Minnesota Business Startup Guides
Start a Business in Canby, Minnesota
Are you starting a business in Canby, Minnesota? This article discusses the most important things to consider when opening a business in Canby.
Are You Sure You Want to Do This?
Most new ventures do not succeed, in part because the business owner did not have the tenacity and/or the skills to succeed. So, before you start your 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 Canby. Ask them candidly what it's like to run a 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. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
What Type of Business Should You Start?
Choosing a business that is right for you is very important. We recommend that you read Good Business Ideas.
For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting an Industrial Design Consultants Business guide or our Opening a Small Gas Engine Repair & Parts Business guide.
Don't forget that starting a business in Canby has some implications. If Canby already has plenty of the kind of business you want to start, you might want to change your plans. Only by spending some time analyzing Canby demographics can you decide if there will be strong demand for your business idea.
Canby, Minnesota Demographic Information
Canby has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Canby demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Canby.
Businesses
As a new Canby entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Canby 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
Forming a Company in Canby, Minnesota
It's very important that your business is formed as a legal entity that is separate from its owners. Doing so will shield you from personal liability for business debts and obligations.
When forming a company, you will choose 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 Minnesota, you don't necessarily have to incorporate in Minnesota. In fact, you are allowed to 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 may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Canby, Minnesota, our web page covering Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.
Raising Money for Your Company
Raising money to fund your new Canby business is very difficult due to the ongoing business credit crunch. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
Take advantage of our many articles on raising capital, such as SBIR Funding.
For Canby entrepreneurs with great ambition but a shortage of investment capital, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.
Promoting Your New Company
To rise above the crowd in Canby and build your business, you'll need to have a good marketing plan.
There are myriad resources on this site to help you with your marketing plan. Advertising in Magazines discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a taste of the many useful articles we have on Marketing a Small Business.
The Art of Selling
Mastering the art of selling is essential if you want your new Canby business to do well.
Good selling involves demonstrating that your wares meet your customer's needs. Fortunately, we've got plenty of good advice to help you improve your selling skills.
Sales Forecasting is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.
Next Steps
Most new Canby businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
This site is all about helping entrepreneurs in Canby and elsewhere to achieve real success. 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 Canby, Minnesota
Here are more links that we believe will help you be successful in starting a business in Canby.
- Resources for Canby, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Canby entrepreneurs.
- Minnesota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.
- Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no-cost, professional business consulting to Minnesota small businesses covering a variety of business needs.
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