Entrepreneurship in Minnesota

Minnesota natives have invented everyday objects from the pop-up toaster to masking tape. But they didn't stop there, they also invited inline skates, microwave popcorn and organ transplants. It's no wonder so many great entrepreneurs have come from Minnesota.

With people like Frank C Mars (founder of Mars food company), and Edward Pauls (Founder of NordicTrack) to look up to, the people of Minnesota love to lead entrepreneurial teams that change the world.

Home to the massive Mall of America and the bustling Twin Cities, the land of 10,000 lakes is a great place to start your small business.

Registering Your Business

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

And with Minnesota’s 155 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 Minnesota.

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

According to TaxFoundation.org, Minnesota ranks a medium 28th in the sales tax rank.

Competitor Analysis

Another good way to understand Minnesota’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

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

Unemployment rate in Minnesota:

3.3%

Information from Minnesota.gov

Average annual salary in Minnesota:

57,001 dollars

27.40 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

High school degree or higher:

93%

Bachelor degree or higher:

36%

Information from World Population Review

Housing Market

Price index yearly growth: 14.16%

Medium house price: 223,900 dollars

National average house price: 269,039 dollars

General Advice

Minnesota 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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