South Carolina Business Startup Guides
Starting a Business in North Myrtle Beach, South Carolina
Thinking about starting a business in North Myrtle Beach, South Carolina? This step-by-step guide walks you through the major decisions you should consider before opening a new business in North Myrtle Beach.
Are You Sure You Want to Do This?
Being an entrepreneur is difficult, much harder than working as an employee. Are you sure you have the stamina and skills to succeed on your own?
Before you move forward with starting a business, be sure to do these three things:
- Talk to other entrepreneurs in North Myrtle Beach. 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.
North Myrtle Beach, South Carolina Demographic Information
North Myrtle Beach has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for North Myrtle Beach demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in North Myrtle Beach.
Businesses
As a new North Myrtle Beach entrepreneur, you may also be interested in the table below. It shows how many businesses there are in North Myrtle Beach 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 Franchising Opportunities?
Examine a list of North Myrtle Beach businesses and you'll see that franchises make up a large percentage of local businesses. Would going with a franchise be a good idea for you?
We highly recommend you consider franchising as an option. This site has dozens of articles on franchising, such as Understanding Franchise Contracts. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
You can find franchise opportunities by browsing our Franchise Opportunities Directory.
Sample franchise opportunities include MonitorClosely.com and Hawthorn Suites. Alternatively, you can browse franchise categories, such as Video and Photography Franchises and Hardware Store Franchises.
Note on North Myrtle Beach Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in North Myrtle Beach.
Forming a Company in North Myrtle Beach, South Carolina
A critical step is ensuring that you are forming a legal entity that operates independently from you. Doing so will shield you from personal liability for business debts and obligations.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporating is a very common way to legally create a business entity. 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 South Carolina, you don't necessarily have to incorporate in South Carolina. As it turns out, you can incorporate in the state of your choosing. 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 Company Formation. You may also want to seek the advice of an attorney. Finally, if you are starting a business in North Myrtle Beach, South Carolina, our information on Incorporating in South Carolina may be a useful resource if you decide to incorporate in South Carolina.
Make Sure You Have a Business Plan
Creating a business plan is critical in laying a solid foundation for your business success. Indeed, your business plan is your game plan for how you hope to grow your business. Failure to write a business plan
To learn more about business plans, read Business Plan Outsourcing. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in South Carolina.
How to Improve Your Entrepreneurial Abilities
The best entrepreneurs recognize that what they know now may not be enough to ensure their future success.
With your business being located in North Myrtle Beach, South Carolina, you will want to take advantage of the many programs available at nearby South Carolina universities, colleges and community colleges. We also suggest you look into North Myrtle Beach networking organizations.
Next Steps
As an entrepreneur in North Myrtle Beach, 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.
Our goal here is to promote the vitality and growth of small businesses in North Myrtle Beach and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in North Myrtle Beach, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in North Myrtle Beach, South Carolina
Here are more links that we believe will help you be successful in starting a business in North Myrtle Beach.
- Resources for North Myrtle Beach, South Carolina Entrepreneurs - Browse a variety of resources we've collected to assist North Myrtle Beach entrepreneurs.
- South Carolina Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in South Carolina.
- South Carolina Small Business Development Center - The South Carolina Small Business Development Center provides consulting services to small and medium enterprises through more than 14 locations across the state.
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