Entrepreneurship in Hawaii

Hawaii has an ancient history of invention, after all they did create surfboards back in 300 AD, and they have not stopped since.

With people like Tom Blake (creator of the modern hollow surfboard), Henry Ginaca (creator of the first automatic pineapple peeler), and CBI polymers (a Honolulu based company that created a gel to mop up radioactive particles) to look up to, Hawaiians love to lead entrepreneurial teams that change the world.

Known for its tropical climate and its awesome waves, it's no wonder that Hawaii is a popular tourist attraction. Not to mention the fact that it has a booming trade economy as it acts as the gateway to Asia. So, as things return back to normal after the Covid-19 pandemic, Hawaii's market will only grow. So embrace the Aloha spirit and start your dream business.

Registering Your Business

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

And with Hawaii’s 50 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 Hawaii.

With a year-round growing season and a stable defense presence, Hawaii has a ton of business potential.

According to TaxFoundation.org, Hawaii ranks a low 38th in the race for the overall best business tax climate, but on a brighter note it holds a solid 9th place in the race for the best property taxes.

Competitor Analysis

Another good way to understand Hawaii’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

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

Unemployment rate in Hawaii:

6%

Information from Bureau of Labor Statistics

Average annual salary in Hawaii:

62,096 dollars

36 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

Associate degree:

32.1%

Bachelor degree

20.2%

Graduate or Professional degree

10.3%

Educational Attainment

Housing Market

Hawaii's housing market has changed from luxury family homes to condos and other rental spaces. With a 64% increase in condominiums in the past year it's a good time to look into investing into Hawaii's rental spaces.

Information from mangacasa.com

General Advice

Hawaii 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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