Minnesota Business Startup Guides
Open a Business in Ely, Minnesota
Need help starting a business in Ely, Minnesota? We've got the information you need to open a business in Ely.
Do You Have Entrepreneurial Drive and Passion?
Most new businesses fail, 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.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Talk to other entrepreneurs in Ely. Get their candid feedback on what it takes to start a successful 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. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.
What Business to Start
Choosing a business that is right for you is very important. If you are struggling with what type of business to start, read Free Business Ideas.
If you still are not sure what type of business to start, peruse the Good Businesses to Start section of our site. For example, you might be interested in our How to Start a Funeral Carrier Services Business guide or our How to Start a Hawaiian Wear Wholesale & Manufacturers Business guide.
Remember that your new startup will be located in Ely. If Ely already has plenty of the kind of business you want to start, you might want to change your plans. Don't forget to review Ely demographics to see if there's a market for what you want to sell.
Ely, Minnesota Demographic Information
Ely has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Ely demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Ely.
Businesses
As a new Ely entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Ely 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 Buying an Existing Ely Business?
An excellent way to get started in business is to Buy a Business in Minnesota. Follow that link and you might discover several good businesses for sale in Ely.
If you are serious about buying a business, you may want to read this article: How to Buy a Business.
The Role of the Business Plan
Having a business plan is vital to the health of your new business. 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 makes you more prone to becoming a business failure statistic.
To learn more about business plans, read Business Plan Contests. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Minnesota.
Startup Financing Basics
Getting your Ely business the capital it needs to succeed 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.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled 504 Loans.
For Ely entrepreneurs who need startup capital, check out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.
Now It's Up To You
Most new Ely businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Ely 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 Ely, Minnesota
Here are more links that we believe will help you be successful in starting a business in Ely.
- Resources for Ely, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Ely 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.
More Startup Articles for Minnesota Cities
Starting a Business in Elk River
Starting a Business in Elysian
Browse All Business Startup Guides for Minnesota
Starting a Business Guides for Other States
Share this article
Additional Resources for Entrepreneurs