How To Start A Business In Michigan
Entrepreneurship in Michigan
Michigan natives have invented everyday objects from fiber optics to Penicillin. In fact, the first assembly lines were created here. It's no wonder so many great entrepreneurs have come from Michigan.
With people like Daniel Gerber (founder of Gerber Baby Food), and Howdy Holmes (CEO of Jiffy Mix) to look up to, the people of Michigan love to lead entrepreneurial teams that change the world.
Home to the famed Michigan University and a thriving automobile industry, the great lake 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 Michigan’s 50 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 Michigan.
With an abundance of rich natural resources, Michigan has a ton of business potential.
According to TaxFoundation.org, Michigan ranks an awesome 10th in the sales tax rank.
Another good way to understand Michigan’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.
Michigan is full of hard working people that can be amazing assets to your company.
Unemployment rate in Michigan:
Information from Michigan.gov
Average annual salary in Michigan:
28.41 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: 15.62%
Medium house price: 154,900 dollars
National average house price: 269,039 dollars
Michigan 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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