South Dakota Business Startup Guides
Open a Business in Salem, South Dakota
Need help starting a business in Salem, South Dakota? We've got the information you need to open a business in Salem.
Salem, South Dakota Demographic Information
Salem has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Salem demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Salem.
Businesses
As a new Salem entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Salem 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 Franchising a Better Option?
Visit the business district of Salem and it's apparent that franchising has become a very popular way to start a business. But is franchising the right option for you?
Most business experts recommend that you evaluate the possibility of your buying a franchise opportunity. This site has dozens of articles on franchising, such as Costs of Franchise Ownership. 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.
Representative franchise opportunities include AAMCO Transmissions, Inc. and Incredibly Edible Delites, Inc.. Alternatively, you can browse franchise categories, such as Seafood Restaurant Franchises and Employment and Staffing Franchises.
Note on Salem Franchise Opportunities: To find out if a franchise you are interested in is available in Salem, you will need to get in direct contact with the franchisor.
Choosing a Company Name
A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
Numerous company naming issues are discussed in more detail in this article: Naming a Company.
As a final piece of advice, remember that because you are starting a business in Salem, it's critical that you ensure that your company name has not already been claimed by another South Dakota business.
Company Formation in Salem, South Dakota
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will insulate you from personal liability for business debts and obligations.
When forming a company, you will select one of many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation 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. Just because you are starting a business in South Dakota, it doesn't mean you are required to incorporate in South Dakota. In fact, you are allowed to incorporate wherever you want. 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Offshore Company Formation. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Salem, South Dakota, our web page covering Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.
Startup Financing Basics
Raising money to fund your new Salem business is a difficult chore. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Take advantage of our many articles on raising capital, such as How to Raise Money.
For Salem entrepreneurs with great ambition but a shortage of investment capital, browse our List of South Dakota Angel Investors and our List of South Dakota Venture Capital Firms.
How to Improve Your Entrepreneurial Abilities
Good entrepreneurs know that what they know now may not be enough to ensure their future success.
Given that you are starting a business in Salem, South Dakota, you should check out some of the many programs available at nearby South Dakota universities, colleges and community colleges. You should also check if there are any networking organizations for Salem entrepreneurs.
What's Next?
As an entrepreneur in Salem, you won't be working for the boss anymore. You are the boss.
If you choose the right business and love what you do, you will greatly increase your odds of success.
Our goal here is to promote the vitality and growth of small businesses in Salem and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Salem 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 Salem, South Dakota
Here are more links that we believe will help you be successful in starting a business in Salem.
- Resources for Salem, South Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Salem 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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