Kansas Business Startup Guides
Starting a Business in Madison, Kansas
Thinking about starting a business in Madison, Kansas? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Madison.
Do You Have What It Takes?
Running your own business is hard work, much more arduous than working as an employee. Are you sure you have the stamina and skills to succeed on your own?
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:
- Grab a meal or cofee with other entrepreneurs in Madison. Get their candid feedback on what it takes to start a successful business.
- Take a look at Starting a Company. It's a short article but it's a good reality check for those are about to jump into the world of entrepreneurship.
- Talk it over with a close friend or partner. 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.
Madison, Kansas Demographic Information
Madison has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Madison demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Madison.
Businesses
As a new Madison entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Madison 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 Madison Business?
We've created a handy website page for those who want to Buy a Business in Kansas. Follow that link and you can review several good businesses for sale in Madison.
For anybody who wants to buy a business, we recommend reading this useful article: How to Buy a Business.
Selecting a Name For Your Startup
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.
For other considerations regarding naming a company, we recommend this article: Naming a Business.
On a final note, given that you are planning on starting a business in Madison, it's critical that you ensure that no other Kansas company is using the business name you want to use.
Company Formation in Madison, Kansas
It's essential that your business is formed as a legal entity that is separate from its owners. Among other things, forming a legal entity for the business limits your liabilities.
The entity you form can be 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 Kansas, you don't necessarily have to incorporate in Kansas. As it turns out, 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's a lot to know about forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Incorporating Online. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Madison, Kansas, our information on Incorporating in Kansas may be a useful resource if you decide to incorporate in Kansas.
Don't Skip the Business Plan
A business plan is critical in maximizing the prospects of your new company. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan is a recipe for disaster.
To learn more about business plans, read Business Presentations. You should also take advantage of free counseling sessions provided by your local SCORE chapter in Kansas.
Increase Your Entrepreneurial Knowledge
Successful entrepreneurs know that what they know now may not be enough to ensure their future success.
As an entrepreneur who lives in Madison, Kansas, you will want to take advantage of the learning programs at local Kansas educational institutions. It's also worthwhile to see if there are any networking groups or organizations in which Madison entrepreneurs get together to network and trade their business experiences.
Now It's Up To You
As an entrepreneur in Madison, 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 Madison and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Madison 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 Madison, Kansas
Here are more links that we believe will help you be successful in starting a business in Madison.
- Resources for Madison, Kansas Entrepreneurs - Browse a variety of resources we've collected to assist Madison entrepreneurs.
- Kansas Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Kansas.
- Kansas Small Business Development Center - The KSBDC Network provides Kansas entrepreneurs and small business owners with knowledge, tools and resources to enhance their success. Contact them and they will help you identify your business needs and guide you toward opportunities and solutions.
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