Rhode Island Business Startup Guides
Opening a Business in Newport, Rhode Island
Contemplating starting a business in Newport, Rhode Island? We walk you through the process of opening a business in Newport.
Newport, Rhode Island Demographic Information
Newport has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Newport demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Newport.
As a new Newport entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Newport 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.
Is a Franchise Opportunity Right For You?
Visit the business district of Newport and you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
We advise the entrepreneurs we work with to consider franchising as an option. We have many articles on franchises, such as Opportunities in International Franchising. 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 Rainbow International Restoration & Cleaning and AIM Mail Centers. Alternatively, you can browse franchise categories, such as Candy and Chocolate Franchises and Fitness Franchises.
Note on Newport Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Newport.
Have You Considered Buying an Existing Newport Business?
An excellent way to get started in business is to Buy a Business in Rhode Island. Follow that link and you may find several good businesses for sale in Newport.
If you are serious about buying a business, you may want to read this article: Buying a Business.
Naming the Company
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.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.
As a final piece of advice, remember that because you are opening a business in Newport, it's imperative that you check now that your company name has not already been claimed by another Rhode Island business.
Forming a Company in Newport, Rhode Island
It's very important that you choose the right legal structure for your new entity. Doing so will shield 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.
Incorporation is a very common way to legally create a business entity. 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 Rhode Island, you don't necessarily have to incorporate in Rhode Island. 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Subchapter S Corporations. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Newport, Rhode Island, our web page covering Incorporating in Rhode Island may be a useful resource if you decide to incorporate in Rhode Island.
Don't Skip the Business Plan
Having a business plan is vital in laying a solid foundation for your business success. Simply put, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan makes you more prone to becoming a business failure statistic.
To learn more about business plans, read The Art of the Executive Summary. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Rhode Island.
How to Improve Your Entrepreneurial Abilities
The best entrepreneurs recognize that they need to continually improve.
Given that you are starting a business in Newport, Rhode Island, you should check out some of the many programs available at nearby Rhode Island universities, colleges and community colleges. You should also check if there are any Newport networking organizations.
Now It's Up To You
Most new Newport businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
Our goal here is to promote the vitality and growth of small businesses in Newport and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Newport 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 Newport, Rhode Island
Here are more links that we believe will help you be successful in starting a business in Newport.
- Resources for Newport, Rhode Island Entrepreneurs - Browse a variety of resources we've collected to assist Newport entrepreneurs.
- Rhode Island Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Rhode Island.
- Rhode Island Small Business Development Center - The Rhode Island Small Business Development Center provides entrepreneurs with best fit resources to create and transform their businesses.
More Business Startup Guides for Rhode Island
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