August 9, 2020  
 
  Entrepreneurial Resources - Advice for Rhode Island Entrepreneurs  
  Woonsocket, Rhode Island Resources for Entrepreneurs  
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Opening a Business in Woonsocket, Rhode Island

Contemplating starting a business in Woonsocket, Rhode Island? We walk you through the process of opening a business in Woonsocket.

Is Becoming an Entrepreneur Right for You?

Being an entrepreneur is hard work, much harder than working as an employee. Are you certain you have the stamina and skills to succeed on your own?

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 Woonsocket. 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.

Woonsocket, Rhode Island Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 2464
5-9 Employees 1104
10-19 Employees 786
20-49 Employees 462
50-99 Employees 210
100-249 Employees 102
250-499 Employees 18
500-999 Employees 6
1000+ Employees 12
All Woonsocket Businesses 5164

As a new Woonsocket entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Woonsocket 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
Aluminum Foundries (except Die-Casting) 1
Architectural Services 1
Automotive Exhaust System Repair 1
Automotive Parts and Accessories Stores 5
Automotive Transmission Repair 2
Barber Shops 1
Beauty Salons 15
Beer, Wine, and Liquor Stores 8
Blood and Organ Banks 1
Book Publishers 1
Bowling Centers 1
Broadwoven Fabric Finishing Mills 2
Broadwoven Fabric Mills 1
Broom, Brush, and Mop Manufacturing 1
Business and Secretarial Schools 1
Business Associations 2
Cafeterias 1
Car Washes 2
Caterers 3
Cemeteries and Crematories 4
Charter Bus Industry 1
Child and Youth Services 1
Child Day Care Services 8
Civic and Social Organizations 12
Coin-Operated Laundries and Drycleaners 3
Commercial Bakeries 1
Commercial Lithographic Printing 3
Community Food Services 1
Computer and Software Stores 2
Computer Systems Design Services 5
Consumer Lending 1
Continuing Care Retirement Communities 1
Convenience Stores 5
Convention and Trade Show Organizers 1
Cosmetology and Barber Schools 1
Credit Unions 2
Custom Compounding of Purchased Resins 1
Custom Computer Programming Services 2
Diagnostic Imaging Centers 1
Diet and Weight Reducing Centers 1
Direct Life Insurance Carriers 1
Discount Department Stores 1
Drinking Places (Alcoholic Beverages) 14
Drywall and Insulation Contractors 8
Electrical Contractors 5
Electronic Auctions 1
Elementary and Secondary Schools 5
Engineering Services 2
Exam Preparation and Tutoring 2
Exterminating and Pest Control Services 1
Family Clothing Stores 4
Fine Arts Schools 2
Finish Carpentry Contractors 2
Fish and Seafood Markets 2
Fish and Seafood Merchant Wholesalers 1
Fitness and Recreational Sports Centers 3
Floor Covering Stores 2
Flooring Contractors 4
Florists 5
Food (Health) Supplement Stores 1
Food Service Contractors 4
Formal Wear and Costume Rental 1
Framing Contractors 2
Fruit and Vegetable Markets 1
Full-Service Restaurants 30
Funeral Homes and Funeral Services 6
Furniture Stores 5
General Automotive Repair 13
General Freight Trucking, Local 1
General Medical and Surgical Hospitals 1
General Rental Centers 2
Gift, Novelty, and Souvenir Stores 3
Glass and Glazing Contractors 2
Grantmaking Foundations 1
Hardware Stores 1
Hazardous Waste Treatment and Disposal 1
Heating Oil Dealers 5
Hobby, Toy, and Game Stores 2
Home Centers 2
Home Furnishing Merchant Wholesalers 1
Home Health Care Services 3
Household Appliance Stores 1
Industrial Launderers 1
Insurance Agencies and Brokerages 12
Internet Publishing and Broadcasting 2
Investment Advice 1
Iron and Steel Forging 1
Iron Foundries 1
Janitorial Services 3
Jewelry (except Costume) Manufacturing 1
Jewelry Stores 2
Kidney Dialysis Centers 1
Landscaping Services 12
Limited-Service Restaurants 33
Linen Supply 1
Locksmiths 1
Luggage Manufacturing 1
Machine Shops 2
Mail-Order Houses 1
Meat Markets 1
Mortgage and Nonmortgage Loan Brokers 2
Motor Vehicle Body Manufacturing 1
