Washington Business Startup Guides
Starting a Business in Sumner, Washington
Thinking about starting a business in Sumner, Washington? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Sumner.
Are You Sure You Want to Do This?
Most new ventures fail, in part because the founder did not have the entrepreneurial skills and traits needed to succeed. So, before jumping into the world of entrepreneurship, 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.
- Speak with other entrepreneurs in Sumner. Ask them candidly what it's like to run a business.
- You should read Business Failure. It's a good read for those who are thinking about becoming an entrepreneur.
- Involve a spouse, family member or trusted friend in the decision. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Sumner, Washington Demographic Information
Sumner has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Sumner demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Sumner.
As a new Sumner entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Sumner 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.
Have You Considered Buying an Existing Sumner Business?
We've created a handy website page for those who want to Buy a Business in Washington. Follow that link and you may find several good businesses for sale in Sumner.
For anybody who wants to buy a business, we recommend reading this useful article: Hold Harmless Agreements When Buying Businesses.
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.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
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 planning on starting a business in Sumner, it's imperative that you check now that no other Washington company is using the business name you want to use.
Forming a Company in Sumner, Washington
A critical step is ensuring that you form your business as a legal structure. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
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 Washington, you don't necessarily have to incorporate in Washington. In fact, you are allowed to 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. To learn the fundamentals of company formation, browse articles on our site, such as Registered Agents. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Sumner, Washington, our information on Incorporating in Washington may be a useful resource if you decide to incorporate in Washington.
Getting Money to Start a Business
Getting your Sumner business the capital it needs to succeed requires strong organization skills and perseverance. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Take advantage of our many articles on raising capital, such as Getting a Small Business Loan.
Most new Sumner businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
Our goal here is to promote the vitality and growth of small businesses in Sumner and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Sumner 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 Sumner, Washington
Here are more links that we believe will help you be successful in starting a business in Sumner.
- Resources for Sumner, Washington Entrepreneurs - Browse a variety of resources we've collected to assist Sumner entrepreneurs.
- Washington Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Washington.
- Washington Small Business Development Center - Washington Small Business Development Centers promote economic vitality by providing advice, training and research to Washington entrepreneurs and existing Washington businesses.
More Startup Articles for Washington Cities
Share this article
Additional Resources for Entrepreneurs