Illinois Business Startup Guides
Starting a Business in Glen Ellyn, Illinois
Thinking about starting a business in Glen Ellyn, Illinois? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Glen Ellyn.
Are You Ready for the Challenges of Being an Entrepreneur?
Being an entrepreneur is hard work, and can be orders of magnitude more strenuous than working as an employee. Are you positive you want to start a business?
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 Glen Ellyn. Listen closely to their experiences and see if you think you too can be successful.
- 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. 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.
Glen Ellyn, Illinois Demographic Information
Glen Ellyn has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Glen Ellyn demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Glen Ellyn.
Businesses
As a new Glen Ellyn entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Glen Ellyn 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
What About Buying an Existing Glen Ellyn Business?
If you have some capital to play with, you may want to Buy a Business in Illinois. Follow that link and you can assess several good businesses for sale in Glen Ellyn.
Before buying a business, be sure to read this article: How to Buy a Business.
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.
Company names need to be easy to spell, easy to pronounce, and easy to remember.
Numerous company naming issues are discussed in more detail in this article: Naming a Company.
There's one other important factor when naming a business. Since you are starting a business in Glen Ellyn, it's critical that you ensure that your company name has not already been claimed by another Illinois business.
Company Formation in Glen Ellyn, Illinois
It's very important 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 select one of many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Illinois, you don't necessarily have to incorporate in Illinois. As it turns out, 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. We recommend you read some of the educational articles about company formation that are availabe 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 Glen Ellyn, Illinois, our web page covering Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.
Make Sure You Have a Business Plan
Writing a business plan is vital 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 will greatly reduce your chances of business success.
Before you start writing a business plan, we suggest you skim The Art of the Executive Summary. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Illinois.
How to Improve Your Entrepreneurial Abilities
Good entrepreneurs know that they need to continually improve.
With your business being located in Glen Ellyn, Illinois, you should investigate some of the learning programs at local Illinois educational institutions. You should also check if there are any networking organizations for Glen Ellyn entrepreneurs.
Interviews With Glen Ellyn Entrepreneurs
Here, we'll keep a running list of interviews we've had with Glen Ellyn entrepreneurs.
Never Give Up
As an entrepreneur in Glen Ellyn, you won't be working for the boss anymore. You are the boss.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Glen Ellyn businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Glen Ellyn 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 Glen Ellyn, Illinois
Here are more links that we believe will help you be successful in starting a business in Glen Ellyn.
- Resources for Glen Ellyn, Illinois Entrepreneurs - Browse a variety of resources we've collected to assist Glen Ellyn entrepreneurs.
- Illinois Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Illinois.
- Illinois Small Business Development Center - Illinois Small Business Development Centers located throughout the state provide assistance to new and existing small businesses.
More Business Startup Guides for Illinois
Starting a Business in Glasford
Starting a Business in Glenview
Browse All Business Startup Guides for Illinois
Starting a Business Guides for Other States
Share this article
Additional Resources for Entrepreneurs