The state of Massachusetts is part of the New England region situated in the Northeastern part of the U.S. The state is the 44th, as size, relatively small in comparison to its population of 6.5 million hence has one of the biggest population densities and biggest urban areas in the United States. The biggest urban center and capital is Boston. 80% of the state’s population lives in the Greater Boston Area.
Business is thriving in this region and has seen spectacular changes along the time, varying from agriculture at the end of the 19th century to manufacturing and later on shifting towards finance, technology, higher education and maritime trade. From a macro-economic perspective, it is ranked at 11th as GDP in the whole US.
Steps to starting a business in Massachusetts
1. Name your company
Choosing a catchy name that ideally reflects your business can have a big influence on your success.
2. Choose a business structure
The most popular options include
LLC
C Corporation
S Corporation
Partnership
Sole Proprietorship
3. Plan ahead
Planning ahead means doing tons of research before you actually begin with the first step of becoming an owner.
4. Create a great business plan
A business plan should definitely include: an executive summary, appendix, product/service description, company description, team and employers.
5. Create the right team
Choosing the right people to have on your team is essential for your business growth and development.
Check out your knowledge when it comes to starting a business in Massachusetts by clicking our short quiz. Good luck!
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