Michigan Business Startup Guides
Starting a Business in Traverse City, Michigan
Thinking about starting a business in Traverse City, Michigan? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Traverse City.
Do You Have What It Takes?
Being an entrepreneur is hard work, much harder than working as an employee. Are you positive you have the stamina and skills to succeed on your own?
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Speak with other entrepreneurs in Traverse City. Get their candid feedback on what it takes to start a successful business.
- You should read Business Failure. It's a good read for those who are thinking about becoming an entrepreneur.
- Involve a spouse, family member or trusted friend in the decision. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.
Traverse City, Michigan Demographic Information
Traverse City has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Traverse City demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Traverse City.
Businesses
As a new Traverse City entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Traverse City 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
Have You Considered Franchising?
Browse the Yellow Pages for Traverse City and it's apparent that franchising has become a very popular way to start a business. Is there a franchise opportunity out there that makes sense for you?
We highly recommend you consider franchising as an option. We have many articles on franchises, such as Franchising Pros and Cons. Get a thorough education on franchising by browsing all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Shefield & Sons and High Touch-High Tech. Alternatively, you can browse franchise categories, such as Asian Restaurant Franchises and Environmental Testing Franchises.
Note on Traverse City Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Traverse City.
Have You Considered Buying an Existing Traverse City Business?
An excellent way to get started in business is to Buy a Business in Michigan. Follow that link and you may find several good businesses for sale in Traverse City.
If you are serious about buying a business, you may want to read this article: How to Buy a Business.
Forming a Company in Traverse City, 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.
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. If you are starting a business in Michigan, you don't necessarily have to incorporate in Michigan. In fact, you can 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. To learn the fundamentals of company formation, browse articles on our site, such as How to Incorporate. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in Traverse City, Michigan, our web page covering Incorporating in Michigan may be a useful resource if you decide to incorporate in Michigan.
Don't Forget to Create a Business Plan
Writing a business plan is vital to the health of your new business. Indeed, a business plan is a written description of the future you envision for your business. Starting a business without a business plan will greatly reduce your chances of business success.
To learn more about business plans, read Business Plan Mistakes. You should also take advantage of free business counselors available to you through your local SCORE chapter in Michigan.
Interviews With Traverse City Entrepreneurs
Enjoy these interviews we've had with Traverse City entrepreneurs.
- Interview with Ruth Smith, Founder of Selestial Soap, LLC
- Interview with Dan Brady, Founder of Dan Brady Painting Tricks of the Trade Painting Videos
Now It's Up To You
As an entrepreneur in Traverse City, 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.
We are here to help Traverse City businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Traverse City 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 Traverse City, Michigan
Here are more links that we believe will help you be successful in starting a business in Traverse City.
- Resources for Traverse City, Michigan Entrepreneurs - Browse a variety of resources we've collected to assist Traverse City 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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