Michigan Business Startup Guides
Start a Business in Farmington Hills, Michigan
Are you starting a business in Farmington Hills, Michigan? This article discusses the most important things to consider when opening a business in Farmington Hills.
Are You Ready for Life as an Owner?
Most new companies don't make it, in part because the founder did not have the entrepreneurial skills and traits needed to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
With so much at stake when you start a business, we strongly recommend you do the following before you proceed:
- Reach out to other entrepreneurs in Farmington Hills. Listen closely to their experiences and see if you think you too can be successful.
- Peruse Why Small Businesses Fail. This is one of our more popular articles for folks who want to go into business for themselves.
- Get feedback from somebody whom you trust. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
What Type of Business Should You Start?
Choosing a business that is right for you is very important. We recommend that you read Evaluating Your Idea.
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 Starting a Baseball Equipment & Supplies Business guide or our Starting a Social Security Counselors & Representatives Business guide.
Always keep in mind that you are starting a business in Farmington Hills. Some businesses will do better in Farmington Hills than others. A critical consideration is whether Farmington Hills demographics mesh well with your startup concept.
What About Buying an Existing Farmington Hills Business?
An excellent way to get started in business is to Buy a Business in Michigan. Follow that link and you may find several good businesses for sale in Farmington Hills.
If you are headed down the path of buying a business, you may want to read this article: How to Buy a Business.
Naming the Company
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.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Business.
There's one other important factor when naming a business. Since you are opening a business in Farmington Hills, it's imperative that you check now that no Michigan company has already registered the company name you have selected.
Do You Need a Business Plan?
A business plan is critical in maximizing the prospects of your new company. Simply put, a business plan is a written description of the future you envision for your business. Failure to write a business plan is a recipe for disaster.
To learn more about business plans, read Free Business Plan Templates. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Michigan.
Letting the World Know You Exist
Whether your goal is to attract Farmington Hills customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
You can learn a ton about marketing on our site. Point-of-Sale Displays 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.
Never Give Up
Most new Farmington Hills businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
Our goal here is to promote the vitality and growth of small businesses in Farmington Hills and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in Farmington Hills, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Farmington Hills, Michigan
Here are more links that we believe will help you be successful in starting a business in Farmington Hills.
- Resources for Farmington Hills, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Farmington Hills entrepreneurs.
- Michigan Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Michigan.
- Michigan Small Business Development Center - This organization supports 12 regional offices and over 30 satellite offices, each providing counseling and training to Michigan small business owners and entrepreneurs throughout the 83 counties in Michigan. Services to entrepreneurs are offered through a cooperative agreement with the U.S. Small Business Administration.
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