Ohio Business Startup Guides
Open a Business in New London, Ohio
Need help starting a business in New London, Ohio? We've got the information you need to open a business in New London.
Will You Be a Good Entrepreneur?
Most new ventures don't make it, in part because the entrepreneur did not have the perseverance and abilities that are necessary to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
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:
- Talk to other entrepreneurs in New London. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- 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. Others sometimes know you better than you know yourself.
New London, Ohio Demographic Information
New London has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for New London demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in New London.
Businesses
As a new New London entrepreneur, you may also be interested in the table below. It shows how many businesses there are in New London 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
Picking 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.
For other considerations regarding naming a company, we recommend this article: Branding Advice.
As a final piece of advice, remember that because you are starting a business in New London, it's imperative that you check now that no other Ohio company is using the business name you want to use.
Forming a Company in New London, Ohio
A critical step is ensuring 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.
The entity you form can be 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 Ohio, you don't necessarily have to incorporate in Ohio. As it turns out, you are allowed to incorporate wherever you want. 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 Piercing the Corporate Veil. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in New London, Ohio, our information on Incorporating in Ohio may be a useful resource if you decide to incorporate in Ohio.
Promoting Your New Company
Whether your goal is to attract New London customers or you plan on selling elsewhere, you need a excellent marketing plan.
There are myriad resources on this site to help you with your marketing plan. Creating a Web Presence discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
The Art of Selling
Mastering the art of selling is a must if you want your new New London business to do well.
Clever sales techniques can transform any business from good to great. The good news is we can help you to make selling a big competitve advantage for your new firm.
Selling Products on eBay offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
How to Improve Your Entrepreneurial Abilities
Good business owners recognize that they don't know everything.
With your business being located in New London, Ohio, you will want to take advantage of the learning programs at local Ohio educational institutions. It's also beneficial to see if there are any networking organizations for New London entrepreneurs.
What's Next?
Most new New London businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
Our goal here is to promote the vitality and growth of small businesses in New London and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in New London, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in New London, Ohio
Here are more links that we believe will help you be successful in starting a business in New London.
- Resources for New London, Ohio Entrepreneurs - Browse a variety of resources we've collected to assist New London entrepreneurs.
- Ohio Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Ohio.
- Ohio Small Business Development Center - Whether you're starting your business, expanding your business, or just looking to stay in business, the Small Business Development Centers of Ohio (SBDCs of Ohio) can help with professional guidance by connecting you with research, financing sources, and training opportunities.
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