Missouri Business Startup Guides
Opening a Business in Salem, Missouri
Contemplating starting a business in Salem, Missouri? We walk you through the process of opening a business in Salem.
Are You Ready for the Challenges of Being an Entrepreneur?
Most new companies fail, in part because the founder did not have the perseverance and abilities that are necessary to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Reach out to other entrepreneurs in Salem. Listen closely to their experiences and see if you think you too can be successful.
- Peruse Why Small Businesses Fail. This is one of our more popular articles for folks who want to go into business for themselves.
- Get feedback from somebody whom you trust. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
What Type of Business Should You Start?
Choosing a business that is right for you is very important. If you are struggling with what type of business to start, read Evaluating Your Idea.
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 How to Start a Data Processing Equipment & Supplies Business guide or our How to Start a Carburetors Retail Business guide.
Always keep in mind that you are starting a business in Salem. Some businesses will do better in Salem than others. Only by spending some time analyzing Salem demographics can you decide if there will be strong demand for your business idea.
Salem, Missouri 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.
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.
Forming a Company in Salem, Missouri
It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will protect 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 common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Missouri, it doesn't mean you are required to incorporate in Missouri. 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 are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Subchapter S Corporations. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Salem, Missouri, our information on Incorporating in Missouri may be a useful resource if you decide to incorporate in Missouri.
Letting the World Know You Exist
Whether your goal is to attract Salem customers or you plan on selling elsewhere, having an excellent marketing plan is fundamental to your succeeding.
We have some great resources on this site for entrepreneurs who are working on marketing plans. Advertising in the Yellow Pages discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a taste of the many useful articles we have on Marketing a Small Business.
Improving Your Entrepreneurial Skillset
The best entrepreneurs recognize that they don't know everything.
Given that you are starting a business in Salem, Missouri, you will want to take advantage of the many programs available at nearby Missouri universities, colleges and community colleges. It's also smart to see if there are any Salem networking organizations.
Never Give Up
Most new Salem businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Salem businesses to be successful. 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 Salem, Missouri
Here are more links that we believe will help you be successful in starting a business in Salem.
- Resources for Salem, Missouri Entrepreneurs - Browse a variety of resources we've collected to assist Salem entrepreneurs.
- Missouri Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Missouri.
- Missouri Small Business Development Center - Missouri Small Business Development Center business specialists are uniquely qualified to help small businesses get started, develop and thrive.
Starting-a-Business Guides for Other Cities in Missouri
Share this article
Additional Resources for Entrepreneurs