Thinking about starting a business in Pearl Harbor, Hawaii? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Pearl Harbor.
Do You Have What It Takes?
Most new ventures don't make it, in part because the founder did not have the tenacity and/or the skills to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Speak with other entrepreneurs in Pearl Harbor. Get their candid feedback on what it takes to start a successful business.
- You should read Business Failure. It's a good read for those who are thinking about becoming an entrepreneur.
- Involve a spouse, family member or trusted friend in the decision. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.
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 help you decide on a business type, we encourage you to read Evaluating Your 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 Starting a Dance Club guide or our Starting a Tatoo Parlor guide.
Don't forget that you are starting a business in Pearl Harbor. Some businesses will do better in Pearl Harbor than others. Don't forget to review Pearl Harbor demographics to see if there's a market for what you want to sell.
As a new Pearl Harbor entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Pearl Harbor 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.
Civic and Social Organizations
Computer Facilities Management Services
Computer Systems Design Services
Custom Computer Programming Services
Facilities Support Services
Gift, Novelty, and Souvenir Stores
Security Guards and Patrol Services
Snack and Nonalcoholic Beverage Bars
Used Merchandise Stores
Vocational Rehabilitation Services
Wired Telecommunications Carriers
Should You Franchise?
As you drive around Pearl Harbor, you may be surprised to see how many franchises there are in the area. Should you be giving franchising serious consideration?
Our advice is to look into purchasing a franchise. This site has dozens of articles on franchising, such as Franchising My Business. Get a thorough education on franchising by browsing all of our Articles on Franchising.
You can find franchise opportunities by browsing our Franchise Opportunities Directory.
Sample franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.
Note on Pearl Harbor Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Pearl Harbor.
Should You Buy an Existing Pearl Harbor Business?
If you have some capital to play with, you may want to Buy a Business in Hawaii. Follow that link and you can review several good businesses for sale in Pearl Harbor.
For anybody who wants to buy a business, we recommend reading this useful article: How to Buy a Business.
Choosing a Company Name
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
Numerous company naming issues are discussed in more detail in this article: Naming a Company.
There's one other important factor when naming a business. Since you are opening a business in Pearl Harbor, it's imperative that you check now that no other Hawaii company is using the business name you want to use.
Company Formation in Pearl Harbor, Hawaii
A critical step is ensuring that you choose the right legal structure for your new entity. Doing so will shield 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. Just because you are starting a business in Hawaii, you don't necessarily have to incorporate in Hawaii. As it turns out, 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's a lot to know about forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Registered Agents. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Pearl Harbor, Hawaii, our information on Incorporating in Hawaii may be a useful resource if you decide to incorporate in Hawaii.
Do You Need a Business Plan?
A business plan is critical in maximizing the prospects of your new company. Indeed, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim Business Plan Contests. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Hawaii.
Getting Money to Start a Business
Getting your Pearl Harbor business the capital it needs to succeed is a difficult chore. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
To learn about raising money, we recommend you read the fundraising articles on our site, such as 504 Loans.
For Pearl Harbor entrepreneurs who want to raise money for a new venture, check out our List of Hawaii Angel Investors and our List of Hawaii Venture Capital Firms.
Letting the World Know You Exist
To rise above the crowd in Pearl Harbor and build your business, having an excellent marketing plan is fundamental to your beating the competition.
There are myriad resources on this site to help you with your marketing plan. E-Mail Marketing discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just one of the many useful articles we have on Marketing a Small Business.
The Art of Selling
Mastering the art of selling is priority one if you want your new Pearl Harbor business to do well.
Why should customers buy from you instead of buying from competitors? Fortunately, we've got plenty of good advice to help you improve your selling skills.
The Art of Customer Referrals is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Increase Your Entrepreneurial Knowledge
Successful entrepreneurs know that they don't know everything.
As an entrepreneur who lives in Pearl Harbor, Hawaii, you will want to take advantage of the many programs available at nearby Hawaii universities, colleges and community colleges. It's also beneficial to see if there are any Pearl Harbor networking organizations.
Now It's Up To You
Most new Pearl Harbor businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
This site is all about helping entrepreneurs in Pearl Harbor and elsewhere to achieve real success. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.
More Entrepreneurial Resources for Starting a Business in Pearl Harbor, Hawaii
Here are more links that we believe will help you be successful in starting a business in Pearl Harbor.