Massachusetts Business Startup Guides
Starting a Business in West Newbury, Massachusetts
Thinking about starting a business in West Newbury, Massachusetts? This step-by-step guide walks you through the major decisions you should consider before opening a new business in West Newbury.
Do You Have Entrepreneurial Drive and Passion?
Before announcing to the world that you are going to start your own business, take inventory of 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:
- Speak with other entrepreneurs in West Newbury. Get their candid feedback on what it takes to start a successful business.
- You should read The Entrepreneurial Personality. It's a good read for those who are thinking about becoming an entrepreneur.
- Reach out to a trusted acquaintance. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.
West Newbury, Massachusetts Demographic Information
West Newbury has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for West Newbury demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in West Newbury.
As a new West Newbury entrepreneur, you may also be interested in the table below. It shows how many businesses there are in West Newbury 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.
Company Formation in West Newbury, Massachusetts
It's very important that you form your business as a legal structure. 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 popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Massachusetts, it doesn't mean you are required to incorporate in Massachusetts. 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's a lot to know about forming a company. To learn the basics of company formation, browse articles on our site, such as Incorporation Advice. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in West Newbury, Massachusetts, our web page covering Incorporating in Massachusetts may be a useful resource if you decide to incorporate in Massachusetts.
Don't Forget to Create a Business Plan
A business plan is essential in laying a solid foundation for your business success. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan is a recipe for disaster.
Startup Financing Basics
Raising money to fund your new West Newbury 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 504 Loans.
Marketing Your New Venture
Whether your goal is to attract West Newbury customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
There are myriad resources on this site to help you with your marketing plan. Branding Advice is a good read to get your marketing juices flowing. That's just a sampling of the many useful articles we have on Marketing a Small Business.
Now It's Up To You
You have a dream -- starting a business in West Newbury. To achieve your dream, you have to persevere, even when the odds are against you.
From this point on, you control your own destiny.
We are here to help West Newbury businesses to be successful. We want to be there for you to answer your business questions, whether you are a new West Newbury 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 West Newbury, Massachusetts
Here are more links that we believe will help you be successful in starting a business in West Newbury.
- Resources for West Newbury, Massachusetts Entrepreneurs - Browse a variety of resources we've collected to assist West Newbury entrepreneurs.
- Massachusetts Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Massachusetts.
- Massachusetts Small Business Development Center - The Massachusetts Small Business Development Center (MSBDC) Network provides one-to-one free comprehensive and confidential services focusing on, business growth and strategies, financing and loan assistance as well as strategic, marketing and operational analysis.
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