Minnesota Business Startup Guides
Start a Business in Springfield, Minnesota
Are you starting a business in Springfield, Minnesota? This article discusses the most important things to consider when opening a business in Springfield.
Which Business to Choose?
An important decision is what kind of business you want to start. We recommend that you read Business Ideas That Don't Make Sense.
For step-by-step instructions on starting a variety of business types, visit the Good Businesses to Start section of our site. For example, you might be interested in our How to Start a Gas & Electric Grills Retailer guide or our How to Start a Handwriting Analysts & Experts Business guide.
Always keep in mind that you are starting a business in Springfield. Think about what needs are currently being underserved in Springfield. Study Springfield demographics and do a competitive analysis as part of your startup planning process.
Springfield, Minnesota Demographic Information
Springfield has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Springfield demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Springfield.
Businesses
As a new Springfield entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Springfield 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 Springfield and you may be surprised to see how many franchises there are in the area. Evidently, there must be some significant advantages to purchasing a franchise.
Our advice is to consider franchising as an option. On our site, you can read many articles about franchising, such as Franchise Due Diligence. Become a franchising expert of sorts by reading more of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Expressions Custom Furniture and Maid to Perfection Corporation. Alternatively, you can browse franchise categories, such as Dry Cleaning & Laundry Franchises and Kid Friendly Franchises.
Note on Springfield Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Springfield.
Selecting a Name For Your Business
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.
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?
For other considerations regarding naming a company, we recommend this article: Branding Advice.
There's one other important factor when naming a business. Since you are starting a business in Springfield, it's imperative that you check now that no other Minnesota company is using the business name you want to use.
Company Formation in Springfield, Minnesota
It's essential that your business is formed as a legal entity that is separate from its owners. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. 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 basics of company formation, browse articles on our site, such as Incorporation Advice. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Springfield, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota.
Advancing Your Entrepreneurial Skills
Good business owners know that they need to continually improve.
Given that you are starting a business in Springfield, Minnesota, you will want to take advantage of the many programs available at nearby Minnesota universities, colleges and community colleges. It's also worthwhile to see if there are any Springfield networking organizations.
Moving Forward
Most new Springfield 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 Springfield businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Springfield, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Springfield, Minnesota
Here are more links that we believe will help you be successful in starting a business in Springfield.
- Resources for Springfield, Minnesota Entrepreneurs - Browse a variety of resources we've collected to assist Springfield entrepreneurs.
- Minnesota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.
- Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no-cost, professional business consulting to Minnesota small businesses covering a variety of business needs.
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