. As it turns out, you are allowed to incorporate wherever you want. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.

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 New Buffalo, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.

Raising Capital for Your Startup

Raising money to fund your new New Buffalo business will be harder than you might expect. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.

Take advantage of our many articles on securing funding, such as How to Raise Money.

For New Buffalo entrepreneurs who want to raise money for a new venture, check out our List of Michigan Angel Investors and our List of Michigan Venture Capital Firms.

Promoting Your New Company

Whether your goal is to attract New Buffalo customers or you plan on selling elsewhere, you'll need to have a good marketing plan.

There are myriad resources on this site to help you with your marketing plan. Music on Hold is an article that will stimulate a few thoughts on your marketing plan. That's just a sampling of the many useful articles we have on Marketing a Small Business.

Next Steps

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

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

We are here to help New Buffalo businesses to be successful. We want to be there for you to answer your business questions, whether you are a new New Buffalo 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 New Buffalo, Michigan

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

 

 

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