Michigan Business Startup Guides
Opening a Business in Stockbridge, Michigan
Contemplating starting a business in Stockbridge, Michigan? We walk you through the process of opening a business in Stockbridge.
Will You Be a Good Entrepreneur?
Before announcing to the world that you are going to start your own business, consider your entrepreneurial instincts and capabilities.
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 Stockbridge. 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.
Stockbridge, Michigan Demographic Information
Stockbridge has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Stockbridge demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Stockbridge.
Businesses
As a new Stockbridge entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Stockbridge 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
Should You Franchise?
Visit the business district of Stockbridge and you'll notice that many local entrepreneurs have gone the franchising route. But is franchising the right option for you?
Our advice is to consider franchising as an option. We have many articles on franchises, such as Franchise Due Diligence. 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 THE MAIDS International, Inc. and Del Taco. Alternatively, you can browse franchise categories, such as Senior Care Franchises and Child Entertainment Franchises.
Note on Stockbridge Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Stockbridge.
Have You Considered Buying an Existing Stockbridge Business?
We've created a useful website page for those who want to Buy a Business in Michigan. Follow that link and you may find several good businesses for sale in Stockbridge.
For anybody who wants to buy a business, we recommend reading this useful article: Hold Harmless Agreements When Buying Businesses.
Naming the Company
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.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
For other considerations regarding naming a company, we recommend this article: Branding Advice.
On a final note, given that you are planning on starting a business in Stockbridge, it's very important that you make sure no Michigan company has already registered the company name you have selected.
Forming a Company in Stockbridge, Michigan
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will shield you from personal liability for business debts and obligations.
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 common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Michigan, you don't necessarily have to incorporate in Michigan. 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 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 attorney. On a final note, since you will be starting a business in Stockbridge, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Don't Skip the Business Plan
Having a business plan is vital in maximizing the prospects of your new company. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan makes you more prone to becoming a business failure statistic.
To learn more about business plans, read Business Plan Software. You can also get free business counselors available to you through your local SCORE chapter in Michigan.
What's Next?
You have a dream -- starting a business in Stockbridge. To achieve your dream, you have to persevere, even when the odds are against you.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Stockbridge businesses to be successful. 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 Stockbridge, Michigan
Here are more links that we believe will help you be successful in starting a business in Stockbridge.
- Resources for Stockbridge, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Stockbridge 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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