Michigan Business Startup Guides
Start a Business in Frankfort, Michigan
Are you starting a business in Frankfort, Michigan? This article discusses the most important things to consider when opening a business in Frankfort.
Do You Have What It Takes?
Most new businesses fail, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
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:
- Speak with other entrepreneurs in Frankfort. Get their candid feedback on what it takes to start a successful business.
- You should read Business Failure. It's a good read for those who are thinking about becoming an entrepreneur.
- Involve a spouse, family member or trusted friend in the decision. 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 Are You Starting?
There are many businesses that you can start. How do you know which type of business is right for you? We recommend that you read Business Ideas That Don't Make Sense.
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 How to Start an Audiotext Services Business guide or our How to Start a Pet Supplies Delivery Services Business guide.
Remember that your new startup will be located in Frankfort. Some businesses will do better in Frankfort than others. Make sure you fully understand Frankfort demographics before you lock in on your business idea.
Frankfort, Michigan Demographic Information
Frankfort has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Frankfort demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Frankfort.
Businesses
As a new Frankfort entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Frankfort 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 Franchising?
Visit the business district of Frankfort and it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. Is there a franchise opportunity out there that makes sense for you?
We highly recommend you consider franchising as an option. We have many articles on franchises, such as How to Franchise a Business. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Multistate Transmission and Children's Orchard, Inc.. Alternatively, you can browse franchise categories, such as Gift Items Franchises and Home Furnishings Franchises.
Note on Frankfort Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Frankfort.
Forming a Company in Frankfort, Michigan
A critical step is ensuring 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.
Incorporation is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Michigan, you don't necessarily have to incorporate in Michigan. In fact, you can incorporate in any state you would like to. 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. To learn the fundamentals of company formation, browse articles 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 Frankfort, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Marketing Your New Venture
Whether your goal is to attract Frankfort customers or you plan on selling elsewhere, having an excellent marketing plan is fundamental to your doing well.
There are myriad resources on this site to help you with your marketing plan. Working with an Advertising Agency discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just one of the many useful articles we have on Marketing a Small Business.
Learning More About Entrepreneurship
Successful entrepreneurs recognize that what they know now may not be enough to ensure their future success.
Given that you are starting a business in Frankfort, Michigan, you should investigate some of the many programs available at nearby Michigan universities, colleges and community colleges. You should also check if there are any networking organizations for Frankfort entrepreneurs.
Now It's Up To You
Most new Frankfort 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 Frankfort and throughout the United States . 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 Frankfort, Michigan
Here are more links that we believe will help you be successful in starting a business in Frankfort.
- Resources for Frankfort, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Frankfort 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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