August 12, 2020  
 
  Entrepreneurial Resources - Advice for Minnesota Entrepreneurs  
  Silver Lake, Minnesota Resources for Entrepreneurs  
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Opening a Business in Silver Lake, Minnesota

Contemplating starting a business in Silver Lake, Minnesota? We walk you through the process of opening a business in Silver Lake.

Which Business to Choose?

Choosing a business that is right for you is very important. If you are struggling with what type of business to start, read Free Business Ideas.

If you still are not sure what type of business to start, peruse the Good Businesses to Start section of our site. For example, you might be interested in our Starting a High Tech Employment Agencies Business guide or our How to Start a Saws Industrial Business guide.

Always keep in mind that you are starting a business in Silver Lake. Think about what needs are currently being underserved in Silver Lake. Don't forget to review Silver Lake demographics to see if there's a market for what you want to sell.

Silver Lake, Minnesota Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 546
5-9 Employees 168
10-19 Employees 63
20-49 Employees 0
50-99 Employees 21
100-249 Employees 0
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Silver Lake Businesses 798

As a new Silver Lake entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Silver 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.

Business Type # of
Businesses
Beauty Salons 1
Beer, Wine, and Liquor Stores 1
Civic and Social Organizations 2
Framing Contractors 2
Full-Service Restaurants 1
General Automotive Repair 1
Graphic Design Services 1
Masonry Contractors 1
Newspaper Publishers 1
Roofing Contractors 1
School and Employee Bus Transportation 1
Sign Manufacturing 1
Site Preparation Contractors 1

Should You Franchise?

As you drive around Silver Lake, it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. Should you be giving franchising serious consideration?

We highly recommend you consider franchising as an option. This site has dozens of articles on franchising, such as Before Buying a Franchise. 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 Cactus Car Wash and Pita Pit. Alternatively, you can browse franchise categories, such as Sports Restaurant Franchises and Auto Rental Franchises.

Note on Silver Lake Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Silver Lake.

Have You Considered Buying an Existing Silver Lake Business?

We've created a handy website page for those who want to Buy a Business in Minnesota. Follow that link and you may find several good businesses for sale in Silver Lake.

If you are serious about buying a business, you may want to read this article: How to Buy a Business.

Choosing a Business Name

A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.

We strongly advocate that you make sure the ".com" domain name is available for your company name. Every business needs a strong Web presence these days, and having a non ".com" domain means somebody else may outrank you in the search results for your own company name.

For other considerations regarding naming a company, we recommend this article: Naming a Business.

There's one other important factor when naming a business. Since you are opening a business in Silver Lake, it's imperative that you check now that no other Minnesota company is using the business name you want to use.

Advancing Your Entrepreneurial Skills

The best business owners know that they don't know everything.

Given that you are starting a business in Silver Lake, Minnesota, you will want to take advantage of the many programs available at nearby Minnesota universities, colleges and community colleges. It's also worthwhile to see if there are any Silver Lake networking organizations.

Moving Forward

Most new Silver Lake businesses underestimate the number of challenges they will face.

Owning your own business will be a daunting task, but you can do it.

This site is all about helping entrepreneurs in Silver Lake and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Silver Lake 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 Silver Lake, Minnesota

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

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

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Customer Service Tips

Entrepreneurial Selling

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