Thinking about starting a business in South Attleboro, Massachusetts? This step-by-step guide walks you through the major decisions you should consider before opening a new business in South Attleboro.
Are You Sure You Want to Do This?
Being an entrepreneur is demanding, much more challenging than working as an employee. Are you sure you want to go into business for yourself?
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Talk to other entrepreneurs in South Attleboro. Ask them candidly what it's like to run a business.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Choosing the Right Company to Start
An important decision is what kind of business you want to start. To stir your creative juices on what kind of business to start, take a look at Good Business Ideas.
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 Starting a Dance Club guide or our Starting a Tatoo Parlor guide.
Always keep in mind that starting a business in South Attleboro has some implications. The business you want to start may already be well-represented in South Attleboro. Make sure you fully understand South Attleboro demographics before you lock in on your business idea.
Have You Considered Franchising?
Browse the Yellow Pages for South Attleboro and you'll see that franchises make up a large percentage of local businesses. But is franchising the right option for you?
We highly recommend you evaluate the possibility of your buying a franchise opportunity. 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 Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.
Note on South Attleboro Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in South Attleboro.
Have You Considered Buying an Existing South Attleboro Business?
If you have some capital to play with, you may want to Buy a Business in Massachusetts. Follow that link and you might discover several good businesses for sale in South Attleboro.
Before buying a business, be sure to read this article: How to Buy a Business.
Naming the Company
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.
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?
Numerous company naming issues are discussed in more detail in this article: Naming a Business.
On a final note, given that you are opening a business in South Attleboro, it's critical that you ensure that no other Massachusetts company is using the business name you want to use.
Forming a Company in South Attleboro, Massachusetts
It's essential that you are forming a legal entity that operates independently from you. 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. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Massachusetts, you don't necessarily have to incorporate in Massachusetts. In fact, 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 ESOP Formation. You may also want to seek the advice of an attorney. Finally, if you are starting a business in South Attleboro, Massachusetts, our information on Incorporating in Massachusetts may be a useful resource if you decide to incorporate in Massachusetts.
Make Sure You Have a Business Plan
Writing a business plan is critical in laying a solid foundation for your business success. In effect, a business plan is a written description of the future you envision for your business. Failure to write a business plan will greatly reduce your chances of business success.
If writing a business plan is on your to-do list, be sure to read Business Plan Contests. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Massachusetts.
Raising Money for Your New Venture
Getting your South Attleboro business the capital it needs to succeed is a difficult chore. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.
For South Attleboro entrepreneurs who need startup capital, check out our List of Massachusetts Angel Investors and our List of Massachusetts Venture Capital Firms.
Promoting Your New Company
To grow your South Attleboro business, you need a great marketing plan.
There are myriad resources on this site to help you with your marketing plan. Television Advertising Rates is an article that will generate a few thoughts on your marketing plan. That's just a taste of the many useful articles we have on Marketing a Small Business.
The Art of Selling
Do you know how to sell? In order to attract customers to your new South Attleboro business, you need to focus on sales.
So what does it take to bring in more prospects and close more business? Fortunately, we've got plenty of good advice to help you improve your selling skills.
Good Sales Strategies is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.
How to Improve Your Entrepreneurial Abilities
Good business owners recognize that they don't know everything.
With your business being located in South Attleboro, Massachusetts, you will want to take advantage of the many programs available at nearby Massachusetts universities, colleges and community colleges. It's also wise to see if there are any networking groups or organizations in which South Attleboro entrepreneurs get together to network and trade their business experiences.
As an entrepreneur in South Attleboro, you won't be working for the boss anymore. You are the boss.
From this point on, you control your own destiny.
Our goal here is to promote the vitality and growth of small businesses in South Attleboro and throughout the United States . We want to be there for you to answer your business questions, whether you are a new South Attleboro 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 South Attleboro, Massachusetts
Here are more links that we believe will help you be successful in starting a business in South Attleboro.