Oklahoma Business Startup Guides
Opening a Business in Canton, Oklahoma
Contemplating starting a business in Canton, Oklahoma? We walk you through the process of opening a business in Canton.
Is Becoming an Entrepreneur Right for You?
Before quitting your day job, take inventory of 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 Canton. Get their take on what it's really like to be an entrepreneur.
- 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. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Canton, Oklahoma Demographic Information
Canton has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Canton demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Canton.
Businesses
As a new Canton entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Canton 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
Should You Franchise?
As you drive around Canton, you'll conclude that many business owners have opted to buy a franchise, rather than starting a business on their own. But is franchising the right option for you?
We highly recommend you consider franchising as an option. We have many articles on franchises, such as Five Franchise Opportunities To Watch. 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 Positive Proof and Computer Builders Warehouse. Alternatively, you can browse franchise categories, such as Cell Phone Franchises and Automotive Services Franchises.
Note on Canton Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Canton.
Naming the Company
A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.
Pick a company name that isn't too generic. If you do a search engine search for your proposed name and a billion results come up, you may want to reconsider the name. It's much easier to come up in the search engines when your name is fairly unique.
For other considerations regarding naming a company, we recommend this article: Naming a Company.
On a final note, given that you are opening a business in Canton, it's very important that you make sure your company name has not already been claimed by another Oklahoma business.
Forming a Company in Canton, Oklahoma
It's very important that you form your business as a legal structure. Doing so will shield you from personal liability for business debts and obligations.
When forming a company, you will pick 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 Oklahoma, you don't necessarily have to incorporate in Oklahoma. 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 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 Incorporation Advice. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Canton, Oklahoma, our web page covering Incorporating in Oklahoma may be a useful resource if you decide to incorporate in Oklahoma.
Don't Skip the Business Plan
A business plan is vital in laying a solid foundation for your business success. Indeed, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Mistakes. You can also get face-to-face free consulting available from your local SCORE chapter in Oklahoma.
Moving Forward
You have a dream -- starting a business in Canton. 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.
Our goal here is to promote the vitality and growth of small businesses in Canton and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Canton 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 Canton, Oklahoma
Here are more links that we believe will help you be successful in starting a business in Canton.
- Resources for Canton, Oklahoma Entrepreneurs - Browse a variety of resources we've collected to assist Canton entrepreneurs.
- Oklahoma Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Oklahoma.
- Oklahoma Small Business Development Center - Whether you are in business or thinking about it, the Oklahoma Small Business Development Center staff can assist you. Their goal is to help Oklahoma entrepreneurs like you be more successful.
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