South Dakota Business Startup Guides
Open a Business in Yankton, South Dakota
Need help starting a business in Yankton, South Dakota? We've got the information you need to open a business in Yankton.
Yankton, South Dakota Demographic Information
Yankton has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Yankton demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Yankton.
Businesses
As a new Yankton entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Yankton 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 Yankton Business?
An excellent way to get started in business is to Buy a Business in South Dakota. Follow that link and you might discover several good businesses for sale in Yankton.
If you are serious about buying a business, you may want to read this 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.
Company names need to be easy to spell, easy to pronounce, and easy to remember.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Business.
On a final note, given that you are opening a business in Yankton, it's imperative that you check now that no other South Dakota company is using the business name you want to use.
Forming a Company in Yankton, South Dakota
It's very important that you choose the right legal structure for your new entity. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
The entity you form can be 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 South Dakota, you don't necessarily have to incorporate in South Dakota. 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Subchapter S Corporations. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Yankton, South Dakota, our information on Incorporating in South Dakota may be a useful resource if you decide to incorporate in South Dakota.
Don't Skip the Business Plan
A business plan is vital in maximizing the prospects of your new company. Indeed, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim Reasons to Write a Business Plan. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in South Dakota.
How to Improve Your Entrepreneurial Abilities
The best business owners recognize that they need to continually improve.
As an entrepreneur who lives in Yankton, South Dakota, you will want to take advantage of the many programs available at nearby South Dakota universities, colleges and community colleges. It's also worthwhile to see if there are any networking organizations for Yankton entrepreneurs.
Next Steps
Most new Yankton businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Yankton and elsewhere to achieve real success. 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 Yankton, South Dakota
Here are more links that we believe will help you be successful in starting a business in Yankton.
- Resources for Yankton, South Dakota Entrepreneurs - Browse a variety of resources we've collected to assist Yankton entrepreneurs.
- South Dakota Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in South Dakota.
- South Dakota Small Business Development Center - The South Dakota Small Business Development Center (SBDC) helps new South Dakota entrepreneurs realize their dream of business ownership and assists existing businesses in their efforts to remain competitive.
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