Indiana Business Startup Guides
Opening a Business in Plymouth, Indiana
Contemplating starting a business in Plymouth, Indiana? We walk you through the process of opening a business in Plymouth.
Will You Be a Good Entrepreneur?
Most new companies don't make it, in part because the entrepreneur did not have the tenacity and/or the skills to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Talk to other entrepreneurs in Plymouth. 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.
Plymouth, Indiana Demographic Information
Plymouth has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Plymouth demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Plymouth.
Businesses
As a new Plymouth entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Plymouth 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
Have You Considered Franchising?
As you drive around Plymouth, 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 recommendation is that you investigate buying a franchise. We have many articles on franchises, such as Growth Trends in Franchising. Become a franchising expert of sorts by reading more of our Articles on Franchising.
You can review hundreds of franchise opportunities by browing our Franchise Directory.
Representative franchise opportunities include Sunbelt Business Brokers Inc. and Barnie's Coffee & Tea Co.. Alternatively, you can browse franchise categories, such as Golf Franchises and Real Estate Franchises.
Note on Plymouth Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Plymouth.
What About Buying an Existing Plymouth Business?
We've created a handy website page for those who want to Buy a Business in Indiana. Follow that link and you may find several good businesses for sale in Plymouth.
For anybody who wants to buy a business, we recommend reading this useful article: Hold Harmless Agreements When Buying Businesses.
Forming a Company in Plymouth, Indiana
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 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 Indiana, you don't necessarily have to incorporate in Indiana. As it turns out, you are allowed to incorporate in the state of your choosing. 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 C Corp Versus S Corp. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Plymouth, Indiana, our information on Incorporating in Indiana may be a useful resource if you decide to incorporate in Indiana.
The Role of the Business Plan
A business plan is essential to the health of your new business. In effect, 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 Indiana.
Raising Money for Your New Venture
Getting your Plymouth business the capital it needs to succeed is a difficult chore. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
On the bright side, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.
For Plymouth entrepreneurs with great ambition but a shortage of investment capital, check out our List of Indiana Angel Investors and our List of Indiana Venture Capital Firms.
What's Next?
Most new Plymouth 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 Plymouth 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 Plymouth, Indiana
Here are more links that we believe will help you be successful in starting a business in Plymouth.
- Resources for Plymouth, Indiana Entrepreneurs - Browse a variety of resources we've collected to assist Plymouth entrepreneurs.
- Indiana Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Indiana.
- Indiana Small Business Development Center - The Indiana Small Business Development Center assists Indiana entrepreneurs and small businesses through one on one counseling, education and business resources.
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