August 12, 2020  
 
  Entrepreneurial Resources - Advice for Minnesota Entrepreneurs  
  Paynesville, Minnesota Resources for Entrepreneurs  
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Starting a Business in Paynesville, Minnesota

Thinking about starting a business in Paynesville, Minnesota? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Paynesville.

Will You Be a Good Entrepreneur?

Before announcing to the world that you are going to start your own business, assess your entrepreneurial instincts and capabilities.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

  • Talk to other entrepreneurs in Paynesville. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
  • We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
  • Get feedback from somebody whom you trust. Others sometimes know you better than you know yourself.

Which Business to Choose?

There are many businesses that you can start. How do you know which type of business is right for you? If you are struggling with what type of business to start, read Good Business Ideas.

If you still are not sure what type of business to start, peruse the Good Businesses to Start section of our site. For example, you might be interested in our Opening a Prefabricated Steps Business guide or our How to Start a Protective Eyewear Business guide.

Remember that you are starting a business in Paynesville. The business you want to start may already be well-represented in Paynesville. Study Paynesville demographics and do a competitive analysis as part of your startup planning process.

Paynesville, Minnesota Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 844
5-9 Employees 198
10-19 Employees 162
20-49 Employees 108
50-99 Employees 12
100-249 Employees 6
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Paynesville Businesses 1330

As a new Paynesville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Paynesville 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 Exhaust System Repair 1
Beauty Salons 2
Beer, Wine, and Liquor Stores 1
Boat Dealers 2
Business Associations 1
Carpet and Upholstery Cleaning Services 1
Caterers 1
Child Day Care Services 3
Civic and Social Organizations 1
Community Food Services 1
Credit Unions 1
Drinking Places (Alcoholic Beverages) 2
Drywall and Insulation Contractors 2
Electrical Contractors 2
Engineering Services 1
Finish Carpentry Contractors 1
Fitness and Recreational Sports Centers 1
Floor Covering Stores 1
Florists 2
Fluid Milk Manufacturing 1
Food (Health) Supplement Stores 1
Framing Contractors 2
Full-Service Restaurants 6
Furniture Stores 1
General Automotive Repair 2
General Freight Trucking, Local 3
General Medical and Surgical Hospitals 1
Golf Courses and Country Clubs 1
Hardware Stores 3
Home Health Care Services 2
Household Appliance Stores 3
Insurance Agencies and Brokerages 11
Iron and Steel Mills 1
Land Subdivision 1
Landscaping Services 4
Limited-Service Restaurants 2
Machine Shops 2
Manufactured (Mobile) Home Dealers 1
Marketing Consulting Services 1
Masonry Contractors 4
Mortgage and Nonmortgage Loan Brokers 1
Museums 1
New Car Dealers 3
Newspaper Publishers 1
Offices of Chiropractors 3
Offices of Dentists 2
Offices of Lawyers 4
Offices of Optometrists 1
Packing and Crating 1
Petroleum Bulk Stations and Terminals 1
Pharmacies and Drug Stores 1
Photography Studios, Portrait 1
Ready-Mix Concrete Manufacturing 1
Recreational Vehicle Dealers 1
Residential Remodelers 1
School and Employee Bus Transportation 1
Sign Manufacturing 1
Site Preparation Contractors 1
Snack and Nonalcoholic Beverage Bars 1
Sports and Recreation Instruction 1
Temporary Help Services 1
Tile and Terrazzo Contractors 1
Tire Dealers 1
Used Household and Office Goods Moving 1
Used Merchandise Stores 1
Veterinary Services 3
Wholesale Trade Agents and Brokers 2

Have You Considered Franchising?

Examine a list of Paynesville businesses and you'll notice that many local entrepreneurs have gone the franchising route. But is franchising the right option for you?

Our advice is to evaluate the possibility of your buying a franchise opportunity. On our site, you can read many articles about franchising, such as Franchise Law. 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 Taco John's International and Chicken Delight. Alternatively, you can browse franchise categories, such as Baby Franchises and Bath Remodeling Franchises.

Note on Paynesville Franchise Opportunities: To find out if a franchise you are interested in is available in Paynesville, you will need to get in direct contact with the franchisor.

Have You Considered Buying an Existing Paynesville Business?

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

If you are serious about buying a business, you may want to read this article: How to Buy a Business.

Raising Money for Your New Venture

Raising money to fund your new Paynesville business will be harder than you might expect. 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 raising capital, such as Getting a Small Business Loan.

For Paynesville entrepreneurs in need of startup financing, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.

What's Next?

You have a dream -- starting a business in Paynesville. To achieve your dream, you have to persevere, even when the odds are against you.

From this point on, you control your own destiny.

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

More Entrepreneurial Resources for Starting a Business in Paynesville, Minnesota

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

 

 

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