Alabama Business Startup Guides
Start a Business in Wetumpka, Alabama
Are you starting a business in Wetumpka, Alabama? This article discusses the most important things to consider when opening a business in Wetumpka.
Are You Ready for Entrepreneurship?
Most new businesses do not succeed, in part because the founder did not have the tenacity and/or the skills to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.
To determine whether you have what it takes to run a business, we recommend these three steps to help you decide:
- Talk to other entrepreneurs in Wetumpka. Listen closely to their experiences and see if you think you too can be successful.
- 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. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
Which Business to Choose?
There are many businesses that you can start. How do you know which type of business is right for you? To stir your creative juices on what kind of business to start, take a look at Good Business Ideas.
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 Starting a Door Glass & Mirrors Business guide or our How to Start a Real Estate Foreclosure Assistance & Services Business guide.
Remember that starting a business in Wetumpka has some implications. The business you want to start may already be well-represented in Wetumpka. Don't forget to review Wetumpka demographics to see if there's a market for what you want to sell.
Wetumpka, Alabama Demographic Information
Wetumpka has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Wetumpka demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Wetumpka.
Businesses
As a new Wetumpka entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Wetumpka 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
Choosing a Company Name
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?
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.
On a final note, given that you are opening a business in Wetumpka, it's imperative that you check now that you will be the only Alabama company using the business name you have chosen.
Company Formation in Wetumpka, Alabama
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will protect you from personal liability for business debts and obligations.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
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. Just because you are starting a business in Alabama, you don't necessarily have to incorporate in Alabama. In fact, you are allowed to incorporate in any state you would like to. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
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 LLC Advantages. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Wetumpka, Alabama, our information on Incorporating in Alabama may be a useful resource if you decide to incorporate in Alabama.
Don't Skip the Business Plan
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 is a recipe for disaster.
If writing a business plan is on your to-do list, be sure to read Business Plan Outsourcing. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Alabama.
How to Improve Your Entrepreneurial Abilities
Successful business owners know that what they know now may not be enough to ensure their future success.
As an entrepreneur who lives in Wetumpka, Alabama, you will want to take advantage of the many programs available at nearby Alabama universities, colleges and community colleges. We also suggest you look into networking groups or organizations in which Wetumpka entrepreneurs get together to network and trade their business experiences.
Never Give Up
Most new Wetumpka businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Wetumpka businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Wetumpka, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Wetumpka, Alabama
Here are more links that we believe will help you be successful in starting a business in Wetumpka.
- Resources for Wetumpka, Alabama Entrepreneurs - Browse a variety of resources we've collected to assist Wetumpka entrepreneurs.
- Alabama Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Alabama.
- Alabama Small Business Development Center - Alabama's Small Business Development Center (SBDC) counsels and trains business people in a wide variety of business topics and provides comprehensive information services and access to experts in many fields. Counseling is provided free of charge to all Alabama small business owners.
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