Are you searching for business opportunities in Wisconsin, United States? Are you considering starting a business in Wisconsin but you simply lack ideas on what business to start? If YES, then I advice you read on as this article will help solve this problem.
The state of Wisconsin welcomes and offers support to new business owners. Some of the things you need to take care of before starting a business in Wisconsin are-:
6 Requirements for Starting a Business in Wisconsin
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Business Registration
You can register your business as a sole proprietorship, a partnership, a Limited Liability Company, an S corporation or a C corporation depending on the legal structure you prefer.
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Bank Account
It’s always better to have a separate account for your business. You need both a checking account and a savings account. A current account for all your transactions and a savings account to keep some of the money you do not need so that it can generate some interest for you. Once you have chosen a name for your business and registered it, you can open a bank account in your Business Name.
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Taxation
Next, you have to obtain a unique tax identification number for your business to enable you file your taxes accurately and regularly. I also feel that it is imperative for you to know some of the taxes that you would be required to pay. An income tax of 7.9% is charged for companies incorporated in the state of Wisconsin.
Other taxes include Workers Compensation, unemployment compensation, property taxes, sales/use taxes and individual income taxes. Ensure that you know and understand all the tax laws of the state as well as federal tax laws.
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Financing
The state of Wisconsin has a lot of financing programs for small business owners. You could also check the Wisconsin Business Development Centre for financial support. Another option is to go for an SBA-guaranteed loan or approach banks and financial institutions for help.
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Advice and Support
You can get business advice and support from the Small Business Development Centers (SBDC), Small Business Centers (SBC) and similar organizations that are established to provide both financial, moral and technical support to small and medium sized business owners.
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Professional Consultants
Sometimes, going into a business without professionals to hold your hands and guide you through is like building a house without a foundation. It is important for you to seek the help of professionals like lawyers, accountants and I.T experts to offer you some appropriate business support and advice.
So, now that you know some of the things that you would need to start a business in Wisconsin, let’s discuss some of the businesses that you can do in Wisconsin.
10 Small Business Investment Opportunities in Wisconsin
1. Cinema
A cinema is a perfect relaxation spot for couples, kids, youths and all classes of people. Cinema owners make money from selling out tickets for people to watch the latest movies and selling of snacks, DVDs and other entertainment items.
Starting a cinema is very technical and capital intensive but once you get a hang of it, there’s no limit to the amount of profit you can make. You would need TV’s, Projectors, a suitable space that you can convert into a cinema, some popcorn and smoothie makers, ice cream makers and a support staff to run a cinema business.
2. Table Water Production
A lot of people prefer to have table water instead of tap water. This is because of the general belief that table water is cleaner and healthier. You can either start a table water production business; producing and distributing your own brand of table water or start a table water distribution business instead. Table water distribution business is very suitable for people who do not have much capital to invest.
3. Gas Station
Another business idea you can explore in Wisconsin is to start a gas station. There are a sizable proportion of vehicle owners that you can serve. The only challenge with starting a gas station is that you would need a lot of capital.
4. Car Sales
Yet another business idea for the deep pocketed investor is to start a car sales business. To sell more cars, you should consider offering hire purchase and credit financing options but you have to do that with a lot of caution to avoid bad debts.
If you don’t have much capital to invest, you can go for used car sales business instead. You can buy used cars from people, pimp it up a little and sell for a profit. Another option for you if you don’t have much capital is to become a car sales agent. This means that you would help car sales companies to find buyers and the earn commission for sales made.
5. Secretarial Services
Fifth on the list of my top recommended businesses for residents of Wisconsin is to start a secretarial services business. You can do this as a freelancer. Some of the services you would offer are-:
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Business letter writing services
You can use your strong communication skills to help people write business letters and proposals.
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Typing services
You can take up online typing and data entry jobs or even do some typing jobs for people offline.
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Transcription services
You can also help people transcribe documents.
6. Music Studio
Music studio owners earn a lot of money per session from aspiring artists and people who wish to record songs.
7. Computer Training Center
Another idea is to start a computer training center. You can offer corporate training services, computer training for students, computer repairs and maintenance services, software development and maintenance, desktop publishing and other computer services.
8. Real Estate Photography
This involves taking pictures of houses and properties to facilitate sales. When people want to rent or lease a property, they would ask for pictures. Investors and lenders also ask for pictures of building projects before giving out loans. You would work closely with real estate agents, property developers and mortgage brokers.
9. Retail Store
You could also start a retail store. You can sell anything from clothes to toys, beverages, provisions, chocolates, snacks, drinks and a host of other things.
10. Holiday Resort
Lastly, you can set up a holiday resort for people who want to go on vacation and relax. Your holiday resort should have fun and relaxation facilities to keep your guests entertained and relaxed.