Maryland Business Startup Guides
Opening a Business in Cambridge, Maryland
Contemplating starting a business in Cambridge, Maryland? We walk you through the process of opening a business in Cambridge.
Will You Be a Good Entrepreneur?
Most new ventures fail, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Talk to other entrepreneurs in Cambridge. They are usually very willing to share their insights on the ups and downs of being 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. Others sometimes know you better than you know yourself.
Cambridge, Maryland Demographic Information
Cambridge has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Cambridge demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Cambridge.
Businesses
As a new Cambridge entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Cambridge 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 Cambridge, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
We highly recommend you look into purchasing a franchise. On our site, you can read many articles about franchising, such as Before Buying a Franchise. Get a thorough education on franchising by browsing all of our Articles on Franchising.
You can find franchise opportunities by browsing our Franchise Opportunities Directory.
Sample franchise opportunities include Safe Kids Card and Tilden Car Care Centers. Alternatively, you can browse franchise categories, such as Children's Franchises and Pest Control Franchises.
Note on Cambridge Franchise Opportunities: To find out if a franchise you are interested in is available in Cambridge, you will need to get in direct contact with the franchisor.
Should You Buy an Existing Cambridge Business?
An excellent way to get started in business is to Buy a Business in Maryland. Follow that link and you may find several good businesses for sale in Cambridge.
If you are serious about buying a business, you may want to read this article: How to Buy a Business.
Company Formation in Cambridge, Maryland
It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will protect you from personal liability for business debts and obligations.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation 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 Maryland, it doesn't mean you are required to incorporate in Maryland. As it turns out, you can incorporate in any state you would like to. 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 Where to Incorporate. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Cambridge, Maryland, our information on Incorporating in Maryland may be a useful resource if you decide to incorporate in Maryland.
The Role of the 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. Failure to write a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim Business Plan Outsourcing. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Maryland.
Raising Money for Your New Venture
Finding the funds to fuel the growth of your Cambridge business will be harder than you might expect. 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 504 Loans.
For Cambridge entrepreneurs with great ambition but a shortage of investment capital, you'll want to take a look at our List of Maryland Angel Investors and our List of Maryland Venture Capital Firms.
What's Next?
Most new Cambridge businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Cambridge businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Cambridge, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Cambridge, Maryland
Here are more links that we believe will help you be successful in starting a business in Cambridge.
- Resources for Cambridge, Maryland Entrepreneurs - Browse a variety of resources we've collected to assist Cambridge entrepreneurs.
- Maryland Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Maryland.
- Maryland Small Business Development Center - The Maryland Small Business Development Center Network has six regional offices and more than 20 locations where Maryland entrepreneurs can receive comprehensive, resources and relevant assistance.
More Startup Articles for Maryland Cities
Starting a Business in California
Starting a Business in Centreville
Browse All Business Startup Guides for Maryland
Starting a Business Guides for Other States
Share this article
Additional Resources for Entrepreneurs