Michigan Business Startup Guides
Open a Business in Waterford, Michigan
Need help starting a business in Waterford, Michigan? We've got the information you need to open a business in Waterford.
Are You Ready for Life as an Owner?
Before quitting your day job, assess your entrepreneurial instincts and capabilities.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Talk to other entrepreneurs in Waterford. 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.
Waterford, Michigan Demographic Information
Waterford has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Waterford demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Waterford.
Businesses
As a new Waterford entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Waterford 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
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.
Company names need to be easy to spell, easy to pronounce, and easy to remember.
Numerous company naming issues are discussed in more detail in this article: Branding Advice.
On a final note, given that you are starting a business in Waterford, it's very important that you make sure no Michigan company has already registered the company name you have selected.
Forming a Company in Waterford, Michigan
It's very important that your business is formed as a legal entity that is separate from its owners. Doing so will shield you from personal liability for business debts and obligations.
When forming a company, you will pick from many company types, such as 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. Of course, you have to decide which type of corporation to form and where to 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 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Registered Agents. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Waterford, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Getting Money to Start a Business
Obtaining startup financing for your Waterford business is very difficult due to the ongoing business credit crunch. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
To learn about raising money, we recommend you read the fundraising articles on our site, such as Attracting Investors.
For Waterford entrepreneurs who need startup capital, we have assembled a List of Michigan Angel Investors and our List of Michigan Venture Capital Firms.
Building Up Your Sales
Being able to sell is critical to your business success. Whether you are focused on selling local customers in Waterford or are selling to customers throughout Michigan, the United States or even the world, you have to be able to sell.
So what does it take to bring in more prospects and close more business? The good news is we can help you to make selling a big competitve advantage for your new firm.
Selling Products on eBay offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
Increase Your Entrepreneurial Knowledge
The best business owners recognize that they don't know everything.
With your business being located in Waterford, Michigan, you should get information on some of the many programs available at nearby Michigan universities, colleges and community colleges. Another way to keep up on your learning is to investigate networking organizations for Waterford entrepreneurs.
Never Give Up
You have a dream -- starting a business in Waterford. 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.
Our goal here is to promote the vitality and growth of small businesses in Waterford and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Waterford 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 Waterford, Michigan
Here are more links that we believe will help you be successful in starting a business in Waterford.
- Resources for Waterford, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Waterford 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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