Thinking about starting a business in Setauket, New York? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Setauket.
Are You Ready for Life as an Owner?
Before quitting your day job, consider your entrepreneurial instincts and capabilities.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Talk to other entrepreneurs in Setauket. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. 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?
There are many businesses that you can start. How do you know which type of business is right for you? You might get some good ideas about what kind of business to start by reading Business Ideas That Don't Make Sense.
For step-by-step instructions on starting a variety of business types, visit the 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.
Remember that you are starting a business in Setauket. The business you want to start may already be well-represented in Setauket. Only by spending some time analyzing Setauket demographics can you decide if there will be strong demand for your business idea.
What About Franchising Opportunities?
As you drive around Setauket, you'll conclude that many business owners have opted to buy a franchise, rather than starting a business on their own. But is franchising the right option for you?
We highly recommend you consider franchising as an option. We have many articles on franchises, such as Franchising Mistakes. 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.
Representative franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.
Note on Setauket Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Setauket.
Have You Considered Buying an Existing Setauket Business?
We've created a useful website page for those who want to Buy a Business in New York. Follow that link and you may find several good businesses for sale in Setauket.
Before buying a business, be sure to read this article: Buying a Business.
Naming the Company
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.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
For other considerations regarding naming a company, we recommend this article: Naming a Company.
There's one other important factor when naming a business. Since you are starting a business in Setauket, it's very important that you make sure no other New York company is using the business name you want to use.
Forming a Company in Setauket, New York
A critical step is ensuring that you form your business as a legal structure. Doing so will insulate 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.
Incorporation 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 New York, you don't necessarily have to incorporate in New York. 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Getting an EIN. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Setauket, New York, our information on Incorporating in New York may be a useful resource if you decide to incorporate in New York.
Do You Need a Business Plan?
A business plan is essential in maximizing the prospects of your new company. Simply put, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Contests. You can also get free counseling sessions provided by your local SCORE chapter in New York.
Raising Capital for Your Venture
Getting your Setauket business the capital it needs to succeed requires strong organization skills and perseverance. In fact, financing your new business may be the hardest challenge you ever face.
Take advantage of our many articles on securing funding, such as Bank Credit Lines.
For Setauket entrepreneurs who need startup capital, browse our List of New York Angel Investors and our List of New York Venture Capital Firms.
Marketing Your New Venture
To grow your Setauket business, having an excellent marketing plan is fundamental to your succeeding.
We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Getting Publicity is a good read to get your marketing thoughts flowing. That's just a sampling of the many useful articles we have on Marketing a Small Business.
How to Sell
Being able to sell is critical to your business success. Whether you are focused on selling local customers in Setauket or are selling to customers throughout New York, the United States or even the world, you have to be able to sell.
Good selling involves demonstrating that your wares meet your customer's needs. The good news is we can help you to make selling a big competitve advantage for your new firm.
Sales Forecasting is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Increase Your Entrepreneurial Knowledge
Successful business owners recognize that they don't know everything.
With your business being located in Setauket, New York, you will want to take advantage of the many programs available at nearby New York universities, colleges and community colleges. It's also worthwhile to see if there are any networking organizations for Setauket entrepreneurs.
Never Give Up
You have a dream -- starting a business in Setauket. 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 Setauket businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Setauket entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Setauket, New York
Here are more links that we believe will help you be successful in starting a business in Setauket.