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HomeMy WebLinkAboutPrior Lake Demographic InformationPrior Lake, Minnesota Demographic Information Prior Lake has an active business community that includes small businesses , mid - sized businesses and large businesses. To give you a better feel for Prior Lake demographics for small businesses , we have tabulated the small business sizes, based on number of employees, for business in Prior Lake. # of Business Size Businesses 1 - 4 Employees 1498 5 - 9 Employ ees 294 10 - 19 Employees 192 20 - 49 Employees 114 50 - 99 Employees 21 100 - 249 Employees 6 250 - 499 Employees 0 500 - 999 Employees 0 1000+ Employees 6 All Prior Lake Businesses 2131 As a new Prior Lake entrepreneur , you may also be interested in the table below. It shows how many businesses there are in Prior Lake for each business category. By looking at this chart, you can get a general sense for how much competi tion there is in the business niche that you are pursuing. # of Business Type Businesses Advertising Agencies 3 Architectural Services 2 Automotive Glass Replacement Shops 2 Automotive Parts and Accessories Stores 5 Beauty Salons 8 Beer, Wine, and Li quor Stores 4 Boat Dealers 2 Building Inspection Services 1 Business Associations 2 Business to Business Electronic Markets 1 Cable and Other Program Dist ribution 1 Car Washes 2 Carpet and Upholstery Cleaning Services 1 Casino Hotels 1 Casinos (except Casino Hotels) 1 Child Day Care Services 7 Civic and Social Organizations 2 Computer and Software Stores 1 Computer Facilities Management Services 2 Computer Systems Design Services 7 Computer Training 1 Confectionery Merchant Wholesalers 1 Construction Sand and Gravel Mining 1 Credit Unions 1 Custom Computer Programming Services 12 Diagnostic Imaging Centers 1 Display Advertising 1 Document Preparation Services 1 Drinking Places (Alcoholic Beverages) 3 Drywall and Insulat ion Contractors 4 Electrical Contractors 11 Electronic Computer Manufacturing 1 Electronic Shopping 1 Employment Placement Agencies 2 Engineering Ser vices 10 Environmental Consulting Services 1 Facilities Support Services 1 Family Planning Centers 1 Farm Supplies Merchant Wholesalers 1 Finish Carpentry Contractors 12 Fitness and Recreational Sports Centers 1 Flooring Contractors 7 Florists 1 Food Service Contractors 2 Framing Contractors 4 Freight Transportation Arrangement 2 Full - Service Restaurants 6 Funeral Homes and Funeral Services 1 Furniture Merchant Wholesalers 3 General Automotive Repair 2 General Freight Trucking, Local 6 Gift, Novelty, and Souvenir Stores 1 Glass and Glazing Cont ractors 1 Golf Courses and Country Clubs 1 Graphic Design Services 3 Hardware Stores 4 Home Health Care Services 1 Homes for the Elderly 1 Industrial Launderers 1 In surance Agencies and Brokerages 14 Investigation Services 2 Investment Advice 3 Janitorial Services 6 Jewelry (except Costume) Manufacturing 1 Landscape Architectural Services 1 Landscaping Services 28 Limited - Service Restaurants 11 Limousine Service 2 Local Messengers and Local Delivery 1 Machine Shops 2 Mail - Order Houses 3 Marketing Consulting Services 8 Masonry Contractors 10 Mortgage and Nonmortgage Loan Brokers 7 Motion Picture and Video Produc tion 1 Motorcycle Dealers 1 Musical Groups and Artists 1 New Housing Operative Builders 7 Nonresidential Property Managers 2 Nursing Care Facilities 1 Office Administrative Services 5 Offices of Certified Public Accountants 3 Offices of Chiropractors 5 Offices of Dentists 9 Offices of Lawyers 9 Offices of Optometrists 1 Offices of Real Estate Appraisers 5 Painting and Wall Covering Contractors 9 Passenger Car Rental 1 Periodical Publishers 1 Pet Care (except Veterinary) Services 1 Pharmacies and Drug Stores 1 Photography Studios, Portrait 2 Por tfolio Management 1 Public Relations Agencies 1 Quick Printing 2 Real Estate Credit 3 Residential Property Managers 2 Residential Remodelers 13 Roofing Contractors 2 School and Employee Bus Transportation 8 Securities Brokerage 1 Siding Contractors 4 Sign Manufacturing 1 Site Preparation Contractors 13 Snack and Nonalcoholic Bev erage Bars 1 Software Publishers 1 Solid Waste Collection 2 Sporting Goods Stores 1 Sports and Recreation Instruction 2 Surface - Coated Paperboard Manufacturing 1 Tax Preparation Services 1 Temporary Help Services 1 Temporary Shelters 3 Tile and Terrazzo Contractors 2 Title Abstract and Settlement Offices 2 Tobacco Stores 