Indiana Business Startup Guides
Starting a Business in Kokomo, Indiana
Thinking about starting a business in Kokomo, Indiana? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Kokomo.
Are You Sure You Want to Do This?
Before announcing to the world that you are going to start your own business, take inventory of your entrepreneurial instincts and capabilities.
To determine whether you have what it takes to run a business, we recommend these three steps to help you decide:
- Talk to other entrepreneurs in Kokomo. Ask them candidly what it's like to run a business.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Choosing the Right Company to Start
There are many businesses that you can start. How do you know which type of business is right for you? You might get some good ideas about what kind of business to start by reading 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 Paper Towels Business guide or our How to Start a Self Realization Fellowship Church guide.
Always keep in mind that starting a business in Kokomo has some implications. Some businesses will do better in Kokomo than others. A critical consideration is whether Kokomo demographics mesh well with your startup concept.
Kokomo, Indiana Demographic Information
Kokomo has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Kokomo demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Kokomo.
Businesses
As a new Kokomo entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Kokomo 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 Kokomo and you'll notice that many local entrepreneurs have gone the franchising route. But is franchising the right option for you?
Most business experts recommend that you investigate buying a franchise. We have many articles on franchises, such as Multi-Unit Franchising. 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 Solatube and DVDPlay. Alternatively, you can browse franchise categories, such as Cleaning and Maintenance Franchises and Personal Services Franchises.
Note on Kokomo Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Kokomo.
Naming the Company
A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
For other considerations regarding naming a company, we recommend this article: Naming a Business.
On a final note, given that you are opening a business in Kokomo, it's very important that you make sure no Indiana company has already registered the company name you have selected.
Forming a Company in Kokomo, Indiana
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will insulate you from personal liability for business debts and obligations.
When forming a company, you will select one of many company types, such as a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporating 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 Indiana, you don't necessarily have to incorporate in Indiana. In fact, you are allowed to incorporate in any state you would like to. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
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 Piercing the Corporate Veil. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in Kokomo, Indiana, our web page covering Incorporating in Indiana may be a useful resource if you decide to incorporate in Indiana.
Raising Money for Your New Venture
Obtaining startup financing for your Kokomo business requires strong organization skills and perseverance. In fact, financing your new business may be the hardest challenge you ever face.
Recognizing this challenge, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.
For Kokomo entrepreneurs who need startup capital, check out our List of Indiana Angel Investors and our List of Indiana Venture Capital Firms.
Next Steps
You have a dream -- starting a business in Kokomo. To achieve your dream, you have to persevere, even when the odds are against you.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Kokomo businesses to be successful. 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 Kokomo, Indiana
Here are more links that we believe will help you be successful in starting a business in Kokomo.
- Resources for Kokomo, Indiana Entrepreneurs - Browse a variety of resources we've collected to assist Kokomo 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.
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