Montana Business Startup Guides
Opening a Business in Big Timber, Montana
Contemplating starting a business in Big Timber, Montana? We walk you through the process of opening a business in Big Timber.
Are You Sure You Want to Do This?
Most new ventures fail, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
To determine whether you have what it takes to run a business, we recommend these three steps to help you decide:
- Talk to other entrepreneurs in Big Timber. Ask them candidly what it's like to run a business.
- 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. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Big Timber, Montana Demographic Information
Big Timber has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Big Timber demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Big Timber.
Businesses
As a new Big Timber entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Big Timber 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
Have You Considered Franchising?
As you drive around Big Timber, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
Our recommendation is that you consider franchising as an option. This site has dozens of articles on franchising, such as Franchise Law. Get a thorough education on franchising by browsing all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include My Gym Children's Fitness Centers and Sonic Drive-In. Alternatively, you can browse franchise categories, such as Food and Drink Franchises and Insurance Franchises.
Note on Big Timber Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Big Timber.
Forming a Company in Big Timber, Montana
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Among other things, forming a legal entity for the business limits your liabilities.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporation 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 Montana, you don't necessarily have to incorporate in Montana. In fact, you can incorporate in any state you would like to. 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 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 Incorporating Online. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Big Timber, Montana, our information on Incorporating in Montana may be a useful resource if you decide to incorporate in Montana.
Make Sure You Have a Business Plan
A business plan is essential in maximizing the prospects of your new company. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Outsourcing. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Montana.
Raising Money for Your New Venture
Finding the funds to fuel the growth of your Big Timber business requires strong organization skills and perseverance. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Borrowing Money from Friends and Family.
For Big Timber entrepreneurs who want to raise money for a new venture, browse our List of Montana Angel Investors and our List of Montana Venture Capital Firms.
Promoting Your New Venture
To grow your Big Timber business, you need a excellent marketing plan.
You can learn quite a bit about marketing on our site. Working with an Advertising Agency discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
Next Steps
Most new Big Timber businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
Our goal here is to promote the vitality and growth of small businesses in Big Timber 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 Big Timber, Montana
Here are more links that we believe will help you be successful in starting a business in Big Timber.
- Resources for Big Timber, Montana Entrepreneurs - Browse a variety of resources we've collected to assist Big Timber entrepreneurs.
- Montana Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Montana.
- Montana Small Business Development Center - The Montana Small Business Development Centers focus on the creation, retention and expansion of Montana small businesses.
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