Indiana Business Startup Guides
Open a Business in Franklin, Indiana
Need help starting a business in Franklin, Indiana? We've got the information you need to open a business in Franklin.
Franklin, Indiana Demographic Information
Franklin has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Franklin demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Franklin.
Businesses
As a new Franklin entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Franklin 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
Is a Franchise Opportunity Right For You?
As you drive around Franklin, it's apparent that franchising has become a very popular way to start a business. 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 Understanding Franchise Contracts. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
A comprehensive list of franchisors is available via our List of Franchise Opportunities.
Sample franchise opportunities include Professional House Doctors and Mint Condition Franchising, Inc.. Alternatively, you can browse franchise categories, such as Restaurant Services Franchises and Telecommunications Franchises.
Note on Franklin Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Franklin.
Is Buying an Existing Franklin Business a Good Strategy?
An excellent way to get started in business is to Buy a Business in Indiana. Follow that link and you can review several good businesses for sale in Franklin.
For anybody who wants to buy a business, we recommend reading this useful article: Buying a Business.
Forming a Company in Franklin, Indiana
It's essential that your business is formed as a legal entity that is separate from its owners. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal 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 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 Indiana, you don't necessarily have to incorporate in Indiana. 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 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 Incorporating Online. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Franklin, Indiana, our web page covering Incorporating in Indiana may be a useful resource if you decide to incorporate in Indiana.
Do You Need a Business Plan?
A business plan is critical in laying a solid foundation for your business success. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Failure to write a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Software. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Indiana.
Where to Get Money to Start a Company
Obtaining startup financing for your Franklin business will be harder than you might expect. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
To learn about raising money, we recommend you read the fundraising articles on our site, such as Business Credit Evaluation.
For Franklin entrepreneurs in need of startup financing, check out our List of Indiana Angel Investors and our List of Indiana Venture Capital Firms.
Promoting Your New Company
Whether your goal is to attract Franklin customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
You can learn quite a bit about marketing on our site. Yellow Pages Advertising Advice is an article that will generate a few thoughts on your marketing plan. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
Now It's Up To You
As an entrepreneur in Franklin, you won't be working for the boss anymore. You are the boss.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Franklin and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Franklin 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 Franklin, Indiana
Here are more links that we believe will help you be successful in starting a business in Franklin.
- Resources for Franklin, Indiana Entrepreneurs - Browse a variety of resources we've collected to assist Franklin entrepreneurs.
- Indiana Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Indiana.
- Indiana Small Business Development Center - The Indiana Small Business Development Center assists Indiana entrepreneurs and small businesses through one on one counseling, education and business resources.
Starting-a-Business Guides for Other Cities in Indiana
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