Michigan Business Startup Guides
Start a Business in Big Rapids, Michigan
Are you starting a business in Big Rapids, Michigan? This article discusses the most important things to consider when opening a business in Big Rapids.
Do You Have Entrepreneurial Drive and Passion?
Before you get too far along in the process, consider 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:
- Talk to other entrepreneurs in Big Rapids. Get their candid feedback on what it takes to start a successful business.
- 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. 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.
Big Rapids, Michigan Demographic Information
Big Rapids has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Big Rapids demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Big Rapids.
Businesses
As a new Big Rapids entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Big Rapids 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.
Businesses
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.
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 Business.
As a final piece of advice, remember that because you are opening a business in Big Rapids, it's very important that you make sure your company name has not already been claimed by another Michigan business.
Forming a Company in Big Rapids, Michigan
It's very important that you are forming a legal entity that operates independently from you. Doing so will separate you from personal liability for business debts and obligations.
When forming a company, you will decide among 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. If you are starting a business in Michigan, you don't necessarily have to incorporate in Michigan. As it turns out, you can incorporate in the state of your choosing. 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 Dissolving a Corporation. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in Big Rapids, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Do You Need a Business Plan?
A business plan is vital in maximizing the prospects of your new company. Indeed, a business plan is a written description of the future you envision for your business. Not having a business plan is a recipe for disaster.
To learn more about business plans, read Expert Advice on Business Plans. You can also get free counseling sessions provided by your local SCORE chapter in Michigan.
Raising Money for Your New Venture
Raising money to fund your new Big Rapids business will be harder than you might expect. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
On the bright side, this site contains dozens of articles on raising money, including one we recommend entitled 504 Loans.
For Big Rapids entrepreneurs who need startup capital, check out our List of Michigan Angel Investors and our List of Michigan Venture Capital Firms.
Learning More About Entrepreneurship
The best entrepreneurs recognize that they don't know everything.
With your business being located in Big Rapids, Michigan, you should get information on some of the many programs available at nearby Michigan universities, colleges and community colleges. You should also check if there are any networking organizations for Big Rapids entrepreneurs.
Now It's Up To You
You have a dream -- starting a business in Big Rapids. To achieve your dream, you have to persevere, even when the odds are against you.
Owning your own business will be a daunting task, but you can do it.
We are here to help Big Rapids businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Big Rapids 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 Big Rapids, Michigan
Here are more links that we believe will help you be successful in starting a business in Big Rapids.
- Resources for Big Rapids, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Big Rapids 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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