Michigan is home to top global conglomerates like General Motors, Ford, Kelloggs, Whirlpool and more. Michigan has a diversified economy. The domestic auto industry of Michigan accounts for one of every ten jobs in the whole of America. On the other side, it has a huge hunting industry contributing over $2 billion annually to the state’s economy.
Michigan has a massive tourism industry. It supports over 193,000 tourism jobs in the state with top destinations that draw vacationers and nature enthusiasts from across the United States and Canada. Here’s a complete guide on how you can start a successful business in Michigan.
Here are 10 Steps to Start A Business In Michigan
Follow the given steps to legally start a business in Michigan.
Step 1. Choose a Business
Best Small Businesses to Start in Michigan with Low Money
Online Currency Trading
You can buy foreign currencies online and sell them in different exchange rates. You can gain on the conversions. Forex trading is a popular part-time business around the globe.
Christmas Tree Business
A popular seasonal business, you call sell Christmas trees in the state. Michigan is the third largest grower of Christmas trees in the United States.
Michigan has an important source of engineering jobs and has a very developed domestic auto industry. The state has a very healthy employment ratio too. If you have networking capability, consider starting a recruiting agency in Michigan.
Bed & Breakfast Business
Michigan has several tourists visiting the state every year from all over US and Canada. You can start to offer a bed and breakfast option to tourists who look for an alternative to hotels.
Business Plan Writing Service
Companies often look for research-based strategies to improve their business. You offer business plans to help them do better.
Online Business Consultancy
If you have expertise in the field, you can start offering consultation. You can keep doing your own working and can offer consultations online.
Affiliate Marketing Business
If you can attract an audience through your channels, you can make money for influencing people to buy something. As an affiliate marketer, You will get paid to endorse products and services through different platforms.
Hunting Equipment Business
Michigan had the highest number of licensed hunters. You can start selling hunting equipment, which contributes $2 billion annually to Michigan’s economy.
If you are good with finance and accounts, you can start giving out advice. The massive working population of Michigan is a potential market.
Different small businesses operate in Michigan without prior marketing knowledge. You can assist them to execute their marketing plans and help them promote their products and services.
Start A Blog
If you have a writing passion, start a blog of your own. Start writing on a particular subject, share your blogs and make money from Google AdSense.
Online Copywriting Services
Companies often look for copywriters online for different marketing projects. You can offer different copywriting services like blogs, social media posts, PRs and more.
Content Marketing Agency
Michigan has a pool of companies operating in the state. You can help these companies create content to increase leads over advertising.
Social Media Marketing
Social media is a specific marketing specialty that most business owners know they need, but few are capable of doing well.
Milk is one of the valuable agricultural product in Michigan. You can produce your dairy products in Michigan and export them to other states.
Michigan is one of the largest growers of fruit in the States. You can start fruit farming and produce one of the top-selling fruits like blueberries, tart cherries, apples, grapes, and peaches.
Check: Top Franchise Business Opportunities In Michigan
Step 2. Planning Your Business
Start with a detailed plan for your new business. The business plan will help you to stay ahead of your competition. Jot down the goals, targets and how to wish to proceed with your new business.
Step 3. Financing Your Business
Michigan offers a healthy platform for new businesses. The state has several investors and venture capital firms. If you choose to fund your own business, go for a loan with a long-term payback period and low-interest rate.
Step 4. Naming Your Business
Choose a name and register it with the US trademark department. Make sure no one else has your name. Buy a domain immediately with the same name.
Step 5. Choosing A Business Structure
To register your business in Michigan, you need an Unemployment Insurance Account (UIA) from Michigan Department of Licensing and Regulatory Affairs. You can choose between a sole proprietorship, partnership, corporation, and an LLC. An LLC will offer you added benefits and extra advantages.
Step 6. Federal EIN & Tax Filing
You have to apply for a Federal EIN to be eligible for taxation. The Federal Employer Identification Number (FEIN) is your business tax ID. Register your business with the Michigan Department of Taxation and Finance.
Step 7. Business Permits & Licenses
You will need local licenses specific to cities in Michigan to be legally operational. Get a sales tax license to sell products legally. The license will allow you to make purchases for resale without paying any sales tax. The sales tax license has to be issued from the Michigan Department of Treasury. Some businesses in Michigan need special permits and licenses, like Recycling plastic business.
Step 8.Business Bank Account & Bookkeeping
Get a business bank account to facilitate financial transactions and open a credit account for vendors. Choose a reliable accounting software that will help you to manage all your transactions at one place.
Step 9. Business Insurance
You need to have a professional liability policy to sell services in Michigan. Also if you have any employee, you will need a worker’s compensation insurance to have a legal business
Step 10. Promoting Your Business
Now it’s time to take the word our. Take your business to your potential audience. Promoting the business in the right places is important. It’s better to hire an agency for promotions and marketing.
Best Places To Start A Business In Michigan
Choosing the right location is going to determine how your business runs. Here are some of the best places in Michigan to start your business:
We hope this complete hands-on guide will inspire you in starting your own small business in Michigan.