Tourism is the top industry in the state of Hawaii. Centrally located between the U.S. and Japan, Hawaii entertains tourists from around the world. People visit the state to enjoy the vast beaches and pleasant climate. The island of Oahu, also home to Waikiki Beach, is considered the main tourist area.
Defense is a large part of Hawaii’s economy. Several Army, Navy, Marine, Coast Guard, and Air Force bases are located in the state. With so many military personnel stationed in the state, the government also has its own military newspapers, golf courses, and accommodations for its employees.
Manufacturing is another strong industry in Hawaii and is primarily concentrated on Oahu Island. Products being produced include apparel and cotton-based products that are exported off the island.
The service industry thrives in Hawaii, including hotels, private healthcare, finance, and real estate.
Hawaii is home to large companies such as: The Queen’s Medical Center, Hawaii Pacific Health, Hawaiian Airlines, HSTA, State of Hawaii, Hawaii Health Systems, Hawaiian Electric Industries, Towne Island Homes – Maui, Outrigger Hotels & Resorts.
Hawaii has 105,242 small businesses, according to the most current federal data available.
Of those 105,242 small businesses in Hawaii, 28,844 have employees. The remaining 76,398 are Hawaii small businesses that have no employees.
The state is buoying the startup movement by dedicating creative resources to building a thriving entrepreneurial ecosystem in the islands. Recruiting players through the Hawai‘i Strategic Development Corporation (HSDC) and further developing the equity investment program HI Growth Initiative are two of those avenues for growth. Stakeholders in Hawai‘i’s innovation center like the Hawai‘i Venture Capital Association (HVCA), XLR8UH, Blue Startups, Energy Excelerator, Startup Capital Ventures, Pacific Asian Center for Entrepreneurship and StartupHawai‘i have joined forces to create Startup Paradise, a new branding effort to promote the local venture capital industry.
Apply Online and find out your financing options
The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and a few different types of corporations—the standard corporation (often called a C corporation or “C corp”), the small business corporation (often called an S corporation or “S corp”), and the benefit corporation (often called a B corporation or “B corp”).
The most common business structures are:
Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:
Depending on the business structure you chose you will need to register your business.
For Hawaii DBA (Doing Business As) go to:
For Corporations go to:
For LLC’s go to:
https://cca.hawaii.gov/breg/registration/dllc/With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.
– Open a business bank account:
– Get a business credit card:
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
Here are some links for Hawaii Businesses:
Selling products? Check Hawaii Resale Permit
Business Licensing for the State of Hawaii
Your brand is the image customers have of your business, so it’s important to determine who is your audience and what is the message that you want to project. That way, your company’s image will be what you intend it to be. It should be strategic and intentional.
Creating an optimized website helps you to gain important visibility for the right terms. A website is a powerful sales tool and one that allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action.
In addition to a website, you should also consider other avenues for promoting your business online:
Resources for entrepeneurs in Hawaii
Hawaii Small Business Development Center
Resources for entrepeneurs in Hawaii
Entrepeneurs Foundation of Hawaii