Best Businesses To Start In Montana


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Best Business to Start in Montana

Have you thought of starting a business in Montana? With its diverse population [by 2023 data, it is 1,112,668], thriving industries, and supportive business environment, Montana has become a hotbed for innovation and growth. Whether you have a revolutionary idea, a passion for a particular industry, or are simply seeking an opportunity to be your own boss, there is no better time to explore the best businesses to start in Montana. When it comes to starting a business, it is necessary to decide on the structure first. You can form a corporation, a sole proprietorship, a partnership, or can create an LLC in Montana

In this article, we will delve into the various industries that are currently flourishing in Montana and highlight the top business opportunities within each sector. From eco-friendly ventures to tech start-ups and from healthcare to hospitality, we will provide valuable insights and guidance on identifying the most promising and best businesses to start in Montana. So, if you’re ready to take the plunge and embark on an entrepreneurial journey, read on and get inspired!

Why Start a Business in Montana?

There are many reasons why many individuals would want to start a business in Montana. With its gentle climate and being one of the most populated states in the U.S., it has excellent conditions for businesses to thrive. That’s the main reason plenty of retail establishments operate in the state.

On a different note, Montana is also one of the technologically advanced states in the U.S. that shows more accessible means of accounting, product development, manufacturing, and delivering products to customers on top of easy access to fully utilizing the supply and demand chain in the big market. This is also one of the reasons why the e-commerce industry is also booming in the state.

Now that we have mentioned all the positive attributes of why the state is excellent for starting a business, it’s time to discuss the top 5 best businesses in the state to venture into. Let’s get to it. 

The Best Businesses to Start in Montana

In Montana, the overall business environment is quite friendly. For a beginner, starting a business with fewer close competitors is always wise. For example, local products, food businesses, or something similar that is highly in demand, yet cost-effective in Montana. Here are the best businesses in Montana that can be a good option to start with-

1. Travel Agency

If you plan to set up a business in Montana, Travel Agency will be the best option. The Travel Agency sector has developed significantly across the state in recent years. As far as the cost of the business is concerned, it is comparatively cheaper as Montana provides tax benefits to the start-ups. Besides, if you start an LLC for your Travel Agency business, you can enjoy pass-through taxation and other benefits.

2. Tour Guide Service

Tour Guide Service is in the second position when it comes to the best business list in Montana. If you’re in Helena that is the state’s capital, having this business can make a lot of difference to your career and revenue. Tour Guide Service is highly in demand in Montana and cost-effective. So, if you are planning to set up your own business in Montana, Tour Guide Service can be a smart option. 

3. Car Detailing Business

In Montana, setting up Car Detailing Business is easy and perfect for the ones who are looking for long-term business. Every year, more than thousands of entrepreneurs set up this business in Montana. Montana government offers subsidies for the ones starting business in Montana. If you hire people in your company, you might get employment benefits for providing job opportunities. 

4. Dog Breeding Business

The next one is Dog Breeding Business to start in Montana. As we know, Montana is one of those states that provide good infrastructure to start any business at any cost. Hence, starting a Dog Breeding Business business is also not difficult. To start this business, check with the state and local government for licenses and permits. 

5. Towing Company

Finally, you can start Towing Company business in Montana. Though it is in the 5th position, it has high potential in Montana. It is common, and the best part of starting Towing Company is the availability of initial raw materials (basic production material) in Montana. Hence, you don’t need huge initial capital to start this business.

These are the 5 best businesses LLCBuddy Team shortlisted as the best to start in Montana. Compared to other businesses, these businesses have a huge demand for their services and worth and don’t have high start-up costs.

What to Do After Deciding on a Business To Start in Montana

After everything has been decided, it’s time to start the legal proceedings to successfully launch your business in Montana. You must choose a legal business structure, for example, a limited liability company (LLC), a corporation, a partnership, a sole proprietorship, etc. While this may vary between states, the typical processes are as follows:

Deciding on a Legal Structure

First, you must decide what type of business structure you want for your business. You can protect your personal assets from your business liabilities by forming an LLC in Montana. Besides, you can start a sole proprietorship or an S-corp if you want to set up a small business. 

