Thu 10 Mar 2016 | By:

5 Best Practices for Starting a Business in Michigan

5 Best Practices for Starting a Business

Over the course of time, many small business practices have emerged simply because small businesses have become a driving force for developing economic growth. Every day, there are a good number of aspiring entrepreneurs who open a small business in the hopes that it will help them become financially independent.

While a handful succeed, the majority of entrepreneurs are caught up with business challenges and distractions and eventually close down their business. Yes, running a business can be quite the challenge, but one way to counter these challenges is to exercise best business practices within the organization.

When starting a business in Michigan, best practices in the areas of how to incorporate in Michigan to continuous education can make it easier and smoother to run your business.


1) Prepare a Solid Business Plan

Write a Business PlanBuild a business not just for the present, but build it for the future as well. When you’re building for the future, write a solid business plan to accomplish this.

Writing a business plan lets you have a better perspective of your business and helps you come up with sound strategies and tactics that are beneficial to your business.

Read up on key components to include in your plan and learn how to write a proper business plan now. You can get additional valuable tips with the resources below too.

Quick Links on Planning for Success


2) Take Advantage of Free Startup Resources

Free Resources to Start a BusinessWhen you’re at the learning stage of how to start a business in Michigan, one of the few key points that you must never fail to use are free startup resources.

Startup resources can vary from how-to articles and guides, government-funded organizations, and applications and tools that help you form a business easier, faster, and with more ease and convenience.

Relying on these free resources puts your business at an advantage in terms of effectively utilizing time, money, and effort. Below are some Startup Savant free resources you can add to your resource list.


3) Incorporate in Michigan with the Right Business Structure

Business WebsiteAlthough you need to primarily choose a business structure to comply with tax laws, incorporating in Michigan with the appropriate business structure will immensely help in various areas of business operations.

Since this is the case, it is crucial to choose a structure that aligns with your business mission and goals. As soon as you have selected the right structure, incorporate with that structure legally using our guides below.


4) Create an Operating Agreement

Create an Operating AgreementAn Operating Agreement may not be a legal document required upon your business’ incorporation. However, it is a crucial document that will help put order and organization in the internal affairs of your LLC.

To create an Operating Agreement means that you have set a clear guideline as to how profits and losses are distributed, how to allocate tasks and responsibilities between members, and safeguard your business from state default laws that could prove trouble for your business.


5) Continue Learning as a Business Owner

Continue Learning as a Business OwnerKnowledge is power – this definitely holds true as well in the business world. Learning should not stop after the Michigan startup process. Rather, when you’re starting a Michigan business, make it a habit to gain new knowledge every single day.

From reading business books and other valuable resources to taking up free startup courses, or trying out free trial lessons like that provided by Startup Savant, you are bringing your business to the forefront of success.


Wrapping Up and Moving Forward

Remember that starting a business is always a challenge, but incorporating best practices as you slowly go through the steps of the startup process makes tasks easier.

There will be no surefire guarantee of success, but the probability of your business doing better than most is exponentially increased. Start with the five practices enumerated above, and work your way to more best practices as it applies to your business!

About Ryan James

Half hardworking hermit, half avid adventurer, Ryan founded Startup Savant to simplify entrepreneurship and pay it forward by donating a portion of all revenue to support children's education via