Michigan Business Startup Guides
Start a Business in Tecumseh, Michigan
Are you starting a business in Tecumseh, Michigan? This article discusses the most important things to consider when opening a business in Tecumseh.
Are You Ready for the Challenges of Being an Entrepreneur?
Most new companies fail, in part because the business owner did not have the tenacity and/or the skills 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.
- Talk to other entrepreneurs in Tecumseh. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
- Have a candid conversation with friends and family. 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.
Tecumseh, Michigan Demographic Information
Tecumseh has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Tecumseh demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Tecumseh.
As a new Tecumseh entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Tecumseh 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.
What About Franchising Opportunities?
Examine a list of Tecumseh businesses and you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
Our recommendation is that you consider franchising as an option. We have many articles on franchises, such as Detecting Franchising Scams. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
A comprehensive list of franchisors is available via our List of Franchise Opportunities.
Note on Tecumseh Franchise Opportunities: To find out if a franchise you are interested in is available in Tecumseh, you will need to get in direct contact with the franchisor.
Forming a Company in Tecumseh, Michigan
It's very important that your business is formed as a legal entity that is separate from its owners. Among other things, forming a legal entity for the business limits your liabilities.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very common way to legally create a business entity. 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 Michigan, it doesn't mean you are required to incorporate in Michigan. In fact, you can 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 ESOP Formation. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Tecumseh, Michigan, our information on Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Don't Forget to Create a Business Plan
Creating a business plan is vital in laying a solid foundation for your business success. In effect, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan
Advancing Your Entrepreneurial Skills
Good business owners recognize that what they know now may not be enough to ensure their future success.
With your business being located in Tecumseh, Michigan, you will want to take advantage of the learning programs at local Michigan educational institutions. It's also beneficial to see if there are any Tecumseh networking organizations.
Never Give Up
Most new Tecumseh 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.
We are here to help Tecumseh businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Tecumseh, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Tecumseh, Michigan
Here are more links that we believe will help you be successful in starting a business in Tecumseh.
- Resources for Tecumseh, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Tecumseh entrepreneurs.
- Michigan Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Michigan.
- Michigan Small Business Development Center - This organization supports 12 regional offices and over 30 satellite offices, each providing counseling and training to Michigan small business owners and entrepreneurs throughout the 83 counties in Michigan. Services to entrepreneurs are offered through a cooperative agreement with the U.S. Small Business Administration.
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