Minnesota Business Startup Guides

Opening a Business in Wayzata, Minnesota

Contemplating starting a business in Wayzata, Minnesota? We walk you through the process of opening a business in Wayzata.

Is Becoming an Entrepreneur Right for You?

Running your own business is demanding, much harder than working as an employee. Are you positive you want to go into business for yourself?

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 Wayzata. Get their take on what it's really like to be an entrepreneur.
  • We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
  • Get feedback from somebody whom you trust. That's the best way to get a truly objective assessment as to whether others think you have what it takes.

Wayzata, Minnesota Demographic Information

Wayzata has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Wayzata demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Wayzata.

Business Size
# of
Businesses
1-4 Employees
1801
5-9 Employees
381
10-19 Employees
321
20-49 Employees
210
50-99 Employees
87
100-249 Employees
27
250-499 Employees
3
500-999 Employees
3
1000+ Employees
0
All Wayzata Businesses
2833

As a new Wayzata entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Wayzata 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.

Business Type
# of
Businesses
Advertising Agencies
4
Architectural Services
8
Automotive Parts and Accessories Stores
1
Barber Shops
1
Beauty Salons
17
Beer, Wine, and Liquor Stores
2
Boat Dealers
1
Book Stores
1
Bowling Centers
1
Business Associations
3
Camera and Photographic Supplies Stores
1
Caterers
3
Child Day Care Services
4
Children's and Infants' Clothing Stores
2
Clothing Accessories Stores
1
Commercial Gravure Printing
1
Commercial Lithographic Printing
1
Computer and Software Stores
1
Computer Systems Design Services
11
Computer Training
1
Convention and Trade Show Organizers
2
Digital Printing
1
Direct Life Insurance Carriers
2
Direct Mail Advertising
1
Direct Title Insurance Carriers
3
Display Advertising
1
Document Preparation Services
2
Drafting Services
2
Drywall and Insulation Contractors
1
Educational Support Services
4
Electrical Contractors
3
Elementary and Secondary Schools
4
Employment Placement Agencies
2
Engineering Services
5
Environmental Consulting Services
2
Facilities Support Services
1
Family Clothing Stores
4
Fine Arts Schools
4
Finish Carpentry Contractors
1
Fitness and Recreational Sports Centers
4
Floor Covering Stores
2
Flooring Contractors
1
Food (Health) Supplement Stores
1
Food Service Contractors
1
Footwear and Leather Goods Repair
1
Framing Contractors
2
Full-Service Restaurants
13
Funeral Homes and Funeral Services
1
Furniture Merchant Wholesalers
2
General Automotive Repair
1
General Freight Trucking, Local
1
General Rental Centers
1
Gift, Novelty, and Souvenir Stores
8
Golf Courses and Country Clubs
3
Graphic Design Services
5
Hardware Stores
1
Home Health Care Services
1
Homes for the Elderly
3
Household Appliance Stores
2
Industrial Building Construction
1
Industrial Design Services
1
Insurance Agencies and Brokerages
25
Interior Design Services
5
Investigation Services
1
Investment Advice
15
Janitorial Services
3
Jewelry (except Costume) Manufacturing
1
Jewelry Stores
4
Landscaping Services
16
Limited-Service Restaurants
8
Mail-Order Houses
4
Marinas
2
Marketing Consulting Services
15
Masonry Contractors
4
Meat Markets
1
Media Buying Agencies
1
Media Representatives
1
Miscellaneous Intermediation
2
Mortgage and Nonmortgage Loan Brokers
3
Motion Picture and Video Production
5
Nail Salons
3
New Car Dealers
4
New Housing Operative Builders
9
Nonresidential Property Managers
5
Office Administrative Services
8
Office Equipment Merchant Wholesalers
1
Office Supplies and Stationery Stores
2
Offices of Bank Holding Companies
2
Offices of Certified Public Accountants
9
Offices of Chiropractors
7
Offices of Dentists
20
Offices of Optometrists
2
Offices of Other Holding Companies
7
Offices of Real Estate Appraisers
5
One-Hour Photofinishing
2
Optical Goods Stores
2
Packaging and Labeling Services
1
Paint and Wallpaper Stores
1
Periodical Publishers
1
Pharmacies and Drug Stores
6
Photography Studios, Portrait
1
Political Organizations
1
Portfolio Management
12
Private Mail Centers
3
Professional Employer Organizations
1
Real Estate Credit
6
Reinsurance Carriers
1
Residential Property Managers
7
Residential Remodelers
10
Retail Bakeries
1
Reupholstery and Furniture Repair
1
Roofing Contractors
1
Securities and Commodity Exchanges
1
Securities Brokerage
13
Security Guards and Patrol Services
1
Shoe Stores
1
Site Preparation Contractors
1
Snack and Nonalcoholic Beverage Bars
8
Software Publishers
2
Sports and Recreation Instruction
3
Sports Teams and Clubs
1
Tax Preparation Services
1
Telecommunications Resellers
1
Telemarketing Bureaus
1
Temporary Help Services
3
Tire and Tube Merchant Wholesalers
1
Title Abstract and Settlement Offices
2
Tobacco Stores
1
Travel Agencies
8
Used Car Dealers
4
Used Merchandise Stores
8
Vending Machine Operators
1
Veterinary Services
2
Vocational Rehabilitation Services
1
Voluntary Health Organizations
1
Wholesale Trade Agents and Brokers
26
Wired Telecommunications Carriers
1
Women's Clothing Stores
9

Forming a Company in Wayzata, Minnesota

It's essential that you are forming a legal entity that operates independently from you. Doing so will protect 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 Minnesota, you don't necessarily have to incorporate in Minnesota. As it turns out, 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 C Corp Versus S Corp. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Wayzata, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.

Getting Money to Start a Business

Getting your Wayzata business the capital it needs to succeed is not an easy task. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.

Take advantage of our many articles on securing funding, such as Getting a Small Business Loan.

For Wayzata entrepreneurs who want to raise money for a new venture, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.

The Art of Selling

Do you know how to sell? In order to attract customers to your new Wayzata business, you need to focus on sales.

Why should customers buy from you instead of buying from competitors? Fortunately, we've got plenty of good advice to help you improve your selling skills.

Closing Sales Techniques is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.

Increase Your Entrepreneurial Knowledge

Good entrepreneurs recognize that they don't know everything.

As an entrepreneur who lives in Wayzata, Minnesota, you will want to take advantage of the many programs available at nearby Minnesota universities, colleges and community colleges. It's also worthwhile to see if there are any networking organizations for Wayzata entrepreneurs.

Moving Forward

As an entrepreneur in Wayzata, you won't be working for the boss anymore. You are the boss.

Owning your own business will be a daunting task, but you can do it.

We are here to help Wayzata businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Wayzata 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 Wayzata, Minnesota

Here are more links that we believe will help you be successful in starting a business in Wayzata.

More Business Startup Guides for Minnesota

Starting a Business in Waterville
Starting a Business in Wells

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