South Dakota Business Startup Guides
Open a Business in Springfield, South Dakota
Need help starting a business in Springfield, South Dakota? We've got the information you need to open a business in Springfield.
Springfield, South Dakota Demographic Information
Springfield has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Springfield demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Springfield.
Businesses
As a new Springfield entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Springfield 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.
Businesses
Should You Franchise?
As you drive around Springfield, 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 investigate buying a franchise. On our site, you can read many articles about franchising, such as Buying an Existing Franchise. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
You can review hundreds of franchise opportunities by browing our Franchise Directory.
Sample franchise opportunities include Choice Hotels International, Inc. and Lemstone Christian Stores. Alternatively, you can browse franchise categories, such as Fitness Franchises and Mail and Shipping Services Franchises.
Note on Springfield Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Springfield.
Naming the Company
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.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Branding Advice.
On a final note, given that you are opening a business in Springfield, it's very important that you make sure no other South Dakota company is using the business name you want to use.
Forming a Company in Springfield, South Dakota
It's very important 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. If you are starting a business in South Dakota, you don't necessarily have to incorporate in South Dakota. As it turns out, you are allowed to incorporate wherever you want. 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 C Corp Versus S Corp. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Springfield, South Dakota, our information on Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.
Getting Money to Start a Business
Getting your Springfield business the capital it needs to succeed is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
The good news is this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.
For Springfield entrepreneurs who need startup capital, check out our List of South Dakota Angel Investors and our List of South Dakota Venture Capital Firms.
Bring in Revenues
Being able to sell is a key enabler to your business success. Whether you are focused on selling local customers in Springfield or are selling to customers throughout South Dakota, the United States or even the world, you have to be able to sell.
Why should customers buy from you instead of buying from competitors? The good news is we can help you to make selling a big competitve advantage for your new firm.
Effective Sales Presentations 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.
Next Steps
You have a dream -- starting a business in Springfield. To achieve your dream, you have to persevere, even when the odds are against you.
If you choose the right business and love what you do, you will greatly increase your odds of success.
This site is all about helping entrepreneurs in Springfield and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Springfield, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Springfield, South Dakota
Here are more links that we believe will help you be successful in starting a business in Springfield.
- Resources for Springfield, South Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Springfield entrepreneurs.
- South Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in South Dakota.
- South Dakota Small Business Development Center - The South Dakota Small Business Development Center (SBDC) helps new South Dakota entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
Starting-a-Business Guides for Other Cities in South Dakota
Starting a Business in Spearfish
Starting a Business in Sturgis
Browse All Business Startup Guides for South Dakota
Starting a Business Guides for Other States
Share this article
Additional Resources for Entrepreneurs