How To Start A Business In South Dakota
Entrepreneurship in South Dakota
South Dakota natives have invented everyday objects from the hot air balloon to the 4 door automobile. It's no wonder so many great entrepreneurs have come from South Dakota.
With people like Lee Raymond (CEO of ExxonMobile) , and Al Neuharth (Founder of USA Today) to look up to, the people of South Dakota love to lead entrepreneurial teams that change the world.
Home to the famed Mount Rushmore and the historic Black Hills, the Mount Rushmore 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 South Dakota’s 150 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 South Dakota.
With an abundance of rich natural resources, South Dakota has a ton of business potential.
According to TaxFoundation.org, South Dakota ranks an awesome 1st in the corporate and individual income tax rank.
Another good way to understand South Dakota’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.
South Dakota is full of hard working people that can be amazing assets to your company.
Unemployment rate in South Dakota:
Information from South Dakota.gov
Average annual salary in South Dakota:
32.70 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: 16.81%
Medium house price: 167,100 dollars
National average house price: 269,039 dollars
South Dakota 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.
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