North Dakota Business Startup Guides
Open a Business in Drayton, North Dakota
Need help starting a business in Drayton, North Dakota? We've got the information you need to open a business in Drayton.
Drayton, North Dakota Demographic Information
Drayton has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Drayton demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Drayton.
Businesses
As a new Drayton entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Drayton 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
Choosing 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.
We strongly advocate that you make sure the ".com" domain name is available for your company name. Every business needs a strong Web presence these days, and having a non ".com" domain means somebody else may outrank you in the search results for your own company name.
For other considerations regarding naming a company, we recommend this article: Branding Advice.
There's one other important factor when naming a business. Since you are starting a business in Drayton, it's imperative that you check now that your company name has not already been claimed by another North Dakota business.
Company Formation in Drayton, North Dakota
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.
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 common way to legally create a business entity. 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. Just because you are starting a business in North Dakota, you don't necessarily have to incorporate in North Dakota. In fact, 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's a lot to know about forming a company. To learn the basics of company formation, browse articles on our site, such as How to Incorporate. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Drayton, North Dakota, our web page covering Incorporating in North Dakota may be a useful resource if you decide to incorporate in North Dakota.
The Role of the Business Plan
Creating a business plan is essential in maximizing the prospects of your new company. Indeed, your business plan is your game plan for how you hope to grow your business. Not having a business plan
Before you start writing a business plan, we suggest you skim The Art of the Executive Summary. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in North Dakota.
Startup Financing Basics
Raising money to fund your new Drayton business is a difficult chore. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.
Take advantage of our many articles on raising money, such as 504 Loans.
For Drayton entrepreneurs on the hunt for startup funding, check out our List of North Dakota Angel Investors and our List of North Dakota Venture Capital Firms.
Bring in Revenues
Mastering the art of selling is priority one if you want your new Drayton business to do well.
Not knowing how to sell can result in lost customers and minimal market share. Let us help you refine your selling techniques through our many useful sales advice tips.
Writing Great Proposals 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.
Moving Forward
Most new Drayton businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Drayton businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Drayton, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Drayton, North Dakota
Here are more links that we believe will help you be successful in starting a business in Drayton.
- Resources for Drayton, North Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Drayton entrepreneurs.
- North Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in North Dakota.
- North Dakota Small Business Development Center - The North Dakota Small Business Development Center's mission is to provide high quality business assistance in the form of counseling, training, and research to existing and prospective North Dakota small businesses.
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