May 31, 2020  
 
  Entrepreneurial Resources - Advice for Wisconsin Entrepreneurs  
  New Richmond, Wisconsin Resources for Entrepreneurs  
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Start a Business in New Richmond, Wisconsin

Are you starting a business in New Richmond, Wisconsin? This article discusses the most important things to consider when opening a business in New Richmond.

Are You Ready for Life as an Owner?

Most new companies don't make it, in part because the business owner did not have the tenacity and/or the skills 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:

  • Grab a meal or cofee with other entrepreneurs in New Richmond. Listen closely to their experiences and see if you think you too can be successful.
  • 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. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.

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 Business Ideas That Don't Make Sense.

To view an extensive list of business types, complete with startup instructions, spend some time in the Good Businesses to Start section of our site. For example, you might be interested in our Opening an Auto Glass Coating & Tinting Business guide or our How to Start a Rivets Business guide.

Always keep in mind that starting a business in New Richmond has some implications. Some businesses will do better in New Richmond than others. Only by spending some time analyzing New Richmond demographics can you decide if there will be strong demand for your business idea.

New Richmond, Wisconsin Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 2040
5-9 Employees 522
10-19 Employees 495
20-49 Employees 288
50-99 Employees 108
100-249 Employees 54
250-499 Employees 18
500-999 Employees 0
1000+ Employees 0
All New Richmond Businesses 3525

As a new New Richmond entrepreneur, you may also be interested in the table below. It shows how many businesses there are in New Richmond 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
Appliance Repair and Maintenance 1
Automotive Glass Replacement Shops 1
Automotive Parts and Accessories Stores 3
Baked Goods Stores 1
Beauty Salons 8
Beer, Wine, and Liquor Stores 2
Boat Dealers 1
Bowling Centers 2
Business Associations 3
Cable and Other Program Distribution 1
Child and Youth Services 1
Child Day Care Services 4
Civic and Social Organizations 1
Coin-Operated Laundries and Drycleaners 2
Commercial Lithographic Printing 3
Computer and Software Stores 1
Computer Systems Design Services 3
Confectionery and Nut Stores 1
Construction Sand and Gravel Mining 1
Consumer Lending 1
Credit Unions 1
Custom Computer Programming Services 2
Cut Stock, Resawing Lumber, and Planing 1
Direct Mail Advertising 1
Drinking Places (Alcoholic Beverages) 14
Drywall and Insulation Contractors 1
Electrical Contractors 6
Electronic Shopping 1
Engineering Services 4
Farm Supplies Merchant Wholesalers 2
Fine Arts Schools 2
Finish Carpentry Contractors 3
Fitness and Recreational Sports Centers 1
Floor Covering Stores 1
Flooring Contractors 3
Florists 1
Food (Health) Supplement Stores 1
Fruit and Vegetable Canning 1
Full-Service Restaurants 12
Funeral Homes and Funeral Services 1
Furniture Stores 1
General Automotive Repair 3
General Freight Trucking, Local 2
General Medical and Surgical Hospitals 1
Gift, Novelty, and Souvenir Stores 3
Golf Courses and Country Clubs 2
Grantmaking Foundations 1
Hand and Edge Tool Manufacturing 1
Hardware Stores 2
Heating Oil Dealers 1
Home Health Care Services 1
Homes for the Elderly 1
Household Appliance Stores 1
Insurance Agencies and Brokerages 6
Investment Advice 1
Janitorial Services 5
Jewelry Stores 2
Land Subdivision 2
Landscaping Services 6
Limited-Service Restaurants 9
Local Messengers and Local Delivery 2
Machine Shops 3
Marketing Consulting Services 1
Masonry Contractors 2
Meat Markets 1
Miscellaneous Intermediation 1
Mortgage and Nonmortgage Loan Brokers 1
Motorcycle Dealers 1
Musical Groups and Artists 1
New Car Dealers 3
Newspaper Publishers 1
Nursing Care Facilities 1
Office Administrative Services 2
Offices of Bank Holding Companies 1
Offices of Certified Public Accountants 5
Offices of Chiropractors 7
Offices of Dentists 3
Offices of Lawyers 5
Offices of Optometrists 2
Offices of Real Estate Appraisers 2
Optical Goods Stores 1
Outdoor Power Equipment Stores 1
Packaging and Labeling Services 1
Packaging Machinery Manufacturing 1
Painting and Wall Covering Contractors 1
Pet Care (except Veterinary) Services 1
Prepress Services 1
Professional Employer Organizations 1
Racetracks 1
Radio Stations 1
Ready-Mix Concrete Manufacturing 1
Real Estate Credit 1
Residential Remodelers 4
Roofing Contractors 3
School and Employee Bus Transportation 1
Securities Brokerage 3
Sewage Treatment Facilities 1
Siding Contractors 4
Sign Manufacturing 1
Site Preparation Contractors 2
Solid Waste Collection 1
Special Needs Transportation 1
Tax Preparation Services 1
Taxi Service 1
Temporary Help Services 4
Testing Laboratories 1
Tire and Tube Merchant Wholesalers 1
Tire Dealers 1
Travel Agencies 1
Used Car Dealers 1
Used Household and Office Goods Moving 1
Veterinary Services 3
Video Tape and Disc Rental 1
Vocational Rehabilitation Services 1
Warehouse Clubs and Supercenters 1
Wired Telecommunications Carriers 3
Wood Window and Door Manufacturing 1

Forming a Company in New Richmond, Wisconsin

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

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. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Wisconsin, it doesn't mean you are required to incorporate in Wisconsin. 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. To learn the fundamentals of company formation, browse articles on our site, such as Pre-Incorporation Agreements. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in New Richmond, Wisconsin, our information on Incorporating in Wisconsin may be a useful resource if you decide to incorporate in Wisconsin.

Do You Need a Business Plan?

A business plan is essential to the health of your new business. In effect, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan is a recipe for disaster.

To learn more about business plans, read Business Plan Contests. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Wisconsin.

Raising Capital for Your Business

Getting your New Richmond business the capital it needs to succeed is not an easy task. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.

Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Attracting Investors.

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

Marketing Your New Business

To grow your New Richmond business, you'll need to have a good marketing plan.

We have some great resources on this site for entrepreneurs who are working on marketing plans. Effective Direct Mail Campaigns discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a sampling of the many useful articles we have on Marketing a Small Business.

Never Give Up

Most new New Richmond 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.

Our goal here is to promote the vitality and growth of small businesses in New Richmond and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in New Richmond, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in New Richmond, Wisconsin

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

 

 

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