January 19, 2021  
 
  Entrepreneurial Resources - Advice for Minnesota Entrepreneurs  
  Westbrook, Minnesota Resources for Entrepreneurs  
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Opening a Business in Westbrook, Minnesota

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

Are You Ready for Life as an Owner?

Being an entrepreneur is demanding, much more challenging than working as an employee. Are you sure you have the stamina and skills to succeed on your own?

Before you move forward with starting a business, be sure to do these three things:

  • Talk to other entrepreneurs in Westbrook. 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.

What Business Are You Starting?

There are many businesses that you can start. How do you know which type of business is right for you? 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 Opening a Ladder Rental Business guide or our Starting a Clams Business guide.

Always keep in mind that starting a business in Westbrook has some implications. Some businesses will do better in Westbrook than others. Don't forget to review Westbrook demographics to see if there's a market for what you want to sell.

Westbrook, Minnesota Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 306
5-9 Employees 54
10-19 Employees 27
20-49 Employees 0
50-99 Employees 18
100-249 Employees 0
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Westbrook Businesses 405

As a new Westbrook entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Westbrook 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
Beer, Wine, and Liquor Stores 1
Bowling Centers 1
Child Day Care Services 1
Civic and Social Organizations 3
Construction Sand and Gravel Mining 1
Electrical Contractors 1
Farm Supplies Merchant Wholesalers 1
General Medical and Surgical Hospitals 1
Golf Courses and Country Clubs 1
Insurance Agencies and Brokerages 3
Land Subdivision 1
Meat Markets 1
New Car Dealers 1
Nursing Care Facilities 1
Offices of Certified Public Accountants 1
Offices of Dentists 1
Pharmacies and Drug Stores 1
Residential Remodelers 1
School and Employee Bus Transportation 2
Site Preparation Contractors 1

Have You Considered Buying an Existing Westbrook Business?

If you have some capital to play with, you may want to Buy a Business in Minnesota. Follow that link and you might discover several good businesses for sale in Westbrook.

For anybody who wants to buy a business, we recommend reading this useful article: How to Buy a Business.

Company Formation in Westbrook, Minnesota

It's very important that your business is formed as a legal entity that is separate from its owners. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.

When forming a company, you will decide among many company types, such as 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. Just because you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. In fact, you are allowed to 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's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as LLC Advantages. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in Westbrook, Minnesota, our web page covering Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.

Getting Money to Start a Business

Raising money to fund your new Westbrook business is not an easy task. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.

Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.

For Westbrook entrepreneurs in need of startup financing, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.

Never Give Up

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

From this point on, you control your own destiny.

Our goal here is to promote the vitality and growth of small businesses in Westbrook and throughout the United States . We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.

More Entrepreneurial Resources for Starting a Business in Westbrook, Minnesota

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

 

 

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