Michigan Business Startup Guides
Open a Business in Pontiac, Michigan
Need help starting a business in Pontiac, Michigan? We've got the information you need to open a business in Pontiac.
Will You Be a Good Entrepreneur?
Most new businesses fail, in part because the business owner did not have the entrepreneurial skills and traits needed to succeed. So, before jumping into the world of entrepreneurship, 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 Pontiac. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Others sometimes know you better than you know yourself.
Pontiac, Michigan Demographic Information
Pontiac has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Pontiac demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Pontiac.
Businesses
As a new Pontiac entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Pontiac 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
Forming a Company in Pontiac, Michigan
It's essential that your business is formed as a legal entity that is separate from its owners. The primary advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
When forming a company, you will pick from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation 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 Michigan, you don't necessarily have to incorporate in Michigan. In fact, 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 Subchapter S Corporations. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Pontiac, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
The Role of the Business Plan
A business plan is critical to the health of your new business. In effect, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.
If you want more information on writing business plans, we recommend reading Expert Advice on Business Plans. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Michigan.
Promoting Your New Business
Whether your goal is to attract Pontiac customers or you plan on selling elsewhere, 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. Making the Most of Trade Shows 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.
Improving Your Entrepreneurial Skillset
The best business owners recognize that what they know now may not be enough to ensure their future success.
Given that you are starting a business in Pontiac, Michigan, you should get information on some of the learning programs at local Michigan educational institutions. You should also check if there are any Pontiac networking organizations.
What's Next?
Most new Pontiac 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 Pontiac and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Pontiac 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 Pontiac, Michigan
Here are more links that we believe will help you be successful in starting a business in Pontiac.
- Resources for Pontiac, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Pontiac entrepreneurs.
- Michigan Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Michigan.
- Michigan Small Business Development Center - This organization supports 12 regional offices and over 30 satellite offices, each providing counseling and training to Michigan small business owners and entrepreneurs throughout the 83 counties in Michigan. Services to entrepreneurs are offered through a cooperative agreement with the U.S. Small Business Administration.
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