Motor Vehicle Towing 3
Motorcycle Dealers 2
Museums 1
Musical Instrument and Supplies Stores 1
Nail Salons 1
Narrow Fabric Mills 1
New Car Dealers 2
Newspaper Publishers 1
Nursing Care Facilities 6
Office Administrative Services 1
Office Supplies and Stationery Stores 1
Offices of Certified Public Accountants 3
Offices of Chiropractors 2
Offices of Dentists 14
Offices of Lawyers 17
Offices of Optometrists 5
Offices of Podiatrists 1
Optical Goods Stores 2
Paint and Coating Manufacturing 3
Paint and Wallpaper Stores 2
Painting and Wall Covering Contractors 12
Passenger Car Rental 1
Pet and Pet Supplies Stores 1
Pet Care (except Veterinary) Services 2
Petroleum Bulk Stations and Terminals 1
Pharmacies and Drug Stores 10
Photography Studios, Portrait 6
Portfolio Management 1
Quick Printing 1
Radio Stations 1
Residential Property Managers 4
Residential Remodelers 14
Retail Bakeries 1
Reupholstery and Furniture Repair 1
Rolled Steel Shape Manufacturing 1
Roofing Contractors 2
Savings Institutions 2
School and Employee Bus Transportation 1
Securities Brokerage 1
Sheet Metal Work Manufacturing 2
Shoe Stores 2
Siding Contractors 2
Sign Manufacturing 1
Site Preparation Contractors 1
Snack and Nonalcoholic Beverage Bars 9
Software Publishers 1
Solid Waste Collection 1
Solid Waste Combustors and Incinerators 1
Sporting Goods Stores 4
Surface Active Agent Manufacturing 1
Tax Preparation Services 3
Temporary Help Services 3
Temporary Shelters 1
Testing Laboratories 2
Textile Bag Mills 1
Textile Machinery Manufacturing 1
Theater Companies and Dinner Theaters 1
Tile and Terrazzo Contractors 2
Tire Dealers 5
Title Abstract and Settlement Offices 1
Tour Operators 1
Travel Agencies 2
Used Car Dealers 4
Used Household and Office Goods Moving 1
Used Merchandise Stores 3
Vending Machine Operators 1
Video Tape and Disc Rental 6
Water Supply and Irrigation Systems 1
Weft Knit Fabric Mills 1
Wholesale Trade Agents and Brokers 2
Wired Telecommunications Carriers 2
Women's Clothing Stores 5
Yarn Spinning Mills 1

Have You Considered Buying an Existing Woonsocket Business?

If you have some capital to play with, you may want to Buy a Business in Rhode Island. Follow that link and you may find several good businesses for sale in Woonsocket.

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

Picking a Company Name

Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.

Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.

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 Woonsocket, it's critical that you ensure that your company name has not already been claimed by another Rhode Island business.

Forming a Company in Woonsocket, Rhode Island

It's essential that you form your business as a legal structure. The biggest advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.

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. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Rhode Island, you don't necessarily have to incorporate in Rhode Island. 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 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 Where to Incorporate. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Woonsocket, Rhode Island, our web page covering Incorporating in Rhode Island may be a useful resource if you decide to incorporate in Rhode Island.

Promoting Your New Company

To grow your Woonsocket business, you'll need to have a good marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Music on Hold is an article that will stimulate a few thoughts on your marketing plan. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.

Moving Forward

As an entrepreneur in Woonsocket, 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 Woonsocket businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Woonsocket, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Woonsocket, Rhode Island

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

 

 

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