Minnesota Business Startup Guides
Open a Business in Lakefield, Minnesota
Need help starting a business in Lakefield, Minnesota? We've got the information you need to open a business in Lakefield.
Will You Be a Good Entrepreneur?
Most new businesses 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.
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 Lakefield. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Others sometimes know you better than you know yourself.
Lakefield, Minnesota Demographic Information
Lakefield has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lakefield demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lakefield.
Businesses
As a new Lakefield entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lakefield 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
Should You Franchise?
As you drive around Lakefield, it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. But is franchising the right option for you?
Our advice is to investigate buying a franchise. We have many articles on franchises, such as Franchising My 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 Party Land and Complete Music. Alternatively, you can browse franchise categories, such as Auto Rental Franchises and Modeling Franchises.
Note on Lakefield Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Lakefield.
Naming the Business
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.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.
There's one other important factor when naming a business. Since you are opening a business in Lakefield, it's imperative that you check now that no other Minnesota company is using the business name you want to use.
The Role of the 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.
If you want more information on writing business plans, we recommend reading Business Plan Contests. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Minnesota.
Getting Money to Start a Business
Getting your Lakefield business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.
To learn about raising money, we recommend you read the fundraising articles on our site, such as Microlending as a Small Business Funding Source.
For Lakefield entrepreneurs who want to raise money for a new venture, you'll want to take a look at our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms.
What's Next?
Most new Lakefield businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Lakefield and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Lakefield, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Lakefield, Minnesota
Here are more links that we believe will help you be successful in starting a business in Lakefield.
- Resources for Lakefield, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Lakefield entrepreneurs.
- Minnesota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.
- Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no-cost, professional business consulting to Minnesota small businesses covering a variety of business needs.
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