First Down Funding fights Covid-19 for your Small Business. Read more

Apply Now! Contact Us

TOLL FREE: (833) FDFUNDING

Starting a Business in North Dakota

A complete step-by-step guide to start your business and get on the fast track to financial success.

Small Business Funding
The Best for your Small Business

Get Pre Approved in Minutes!







Doing Business In North Dakota

Business facts:

Business incentives, government accessibility, and workforce performance, combined with North Dakota‘s favorable position as one of the lowest cost states for operating a business, are driving top companies to establish operations in North Dakota.

Turbulence from the steep decline in global energy costs has hurt the North Dakota economy, but in most other respects the state’s economic performance is remarkable. In 2015, the North Dakota’s economy contracted, but in the years before that, growth was explosive. Although the state is heavily reliant on the energy sector – North Dakota accounts for 12.5 percent of U.S. crude-oil production – entrepreneurs have found plenty to be optimistic about.

Small business and Startup environment

North Dakota has 59,158 small businesses, according to the most current federal data available. Of those 59,158 small businesses in North Dakota, 18,522 have employees. The remaining 40,636 are North Dakota small businesses that have no employees.

North Dakota might be a small state, but even so, it ranks first in the number of startups per capita. Small business owners and aspiring entrepreneurs are finding that North Dakota offers the opportunity and support that combine to create a sense of initiative and innovation. This has led to more small business creation in a state with less than a million people than anywhere else in the U.S.

STEPS TO STARTING A BUSINESS IN NORTH DAKOTA

Looking For Small Business Funding?

Apply Online and find out your financing options

Apply for business funding

Step 1: Choose A Business Structure

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:

Step 2: Choose The Right Business Name

Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:

  1. Avoid hard-to-spell names.
  2. Don’t pick a name that could be limiting as your business grows.
  3. Conduct a thorough Internet search.
  4. Search and purchase a domain name.
  5. Use a name that conveys some meaning.
  6. Conduct a trademark search.

Step 3: Register Your Business

Depending on the business structure you chose you will need to register your business.

North Dakota Resale license 

North Dakota Business Entity Search

Step 4: Obtain an EIN Tax Number

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.

Click Here to Apply for EIN number online

Get Inspired by these North Dakota Startups

Step 5: Open A Bank Account

– Open a business bank account:

  • Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
  • Makes accounting and tax filing easier.

– Get a business credit card:

  • Helps you separate personal and business expenses.
  • Builds your company’s credit history, which can be useful to raise capital later on.

Step 6: Licenses & Permits

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 North Dakota Businesses:

Selling products? Check North Dakota Resale Permit

Business Licensing for the State of North Dakota

Step 7: Branding & Marketing

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.

Step 8: Establish a Web Presence

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:

First Down Funding is Funding America – Small Business Funding – Inventory Funding – Flexible Business Financing – Working Capital Funding – Short Term Funding – Long Term Funding – Contact First Down Funding For Funding Options (866) 644-1353

error: Alert: Content is protected !!