South Dakota Business Startup Guides

Starting a Business in Philip, South Dakota

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

What Business Are You Starting?

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 Good Business Ideas.

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 Starting a Musician Referral Services Business guide or our How to Start a Wood Pellets Business guide.

Don't forget that your new business will be in Philip. If Philip already has plenty of the kind of business you want to start, you might want to change your plans. Make sure you fully understand Philip demographics before you lock in on your business idea.

Philip, South Dakota Demographic Information

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

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

Business Size
# of
1-4 Employees
5-9 Employees
10-19 Employees
20-49 Employees
50-99 Employees
100-249 Employees
250-499 Employees
500-999 Employees
1000+ Employees
All Philip Businesses

As a new Philip entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Philip 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
Ambulance Services
Animal (except Poultry) Slaughtering
Beer, Wine, and Liquor Stores
Bowling Centers
Child Day Care Services
Civic and Social Organizations
Electric Power Distribution
Electrical Contractors
Full-Service Restaurants
Funeral Homes and Funeral Services
General Automotive Repair
General Medical and Surgical Hospitals
Golf Courses and Country Clubs
Insurance Agencies and Brokerages
Jewelry Stores
Lessors of Other Real Estate Property
Machine Shops
New Car Dealers
Newspaper Publishers
Nursing Care Facilities
Offices of Lawyers
Periodical Publishers
Pharmacies and Drug Stores
Site Preparation Contractors
Snack and Nonalcoholic Beverage Bars
Special Needs Transportation
Title Abstract and Settlement Offices
Wired Telecommunications Carriers

Picking 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.

Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.

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 starting a business in Philip, it's imperative that you check now that no other South Dakota company is using the business name you want to use.

Don't Forget to Create a Business Plan

A business plan is essential in maximizing the prospects of your new company. Indeed, 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 South Dakota.

Where to Get Money to Start a Company

Getting your Philip business the capital it needs to succeed is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.

Recognizing this challenge, this site contains dozens of articles on raising money, including one we recommend entitled Business Line of Credit.

For Philip entrepreneurs with great ambition but a shortage of investment capital, check out our List of South Dakota Angel Investors and our List of South Dakota Venture Capital Firms.

Marketing Your New Venture

To rise above the crowd in Philip and advance your business, you need a excellent marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. How to Be an Effective Networker discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.

What's Next?

Most new Philip 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 Philip and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Philip, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Philip, South Dakota

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

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