South Dakota Business Startup Guides
Starting a Business in Parker, South Dakota
Thinking about starting a business in Parker, South Dakota? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Parker.
Will You Be a Good Entrepreneur?
Most new businesses do not succeed, in part because the founder did not have the perseverance and abilities that are necessary 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:
- Speak with other entrepreneurs in Parker. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- You should read Business Failure. It's a good read for those who are thinking about becoming an entrepreneur.
- Involve a spouse, family member or trusted friend in the decision. Others sometimes know you better than you know yourself.
Parker, South Dakota Demographic Information
Parker has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Parker demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Parker.
Businesses
As a new Parker entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Parker 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 Buy an Existing Parker Business?
An excellent way to get started in business is to Buy a Business in South Dakota. Follow that link and you can assess several good businesses for sale in Parker.
For anybody who wants to buy a business, we recommend reading this useful article: Buying a Business.
Forming a Company in Parker, South Dakota
A critical step is ensuring that you form your business as a legal structure. The main 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 corporation, LLC, sole proprietorship, partnership or other structure.
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 South Dakota, you don't necessarily have to incorporate in South Dakota. As it turns out, you can incorporate wherever you want. 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. To learn the fundamentals of company formation, browse articles on our site, such as Getting an EIN. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Parker, South Dakota, our information on Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.
Don't Forget to Create a Business Plan
Writing a business plan is essential in laying a solid foundation for your business success. Simply put, a business plan is a written description of the future you envision for your business. Failure to write a business plan will greatly reduce your chances of business success.
To learn more about business plans, read Business Plan Contests. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in South Dakota.
Promoting Your New Company
To rise above the crowd in Parker and build your business, you'll need to have a good marketing plan.
We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Creating a Press Kit 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.
Bring in Revenues
Mastering the art of selling is a must if you want your new Parker business to do well.
Good selling involves demonstrating that your wares meet your customer's needs. Let us help you refine your selling techniques through our many useful sales advice tips.
Writing Great Proposals is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
What's Next?
Most new Parker businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
This site is all about helping entrepreneurs in Parker and elsewhere to achieve real success. 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 Parker, South Dakota
Here are more links that we believe will help you be successful in starting a business in Parker.
- Resources for Parker, South Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Parker entrepreneurs.
- South Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in South Dakota.
- South Dakota Small Business Development Center - The South Dakota Small Business Development Center (SBDC) helps new South Dakota entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
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