South Dakota Business Startup Guides
Opening a Business in Parkston, South Dakota
Contemplating starting a business in Parkston, South Dakota? We walk you through the process of opening a business in Parkston.
Are You Sure You Want to Do This?
Being an entrepreneur is difficult, much harder than working as an employee. Are you sure you are ready to take on this challenge?
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 Parkston. 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.
Parkston, South Dakota Demographic Information
Parkston has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Parkston demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Parkston.
As a new Parkston entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Parkston 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.
Forming a Company in Parkston, South Dakota
It's very important that you form your business as a legal structure. Among other things, forming a legal entity for the business limits your 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 South Dakota, you don't necessarily have to incorporate in South Dakota. In fact, you can 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 Dissolving a Corporation. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Parkston, South Dakota, our web page covering Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.
Don't Forget to Create a Business Plan
Creating a business plan is vital in laying a solid foundation for your business success. Simply put, a business plan is a written description of the future you envision for your business. Failure to write a business plan
Startup Financing Basics
Raising money to fund your new Parkston business is not an easy task. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Take advantage of our many articles on finding startup capital, such as Attracting Investors.
Marketing Your New Venture
Whether your goal is to attract Parkston customers or you plan on selling elsewhere, you need a great marketing plan.
There are myriad resources on this site to help you with your marketing plan. Advertising on Google is an article that will stimulate a few thoughts on your marketing plan. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
As an entrepreneur in Parkston, 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.
Our goal here is to promote the vitality and growth of small businesses in Parkston and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Parkston 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 Parkston, South Dakota
Here are more links that we believe will help you be successful in starting a business in Parkston.
- Resources for Parkston, South Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Parkston entrepreneurs.
- South Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in South Dakota.
- South Dakota Small Business Development Center - The South Dakota Small Business Development Center (SBDC) helps new South Dakota entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
Starting-a-Business Guides for Other Cities in South Dakota
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