Choosing a Business Name

The next step is to get a business name. Ensure you get a name not used by any other entity in the state. If you plan to start an LLC in Montana, you can check the Montana LLC name guidelines and search process before you name your business.

Get Your Montana Registered Agent

This is one of the most crucial steps in forming any business in Montana. You must get a legit Registered Agent for your business. The Montana Registered Agent is a person responsible for handling your official and legal documents on your behalf. Ensure your Registered Agent has rights to conduct business in Montana and they have a physical address anywhere in the state.

Registering your Business Entity

After assigning the Registered Agent, you must register your business. If you are forming a corporation, you must file the Montana Articles of Incorporation. On the other hand, if you are forming an LLC, you must file Montana Articles of Organization with the Montana Secretary of State. You can file it online or offline, whichever is available for you. 

Once your business is registered (if registered as an LLC), you might need to prepare an operating agreement. The Montana LLC operating agreement may or may not be required for LLCs. You must check with the Montana Secretary of State for more details. On the other hand, if you registered your business as a corporation, you must hold a first board meeting with the initial directors and partners of the company.

After Setting up Your Business in Montana

As soon as you set up your business in Montana, you must consider the following points-

  • Applying for Licenses and permits: The next step is to apply for the licenses and permits in Montana. Based on the nature of your business, license and permits are required to obtain. Checking with the local county/city authority for special licenses is recommended.
  • Register for Required Montana Taxes: Once you file your business, apply for state and federal taxes. For that, you must apply to obtain an Employment Identification Number (EIN). To obtain an EIN, you must apply online, by mail, or by fax to IRS. Before you apply for your EIN, check if your business needs to obtain EIN.
  • Obtaining Business Insurance: Protecting your business from any unpleasant events or losses is required. In that case, you should obtain business insurance. If you hire employees in your company, you must get employee coverage to protect them. 
  • Opening a Business Bank Account: Finally, get a business bank account to separate your business and personal transactions. Having a business bank account can improve your credit score. That brings more credit and loan opportunities to your business. 

