With growing industries in manufacturing and IT, agriculture is still North Dakota’s largest industry. Currently, the state has different industries like petroleum, food processing, and technology contributing to the state’s economy. Large farms in North Dakota generate the most crops. If compared to other sectors, the share of people in the state employed in agriculture is comparatively high. North Dakota has different industries in growing around the developing technology.
It’s the second leading producer of sugar beets in the United States, the largest producer of honey and the third-largest producer of potatoes. The internet has played its role and people are now running successful businesses from home. If you wish to start a small business from home, here’s a complete guide on how you can start a successful business in North Dakota.
Top Business Ideas For North Dakota | Business Opportunities In North Dakota
An easy option to start from home and make money quickly. You can start with a cooking channel or a news channel or something you love. YouTube will pay you as a creator for the ads shown on your videos.
Every small business now needs a website to make a standing presence online. You can start to offer web design services from home. Either you can learn the skills online, or follow YouTube guides. You can choose projects from UpWork and Fiverr instantly.
North Dakota is famous for its agricultural products. Being the second leading producer of sugar beets, it also excels in dry edible peas, beans, lentils, and potatoes.
Honey Export Business
The state is the largest producer of honey in the United States. You can start to farm honey, process it, pack and export honey to different states and countries. However, you need a license to export any items to other countries.
Online Makeup Tutorials
Do you love makeup? How about starting a makeup tutorial channel on YouTube or any video sharing platform. You can offer makeup and go-to hair and recommendations. You can even to offer in-house visits to clients around your area.
The growing IT space around the globe has opened a huge market for virtual assistants. You can work from home and provide remote services to professionals. This can be related to tech, web services, organizing daily tasks, support their business and even special events.
The tourism industry contributes more than $3 billion to the state’s economy annually via expenditures of visiting tourists. You can start a bed and breakfast business at your own home by listing it on Airbnb.
North Dakota has tourism as it’s third largest industry. With several visitors, you can start a travel agency helping tourists with tickets, hotels, local tours and more.
Online Tech Support
Are you a tech geek? Well, then this online market has a huge scope for you. Businesses now need people who can help them sort out technical problems remotely. You get paid online and you don’t even have to leave your bedroom.
A growing business in North Dakota, even small companies now need surveys. You can start to offer services like data collection distribution and analysis of surveys for a variety of businesses and special interests.
Majority of people in North Dakota are health enthusiasts. While people are now moving towards better options than a gym, yoga is a top choice. You can start to offer services with an instructor, or even complete a yoga course to become a licensed trainer.
There’s a considerable demand for daycare services in the state. You can start a daycare facility or can offer services as an individual. It’s a well-paid job, and you get to spend quality time toddlers and senior citizens.
Here is a 10 Step Guide on Starting a Business In North Dakota
If you want to legally start a business in North Dakota, follow the given steps:
Step 1. Choose a Business
Choose any of the business ideas from some of the top business opportunities you can start mentioned above.
Step 2. Business Plan
A well-detailed business plan is very important for any new business. North Dakota has a competitive market, so you will need a proper plan ready. Start with how you wish to finance, your business model, goals, targets and most importantly how to wish to proceed with the business.
Step 3. Financing Your Business
North Dakota has several investors and venture capital firms. Well if you have a good idea, it won’t be hard to find investment in the state. In case you choose to fund your own business, go check all the business loan options. Here are some of the best business loans with long-term payback periods at affordable rates.
Step 4. Naming Your Business & Domain Registration
Next up, start with the name. An official business name is required to register your business. You can use a business name generator to find a unique name. Also, make sure that your name is not already registered with the US trademark department. Now buy a domain immediately with the same name for no hassle later.
Step 5. Choosing A Business Structure
Now you need to choose a business structure and register your business in North Dakota to be legally operational. You can choose between a sole proprietorship, partnership, corporation, and an LLC. It’s recommended to choose LLC. It will offer added legal benefits and extra advantages with your annual taxes.
Step 6. Federal EIN & Tax Filing
Federal EIN acts a special security number for your business. You need to apply for an EIN to IRS to be eligible for taxation. You can visit the North Dakota Department of Taxation and Finance website for further details.
Step 7. Business Permits & Licenses
Local licenses are applicable in different cities of North Dakota, which varies from a city to city and county governments. The common licenses include a sales tax license. It is required to sell products legally in North Dakota. There are also special permits and licenses specific to different businesses like Honey export.
Step 8. Business Bank Account & Accounting Software
A business bank account is important. It will help you to manage the financial transactions in a classified manner. Setting up the accounting method is also important. Choose a good accounting software. It will help you to maintain all your business transactions in one place.
Step 9. Business Insurance
North Dakota has no such mandatory insurances applicable. Though, you should check with your local office to ensure the security. It’s better to keep a professional liability policy in case you are selling services and a worker’s compensation insurance for working employees.
Step 10. Promoting Your Business
Promotions play a major role in new businesses. You need to take your business to the potential audience. Initially, generating business is tough. So it’s better to hire an agency for properly planned promotions and marketing.
Best Places To Start A Business In North Dakota
Choosing the right location is going to determine how your business runs. Here are some of the best places in North Dakota to start your business:
This Starting A Business In North Dakota guide will hopefully help you to start a new business from scratch. Follow each step carefully and sequentially.