Entrepreneurship in Rhode Island

Rhode Island natives have invented everyday objects from the Mr. Potato Head toy to the sprinkler system. In fact, the first diner was invented here. It's no wonder so many great entrepreneurs have come from Rhode Island.

With people like Carolyn Rafaelian (Founder of Alex and Ani), and Marty Chase (Founder of Ann & Hope) to look up to, the people of Rhode Island love to lead entrepreneurial teams that change the world.

Containing beautiful beaches and important historic monuments, the little rhode 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 Rhode Island’s 150 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 Rhode Island.

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

According to TaxFoundation.org, Rhode Island ranks 25th in the sales tax rank.

Competitor Analysis

Another good way to understand Rhode Island’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

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

Unemployment rate in Rhode Island:

5.1%

Information from Rhode Island.gov

Average annual salary in Rhode Island:

71,365 dollars

34.31 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

High school degree or higher:

89%

Bachelor degree or higher:

34%

Information from World Population Review

Housing Market

Price index yearly growth: 19.06%

Medium house price: 261,900 dollars

National average house price: 269,039 dollars

General Advice

Rhode Island 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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