January 16, 2021  
 
  Entrepreneurial Resources - Advice for Illinois Entrepreneurs  
  Salem, Illinois Resources for Entrepreneurs  
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Start a Business in Salem, Illinois

Are you starting a business in Salem, Illinois? This article discusses the most important things to consider when opening a business in Salem.

Salem, Illinois Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 13750
5-9 Employees 5808
10-19 Employees 3234
20-49 Employees 1782
50-99 Employees 330
100-249 Employees 594
250-499 Employees 66
500-999 Employees 66
1000+ Employees 0
All Salem Businesses 25630

As a new Salem entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Salem 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
Abrasive Product Manufacturing 1
Appliance Repair and Maintenance 1
Automotive Parts and Accessories Stores 4
Beauty Salons 4
Beer, Wine, and Liquor Stores 2
Bowling Centers 1
Business Associations 1
Car Washes 1
Child and Youth Services 1
Child Day Care Services 4
Civic and Social Organizations 4
Computer and Software Stores 2
Consumer Lending 4
Credit Unions 1
Custom Computer Programming Services 1
Diagnostic Imaging Centers 1
Direct Life Insurance Carriers 1
Discount Department Stores 1
Drafting Services 1
Drilling Oil and Gas Wells 1
Drinking Places (Alcoholic Beverages) 1
Electric Power Distribution 1
Electrical Contractors 3
Electronic Shopping 2
Engineering Services 2
Ethyl Alcohol Manufacturing 1
Exterminating and Pest Control Services 1
Fitness and Recreational Sports Centers 3
Flooring Contractors 1
Florists 2
Food (Health) Supplement Stores 1
Food Product Machinery Manufacturing 1
Food Service Contractors 1
Freight Transportation Arrangement 1
Full-Service Restaurants 10
Funeral Homes and Funeral Services 2
Furniture Stores 2
General Automotive Repair 5
General Medical and Surgical Hospitals 1
General Rental Centers 2
Gift, Novelty, and Souvenir Stores 3
Glass and Glazing Contractors 1
Golf Courses and Country Clubs 1
Hardware Stores 2
Home Centers 2
Homes for the Elderly 2
Household Appliance Stores 2
Insurance Agencies and Brokerages 10
Internet Service Providers 1
Jewelry Stores 2
Landscaping Services 2
Limited-Service Restaurants 14
Machine Shops 1
Manufactured (Mobile) Home Dealers 1
Masonry Contractors 2
Metal Tank (Heavy Gauge) Manufacturing 1
Mobile Food Services 1
Motor Vehicle Body Manufacturing 2
Motor Vehicle Towing 1
New Car Dealers 3
Newspaper Publishers 1
Nonresidential Property Managers 1
Nursing Care Facilities 2
Office Administrative Services 1
Office Supplies and Stationery Stores 2
Offices of Certified Public Accountants 4
Offices of Chiropractors 3
Offices of Dentists 4
Offices of Lawyers 8
Offices of Optometrists 2
Offices of Podiatrists 1
Ophthalmic Goods Merchant Wholesalers 1
Outdoor Power Equipment Stores 1
Painting and Wall Covering Contractors 2
Paper Industry Machinery Manufacturing 2
Pharmacies and Drug Stores 4
Photography Studios, Portrait 3
Plastics Bottle Manufacturing 1
Professional Organizations 1
Quick Printing 1
Racetracks 1
Radio Stations 1
Ready-Mix Concrete Manufacturing 1
Residential Property Managers 2
Residential Remodelers 1
Savings Institutions 1
School and Employee Bus Transportation 1
Securities Brokerage 3
Sheet Metal Work Manufacturing 1
Site Preparation Contractors 3
Snack and Nonalcoholic Beverage Bars 2
Solid Waste Collection 1
Sporting Goods Stores 3
Temporary Help Services 2
Tire Dealers 1
Title Abstract and Settlement Offices 2
Tobacco Stores 1
Travel Agencies 1
Used Car Dealers 1
Used Household and Office Goods Moving 1
Used Merchandise Stores 1
Veterinary Services 2
Video Tape and Disc Rental 1
Vocational Rehabilitation Services 1
Water Supply and Irrigation Systems 1
Wholesale Trade Agents and Brokers 1
Wired Telecommunications Carriers 1
Wood Window and Door Manufacturing 1

What About Buying an Existing Salem Business?

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

If you are serious about buying a business, you may want to read this article: Hold Harmless Agreements When Buying Businesses.

Choosing a Company Name

A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.

Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.

To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Business.

There's one other important factor when naming a business. Since you are planning on starting a business in Salem, it's very important that you make sure no other Illinois company is using the business name you want to use.

Company Formation in Salem, Illinois

It's essential that you form your business as a legal structure. 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 Illinois, you don't necessarily have to incorporate in Illinois. As it turns out, you are allowed to 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's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Why Incorporate in Delaware. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Salem, Illinois, our information on Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.

Where to Get Money to Start a Company

Getting your Salem business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.

To learn about raising money, we recommend you read the fundraising articles on our site, such as Getting a Small Business Loan.

For Salem entrepreneurs who want to raise money for a new venture, check out our List of Illinois Angel Investors and our List of Illinois Venture Capital Firms.

Marketing Your New Venture

To grow your Salem business, you'll need to have a good marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Radio Ads is a good read to get your marketing juices flowing. That's just one of the many useful articles we have on Marketing a Small Business.

Advancing Your Entrepreneurial Skills

The best entrepreneurs know that what they know now may not be enough to ensure their future success.

With your business being located in Salem, Illinois, you will want to take advantage of the many programs available at nearby Illinois universities, colleges and community colleges. It's also wise to see if there are any networking organizations for Salem entrepreneurs.

Moving Forward

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

From this point on, you control your own destiny.

We are here to help Salem businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Salem, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Salem, Illinois

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

 

 

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