Wisconsin Business Startup Guides
Starting a Business in Portage, Wisconsin
Thinking about starting a business in Portage, Wisconsin? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Portage.
Will You Be a Successful Entrepreneur?
Most new companies do not succeed, in part because the founder did not have the perseverance and abilities that are necessary to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Speak with other entrepreneurs in Portage. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- You should read The Entrepreneurial Personality. It's a good read for those who are thinking about becoming an entrepreneur.
- Reach out to a trusted acquaintance. Others sometimes know you better than you know yourself.
Portage, Wisconsin Demographic Information
Portage has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Portage demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Portage.
Businesses
As a new Portage entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Portage 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
Is a Franchise Opportunity Right For You?
As you drive around Portage, you may be surprised to see how many franchises there are in the area. Is there a franchise opportunity out there that makes sense for you?
We advise the entrepreneurs we work with to consider franchising as an option. This site has dozens of articles on franchising, such as Franchise Marketing Support. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Mr. Greek Restaurants and Expense Reduction Consulting. Alternatively, you can browse franchise categories, such as Textile Repair Franchises and Health and Diet Franchises.
Note on Portage Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Portage.
Have You Considered Buying an Existing Portage Business?
An excellent way to get started in business is to Buy a Business in Wisconsin. Follow that link and you can review several good businesses for sale in Portage.
For anybody who wants to buy a business, we recommend reading this useful article: How to Buy a Business.
Choosing 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.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.
As a final piece of advice, remember that because you are planning on starting a business in Portage, it's imperative that you check now that no other Wisconsin company is using the business name you want to use.
Company Formation in Portage, Wisconsin
It's very important that your business is formed as a legal entity that is separate from its owners. Among other things, forming a legal entity for the business limits your 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. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Wisconsin, you don't necessarily have to incorporate in Wisconsin. In fact, you can incorporate in any state you would like to. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Dissolving a Corporation. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Portage, Wisconsin, our information on Incorporating in Wisconsin may be a useful resource if you decide to incorporate in Wisconsin.
Improving Your Entrepreneurial Skillset
Successful entrepreneurs know that what they know now may not be enough to ensure their future success.
With your business being located in Portage, Wisconsin, you will want to take advantage of the learning programs at local Wisconsin educational institutions. It's also smart to see if there are any networking organizations for Portage entrepreneurs.
What's Next?
Most new Portage businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
We are here to help Portage businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Portage 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 Portage, Wisconsin
Here are more links that we believe will help you be successful in starting a business in Portage.
- Resources for Portage, Wisconsin Entrepreneurs - Browse a variety of resources we've collected to assist Portage entrepreneurs.
- Wisconsin Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Wisconsin.
- Wisconsin Small Business Development Center - Wisconsin Small Business Development Centers offer a variety of educational services to small-businesses. The low-cost courses, seminars, and workshops cover both basic and complex topics, from marketing to management techniques to business plan development.
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