Illinois Business Startup Guides
Starting a Business in West Frankfort, Illinois
Thinking about starting a business in West Frankfort, Illinois? This step-by-step guide walks you through the major decisions you should consider before opening a new business in West Frankfort.
Do You Have Entrepreneurial Drive and Passion?
Most new companies don't make it, in part because the founder did not have the perseverance and abilities that are necessary to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Speak with other entrepreneurs in West Frankfort. 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.
West Frankfort, Illinois Demographic Information
West Frankfort has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for West Frankfort demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in West Frankfort.
Businesses
As a new West Frankfort entrepreneur, you may also be interested in the table below. It shows how many businesses there are in West Frankfort 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?
Browse the Yellow Pages for West Frankfort and you may be surprised to see how many franchises there are in the area. Should you be giving franchising serious consideration?
Our advice is to consider franchising as an option. On our site, you can read many articles about franchising, such as Franchising Pros and Cons. 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 CompuChild and Matrix System Automotive Finishes. Alternatively, you can browse franchise categories, such as Consulting Franchises and Health Franchises.
Note on West Frankfort Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in West Frankfort.
Forming a Company in West Frankfort, Illinois
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will separate you from personal liability for business debts and obligations.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation 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 Illinois, you don't necessarily have to incorporate in Illinois. 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 basics of company formation, browse articles on our site, such as Corporate Formalities. You may also want to seek the advice of an attorney. Finally, if you are starting a business in West Frankfort, Illinois, our information on Incorporating in Illinois may be a useful resource if you decide to incorporate in Illinois.
Make Sure You Have a Business Plan
Writing a business plan is essential in maximizing the prospects of your new company. In effect, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan will greatly reduce your chances of business success.
To learn more about business plans, read Business Plan Contests. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Illinois.
Where to Get Money to Start a Company
Getting your West Frankfort business the capital it needs to succeed will be harder than you might expect. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
The good news is this site contains dozens of articles on raising money, including one we recommend entitled Business Incubators.
For West Frankfort entrepreneurs who want to raise money for a new venture, you'll want to take a look at our List of Illinois Angel Investors and our List of Illinois Venture Capital Firms.
Ramping Up Sales
Mastering the art of selling is essential if you want your new West Frankfort business to do well.
Not knowing how to sell can result in lost customers and minimal market share. Fortunately, we've got plenty of good advice to help you improve your selling skills.
Writing Great Proposals is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Now It's Up To You
Most new West Frankfort businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help West Frankfort businesses to be successful. We want to be there for you to answer your business questions, whether you are a new West Frankfort 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 West Frankfort, Illinois
Here are more links that we believe will help you be successful in starting a business in West Frankfort.
- Resources for West Frankfort, Illinois Entrepreneurs - Browse a variety of resources we've collected to assist West Frankfort entrepreneurs.
- Illinois Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Illinois.
- Illinois Small Business Development Center - Illinois Small Business Development Centers located throughout the state provide assistance to new and existing small businesses.
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