Rhode Island Business Startup Guides
Opening a Business in Woonsocket, Rhode Island
Contemplating starting a business in Woonsocket, Rhode Island? We walk you through the process of opening a business in Woonsocket.
Is Becoming an Entrepreneur Right for You?
Being an entrepreneur is hard work, much harder than working as an employee. Are you certain 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.
- Talk to other entrepreneurs in Woonsocket. Get their take on what it's really like to be an entrepreneur.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Woonsocket, Rhode Island Demographic Information
Woonsocket has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Woonsocket demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Woonsocket.
Businesses
As a new Woonsocket entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Woonsocket 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 Buying an Existing Woonsocket Business?
If you have some capital to play with, you may want to Buy a Business in Rhode Island. Follow that link and you may find several good businesses for sale in Woonsocket.
For anybody who wants to buy a business, we recommend reading this useful article: How to Buy a Business.
Picking 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.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
Numerous company naming issues are discussed in more detail in this article: Branding Advice.
On a final note, given that you are starting a business in Woonsocket, it's critical that you ensure that your company name has not already been claimed by another Rhode Island business.
Forming a Company in Woonsocket, Rhode Island
It's essential that you form your business as a legal structure. The biggest advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
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. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Rhode Island, you don't necessarily have to incorporate in Rhode Island. In fact, you can incorporate wherever you want. 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 Where to Incorporate. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Woonsocket, Rhode Island, our web page covering Incorporating in Rhode Island may be a useful resource if you decide to incorporate in Rhode Island.
Promoting Your New Company
To grow your Woonsocket business, you'll need to have a good marketing plan.
We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Music on Hold is an article that will stimulate a few thoughts on your marketing plan. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
Moving Forward
As an entrepreneur in Woonsocket, you won't be working for the boss anymore. You are the boss.
Owning your own business will be a daunting task, but you can do it.
We are here to help Woonsocket businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Woonsocket, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Woonsocket, Rhode Island
Here are more links that we believe will help you be successful in starting a business in Woonsocket.
- Resources for Woonsocket, Rhode Island Entrepreneurs - Browse a variety of resources we've collected to assist Woonsocket entrepreneurs.
- Rhode Island Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Rhode Island.
- Rhode Island Small Business Development Center - The Rhode Island Small Business Development Center provides entrepreneurs with best fit resources to create and transform their businesses.
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