1 Travel Agencies 2 Used Car Dealers 3 Vending Machine Operators 2 Veterinary Services 4 Video Tape and Disc Rental 1 Wholesale Trade Agents and Brokers 12 Window Treatment Stores 1 Wineries 2 Wired Telecommunications Carriers 1 Wood Con tainer and Pallet Manufacturing 2 What About Franchising Opportunities? As you drive around Prior Lake, you'll notice that many local entrepreneurs have gone the franchising route. Evidently, there must be some significant advantages to purchasing a franc hise. Our advice is to look into purchasing a franchise. We have many articles on franchises, such as Franchisees Versus Licensees . Get a thorough education on franchising by browsing all of our Articles on Franchising . To learn about specific franchise opportunities, check out our Franchise Directory . Sample franchise opportunities include Super 8 Motels, Inc. and Valcourt Building Services, L.C. . Alternatively, you can browse franchise catego ries, such as Golf Franchises and Real Estate Franchises . Note on Prior Lake Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Prior Lake. Have You Considered Buying an Existing Prior Lake Business? An excellent way to get started in business is to Buy a Business in Minnesota . Follow that link and you may find several good businesses for sale in Prior Lake. If you are headed down the path of buying a business, you may want to read this article: Hold Harmless Agreements When Buying Businesses . Forming a Company in Prior Lake, Minnesota It's very important that you choose the right legal structure for your new entity. Doing so will shi eld you from personal liability for business debts and obligations. The entity you form can be a traditional C - corporation, a Limited Liability Company (LLC), or an S - corporation. Incorporating is a very popular way to form a business. Of course, you hav e to decide which type of corporation to form and where to incorporate. If you are starting a business in Minnesota, you don't necessarily have to incorporate in Minnesota. In fact, you can incorporate in any state you would like to. However, if you do inc orporate in another state, you'll have to register as a foreign corporation in your home state. There are many nuances to forming a company. To learn the basics of company formation, browse articles on our site, such as Incorporation Advice . You may also want to seek the advice of an attorney. Finally, if you are starting a business in Prior Lake, Minnesota, our information on Incorporating in Minnesota may be a useful resource if you decide to incorporate in Minnesota. The Role of the Business Plan A business plan is essential in laying a solid foundation for your business success. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan is a recipe for disaster. Before you start writing a business plan, we suggest you skim Business Plan C ontests . You can also get free business counselors available to you through your local SCORE chapter in Minnesota . Raising Money for Your Venture Getting your Prior Lake business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans. Take adv antage of our many articles on securing funding, such as Borrowing Money from Friends and Family . For Prior Lake entrepreneurs who want to raise money for a new venture, ch eck out our List of Minnesota Angel Investors and our List of Minnesota Venture Capital Firms . Next Steps You h ave a dream -- starting a business in Prior Lake. To achieve your dream, you have to persevere, even when the odds are against you. Owning your own business will be a daunting task, but you can do it. This site is all about helping entrepreneurs in Prior Lake and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Prior Lake, neighborhood development and overall economic health. More Entrepreneurial Resources for Starting a Business in Prior Lake, Minnes ota Here are more links that we believe will help you be successful in starting a business in Prior Lake.  Resources for Prior Lake, Minnesota Entrepreneurs - Browse a variety of re sources we've collected to assist Prior Lake entrepreneurs.  Minnesota Entrepreneurial Resources - We've gathered state - level entrepreneurial resources to help new entrepreneurs who are based in Minnesota.  Minnesota Small Business Development Center - The Minnesota Small Business Development Centers provide no - cost, professional business consulting to Minnesota small businesses coveri ng a variety of business needs.