How To Start A Business In Maryland
Entrepreneurship in Maryland
Maryland natives have invented everyday objects from artificial sweeteners to the Ouija Board. In fact, the first public libraries were invented in Maryland. It's no wonder so many great entrepreneurs have come from Maryland.
With people like Alonzo Decker (founder of Black and Decker), and J. Willard and Alice Marriot (founder of Marriott International) to look up to, the people of Maryland love to lead entrepreneurial teams that change the world.
Home to the famed John Hopkins University and the beautiful Chesapeake Bay, the old line state is a great place to start your small business.
Registering Your Business
Registering your business is one of the first steps to success.
And with Maryland’s 100 dollar fee for starting an LLC, it's important you get it right.
Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.
Before you start your business, look around to understand the market in Maryland.
With an abundance of rich natural resources, Maryland has a ton of business potential.
According to TaxFoundation.org, Maryland ranks a solid 18th in sales tax rank.
Another good way to understand Maryland’s market is to visit your local Chambers of Commerce.
You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.
We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.
Maryland is full of hard working people that can be amazing assets to your company.
Unemployment rate in Maryland:
Information from Maryland.gov
Average annual salary in Maryland:
32.07 dollars an hour
Information from Zip Recruiter
Education levels for residents of 25 and older:
High school degree or higher:
Bachelor degree or higher:
Information from World Population Review
Price index yearly growth: 13.34%
Medium house price: 314,800 dollars
National average house price: 269,039 dollars
Maryland is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.
If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.
About the Firm...
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