Minnesota Business Startup Guides
Open a Business in Prior Lake, Minnesota
Need help starting a business in Prior Lake, Minnesota? We've got the information you need to open a business in Prior Lake.
Prior Lake, Minnesota Demographic Information
Prior Lake has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Prior Lake demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Prior Lake.
Businesses
As a new Prior Lake entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Prior Lake 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.
Businesses
What About Franchising Opportunities?
As you drive around Prior Lake, you'll notice that many local entrepreneurs have gone the franchising route. Evidently, there must be some significant advantages to purchasing a franchise.
Our advice is to look into purchasing a franchise. We have many articles on franchises, such as Franchisees Versus Licensees. Get a thorough education on franchising by browsing all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Super 8 Motels, Inc. and Valcourt Building Services, L.C.. Alternatively, you can browse franchise categories, such as Golf Franchises and Real Estate Franchises.
Note on Prior Lake Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Prior Lake.
Have You Considered Buying an Existing Prior Lake 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 Prior Lake.
If you are headed down the path of buying a business, you may want to read this article: Hold Harmless Agreements When Buying Businesses.
Forming a Company in Prior Lake, Minnesota
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.
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. If you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. 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. To learn the basics of company formation, browse articles on our site, such as Incorporation Advice. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Prior Lake, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.
The Role of the Business Plan
A business plan is essential in laying a solid foundation for your business success. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim Business Plan Contests. You can also get free business counselors available to you through your local SCORE chapter in Minnesota.
Raising Money for Your Venture
Getting your Prior Lake business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. 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 securing funding, such as Borrowing Money from Friends and Family.
For Prior Lake entrepreneurs who want to raise money for a new venture, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.
Next Steps
You have a dream -- starting a business in Prior Lake. To achieve your dream, you have to persevere, even when the odds are against you.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Prior Lake and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Prior Lake, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Prior Lake, Minnesota
Here are more links that we believe will help you be successful in starting a business in Prior Lake.
- Resources for Prior Lake, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Prior Lake entrepreneurs.
- Minnesota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.
- Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no-cost, professional business consulting to Minnesota small businesses covering a variety of business needs.
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