August 3, 2020  
 
  Entrepreneurial Resources - Advice for Minnesota Entrepreneurs  
  Wells, Minnesota Resources for Entrepreneurs  
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Open a Business in Wells, Minnesota

Need help starting a business in Wells, Minnesota? We've got the information you need to open a business in Wells.

What Business to Start

An important decision is what kind of business you want to start. You might get some good ideas about what kind of business to start by reading Good Business Ideas.

For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting a Concrete Tanks Business guide or our Starting a Floor Refinishing Supplies Business guide.

Don't forget that you are starting a business in Wells. Think about what needs are currently being underserved in Wells. Study Wells demographics and do a competitive analysis as part of your startup planning process.

Wells, Minnesota Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 585
5-9 Employees 180
10-19 Employees 99
20-49 Employees 99
50-99 Employees 9
100-249 Employees 9
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Wells Businesses 981

As a new Wells entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Wells 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
Ambulance Services 1
Automotive Parts and Accessories Stores 2
Beauty Salons 1
Beer, Wine, and Liquor Stores 2
Business Associations 1
Cable and Other Program Distribution 1
Car Washes 1
Cemeteries and Crematories 1
Child Day Care Services 2
Civic and Social Organizations 3
Fitness and Recreational Sports Centers 1
Floor Covering Stores 1
Flooring Contractors 1
Florists 1
Full-Service Restaurants 2
Funeral Homes and Funeral Services 1
General Automotive Repair 4
Golf Courses and Country Clubs 1
Hardware Stores 1
Hobby, Toy, and Game Stores 1
Insurance Agencies and Brokerages 5
Landscaping Services 4
Limited-Service Restaurants 1
Machine Shops 1
Masonry Contractors 1
New Car Dealers 1
New Housing Operative Builders 1
Newspaper Publishers 1
Nursing Care Facilities 1
Offices of Chiropractors 2
Offices of Dentists 1
Offices of Lawyers 1
Outdoor Power Equipment Stores 1
Painting and Wall Covering Contractors 1
Pharmacies and Drug Stores 1
Real Estate Credit 1
Residential Remodelers 1
Savings Institutions 1
Site Preparation Contractors 2
Truss Manufacturing 1
Veterinary Services 1
Water Supply and Irrigation Systems 1
Wholesale Trade Agents and Brokers 1
Wired Telecommunications Carriers 1

Forming a Company in Wells, Minnesota

A critical step is ensuring that you choose the right legal structure for your new entity. Doing so will separate you from personal liability for business debts and obligations.

The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.

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, it doesn't mean you are required to incorporate in Minnesota. In fact, you can incorporate in the state of your choosing. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.

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 Subchapter S Corporations. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Wells, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.

Make Sure You Have a Business Plan

Writing a business plan is essential in laying a solid foundation for your business success. Indeed, your business plan is your game plan for how you hope to grow your business. Not having a business plan will greatly reduce your chances of business success.

Before you start writing a business plan, we suggest you skim Business Plan Contests. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Minnesota.

Startup Financing Basics

Getting your Wells business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.

To learn about raising money, we recommend you read the fundraising articles on our site, such as Borrowing Money from Friends and Family.

For Wells entrepreneurs on the hunt for startup funding, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.

Marketing Your New Business

Whether your goal is to attract Wells customers or you plan on selling elsewhere, you need a excellent marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Technology Marketing discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just one of the many useful articles we have on Marketing a Small Business.

Learning More About Entrepreneurship

Good business owners recognize that what they know now may not be enough to ensure their future success.

Given that you are starting a business in Wells, 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 groups or organizations in which Wells entrepreneurs get together to network and trade their business experiences.

Next Steps

Most new Wells businesses underestimate the number of challenges they will face.

From this point on, you control your own destiny.

Our goal here is to promote the vitality and growth of small businesses in Wells and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Wells 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 Wells, Minnesota

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

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety