Michigan Business Startup Guides
Starting a Business in Yale, Michigan
Thinking about starting a business in Yale, Michigan? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Yale.
Is Becoming an Entrepreneur Right for You?
Before quitting your day job, take inventory of your entrepreneurial instincts and capabilities.
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 Yale. Get their take on what it's really like to be an entrepreneur.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
What Business Are You Starting?
An important decision is what kind of business you want to start. To stir your creative juices on what kind of business to start, take a look at Free Business Ideas.
To view an extensive list of business types, complete with startup instructions, spend some time in the Good Businesses to Start section of our site. For example, you might be interested in our Starting a Chemicals Wholesale & Manufacturers Business guide or our Starting a Horse Trainers Business guide.
Remember that you are opening your new business in Yale. Some businesses will do better in Yale than others. Only by spending some time analyzing Yale demographics can you decide if there will be strong demand for your business idea.
Yale, Michigan Demographic Information
Yale has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Yale demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Yale.
As a new Yale entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Yale 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.
Choosing a Business Name
A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
For other considerations regarding naming a company, we recommend this article: Naming a Company.
There's one other important factor when naming a business. Since you are planning on starting a business in Yale, it's very important that you make sure no other Michigan company is using the business name you want to use.
Company Formation in Yale, Michigan
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Michigan, you don't necessarily have to incorporate in Michigan. 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Subchapter S Corporations. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Yale, Michigan, our information on Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Make Sure You Have a Business Plan
Having a business plan is essential to the health of your new business. Indeed, your business plan is your game plan for how you hope to grow your business. Not having a business plan makes you more prone to becoming a business failure statistic.
Bring in Revenues
Being able to sell is essential to your business success. Whether you are focused on selling local customers in Yale or are selling to customers throughout Michigan, the United States or even the world, you have to be able to sell.
Clever sales techniques can transform any business from good to great. Let us help you refine your selling techniques through our many useful sales advice tips.
You have a dream -- starting a business in Yale. 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 Yale businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Yale, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Yale, Michigan
Here are more links that we believe will help you be successful in starting a business in Yale.
- Resources for Yale, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Yale entrepreneurs.
- Michigan Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Michigan.
- Michigan Small Business Development Center - This organization supports 12 regional offices and over 30 satellite offices, each providing counseling and training to Michigan small business owners and entrepreneurs throughout the 83 counties in Michigan. Services to entrepreneurs are offered through a cooperative agreement with the U.S. Small Business Administration.
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