Entrepreneurship in North Carolina

North Carolina natives have invented everyday objects from Vicks VapoRub to steam ships. In fact, the first airplane was flown right here in North Carolina. It's no wonder so many great entrepreneurs have come from North Carolina.

With people like Vernon Rudolph (Founder of Krispy Kreme), and Andy Andrews (CEO of Dominion Realty Partners) to look up to, the people of North Carolina love to lead entrepreneurial teams that change the world.

Home to the famed Great Smoky Mountains and the birthplace of Pepsi, the tar heel state 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 North Carolina’s 125 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 North Carolina.

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

According to TaxFoundation.org, North Carolina ranks an awesome 4th in the corporate tax rank.

Competitor Analysis

Another good way to understand North Carolina’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

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

Unemployment rate in North Carolina:

3.9%

Information from North Carolina.gov

Average annual salary in North Carolina:

53,703 dollars

25.82 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

High school degree or higher:

88%

Bachelor degree or higher:

31%

Information from World Population Review

Housing Market

Price index yearly growth: 18.24%

Medium house price: 172,500 dollars

National average house price: 269,039 dollars

General Advice

North Carolina 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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