Montana is on the rise. In Q3 of 2015, Montana was expanding at a rate of 3.5%. That was nearly double the national average of that time, at 1.9%.
Montana is particularly appealing to small business owners. A staggering 97.4% of businesses in Montana are small businesses. Small business is a major boon for Montana, which employs 67.4% of the state’s workforce.
Here are a few things to think about to help you start a business in Montana.
Find Your Niche
No matter how friendly someplace is towards small businesses, you still need to stand out. The first step in learning how to start a business in Montana is deciding what kind of business you want to open. This will help you narrow in on what makes your business noteworthy, which will come in handy later in the process.
Not every business idea needs to be completely revolutionary. Noticing a lack of a Chester’s Chicken franchise is just as valid for a Montana business as manufacturing hybrid automobiles. It might even be more valid, especially where investors are concerned.
Construct a Business Plan
It’s tempting to dream about how amazing it will be to work for yourself. Perhaps you’ve got a dream of being a scrappy young upstart taking on enormous international corporations. The fact of the matter is that, much like Thomas Edison’s take on invention, running a successful business in 1% inspiration and 99% perspiration.
If you’re serious about starting a business in Montana, you need to seriously consider how you’re going to make that business succeed. You need to come up with contingency plans if your business doesn’t begin turning a prophet immediately.
Creating a detailed plan will also help you deal with built-in logistical issues, like a fall in retail sales after the holidays. Thinking of these things ahead of time will help you prepare for the reality of being in business.
Very few businesses are entirely self-financed. This is especially true if you’re following a traditional model which could require a storefront, building an inventory, or maybe even hiring employees.
When you were creating your business plan, you should have started to compile some real-world figures on what it will take to launch your business. Perhaps you came up with a list of all of the equipment you’ll need to get started.
Armed with these numbers, you’ll be well equipped to seek financing for your business. Perhaps you might go a traditional route and seek a loan from an established lending institution like a bank. Or if you’re working in a more technical field perhaps you might seek some venture capital or an angel investor.
Armed with these numbers and figures, you’ll be better equipped to make practical decisions like deciding between a high- or low-interest loan. High-interest loans might be a better bet if you need money quickly and you’re fairly certain you’ll be able to pay it back quickly.
If you’re thinking of starting a business in Montana, you can find out more here.
Looking to Start a Business in Montana?
Running a business is thrilling but there’s a lot to keep track of.
Whether you’re looking for advice on how to start a business in Montana or tools to help your business thrive, you’ll find what you’re looking for here. Browse the rest of our site for even more business insights!