Entrepreneurship in Arkansas

Arkansas is the home of many famous inventions. Freeman Owens perfected the process of putting sound on film in 1980 and Arkansas native Ben Pearson created technology to mass produce bows and arrows. And that's just the beginning.

With people like Jon Allen (CEO of Onyx Coffee Lab), and Shannon Bedore (CEO of Sightline) to look up to, the people of Arkansas love to lead entrepreneurial teams that change the world.

Bordering the beautiful Mississippi River and filled with warm hot springs and deep caves, Arkansas is a natural wonder. Now consider that Arkansas leads the country in the production of bauxite and the world in the production of bromine and you will be running to start a business in its majestic grasp.

Registering Your Business

Registering your business is one of the first steps to success.

And with Arkansas’s 45 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.

Click here to learn more.

Market Analysis

Before you start your business, look around to understand the market in Arkansas.

With an abundance of rich natural resources, Arkansas has a ton of business potential.

According to TaxFoundation.org, Arkansas ranks a medium 25th in the race for the overall best property tax.

Competitor Analysis

Another good way to understand Arkansas’s market is to visit your local Chambers of Commerce.

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.

Labor Statistics

Arkansas is full of hard working people that can be amazing assets to your company.

Unemployment rate in Arkansas:

3.1%

Information from Arkansas.gov

Average annual salary in Arkansas:

62,096 dollars

29 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

Associate degree:

23.7%

Bachelor degree

49%

Graduate or Professional degree

19.6%

Information from Statista.com

Housing Market

Arkansas's housing market enjoys a low price-to-rent ratio so it is in fact cheaper to buy than rent. And with only 30% of households who can afford a middle priced home the market is tight.

Information from howmuch.net

General Advice

Arkansas 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.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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