FAQs

What are the best business to start in Montana?
The best businesses to start in Montana include tourism and hospitality, agriculture, outdoor recreation, technology and software, construction, and financial services.
What are the business laws in Montana?
Businesses in Montana must comply with all state and federal laws, including regulations on permits, taxation, and labor.
What are the opportunities for entrepreneurs in Montana?
Montana offers a variety of opportunities for entrepreneurs, from small business grants and loans to tax incentives and other resources.
Are there any tax incentives for businesses in Montana?
Yes, businesses in Montana can qualify for a variety of tax incentives, including credits for job creation, research and development, and economic development.
Is there any incentive to start a business in Montana?
Yes, Montana offers a variety of incentives for entrepreneurs, including access to capital, grants and loans, and tax incentives.
What is the best location to start a business in Montana?
The best location to start a business in Montana will depend on the type of business you are starting and the resources available in that area.
What types of businesses are popular in Montana?
Popular business types in Montana include tourism and hospitality, agriculture, outdoor recreation, technology and software, construction, and financial services.
How can I find information about starting a business in Montana?
The Montana Department of Commerce offers resources and information on starting a business in Montana, including access to capital, tax incentives, and other resources.
What is the best way to finance a business in Montana?
The best way to finance a business in Montana will depend on the type of business you are starting and the resources available. Options may include grants and loans, angel investors, venture capital, and crowdfunding.
What are the most profitable businesses in Montana?
The most profitable businesses in Montana vary depending on the type of business and the resources available. Popular profitable businesses in Montana include tourism and hospitality, agriculture, outdoor recreation, technology and software, construction, and financial services.
What are the business regulations in Montana?
Businesses in Montana must comply with all state and federal laws, including regulations on permits, taxation, and labor.
What are the best places to start a business in Montana?
The best places to start a business in Montana will depend on the type of business you are starting. Popular business locations in Montana include Bozeman, Missoula, Billings, Great Falls, and Helena.
What are the most successful businesses in Montana?
The most successful businesses in Montana vary depending on the type of business and the resources available. Popular successful businesses in Montana include tourism and hospitality, agriculture, outdoor recreation, technology and software, construction, and financial services.
What are the startup costs for businesses in Montana?
The startup costs for businesses in Montana vary depending on the type of business and the resources available. Generally, startup costs may include investment capital, permits, licenses, and insurance.
Are there any grants or loans available for businesses in Montana?
Yes, businesses in Montana can qualify for a variety of grants and loans, including grants from the Montana Department of Commerce and loans from the Montana Small Business Development Center.
What are the business taxes in Montana?
Businesses in Montana are subject to state and federal taxes, including corporate income tax, sales and use tax, and property tax.
What is the best time of year to start a business in Montana?
The best time to start a business in Montana will depend on the type of business you are starting and the resources available. Generally, the best time of year to start a business in Montana is during the spring or summer months.
Is there any support available for businesses in Montana?
Yes, businesses in Montana can access a variety of resources and support, including grants and loans, tax incentives, and other resources from the Montana Department of Commerce.
What are the benefits of starting a business in Montana?
The benefits of starting a business in Montana include access to capital, tax incentives, and other resources from the Montana Department of Commerce.
What are the most profitable industries in Montana?
The most profitable industries in Montana vary depending on the type of business and the resources available. Popular profitable industries in Montana include tourism and hospitality, agriculture, outdoor recreation, technology and software, construction, and financial services.
How can I find investors for my business in Montana?
Businesses in Montana can find investors through angel investors, venture capital firms, and crowdfunding platforms.
Is it difficult to start a business in Montana?
Starting a business in Montana is not difficult, as long as you follow all necessary steps and regulations and access the resources available.
What are the labor laws in Montana?
Businesses in Montana must comply with all state and federal labor laws, including regulations on minimum wage, overtime, workers’ compensation, and other labor laws.
What are the most popular businesses in Montana?
The most popular businesses in Montana include tourism and hospitality, agriculture, outdoor recreation, technology and software, construction, and financial services.
What are the best cities in Montana to start a business?
The best cities in Montana to start a business include Bozeman, Missoula, Billings, Great Falls, and Helena.
Are there any regulations I need to be aware of when starting a business in Montana?
Yes, businesses in Montana must comply with all state and federal regulations, including regulations on permits, taxation, and labor.
What are the licensing requirements for businesses in Montana?
Businesses in Montana must obtain the necessary licenses and permits in order to operate legally. Requirements vary depending on the type of business and the resources available.
Are there any resources available to help me start a business in Montana?
Yes, businesses in Montana can access resources from the Montana Department of Commerce, including access to capital, grants and loans, and tax incentives.
What are the best businesses to start in Montana?
Some of the most popular businesses to start in Montana include tourism businesses, agricultural businesses, technology startups, and artisanal food production.
What are the requirements for starting a business in Montana?
To start a business in Montana, you will need to register with the Montana Secretary of State and to comply with any applicable local, state and federal laws.
What are the taxes like in Montana for businesses?
Montana has a flat corporate income tax rate of 6.75% and no state sales tax. Business owners must also pay property taxes and payroll taxes, as well as any applicable federal taxes.
What types of small business grants are available in Montana?
The Montana Department of Commerce offers several grant programs for businesses in the state, including the Small Business Development Grant Program, the Innovate Montana Grant Program, the Rural Business Development Grant Program, and the Community Development Block Grant Program.
What is the best way to find investors for a business in Montana?
The best way to find investors for a business in Montana is to reach out to local organizations such as venture capital firms, angel investors, and private equity firms. Additionally, businesses can apply for grants and loans from the Montana Department of Commerce.
What is the Montana Small Business Development Center?
The Montana Small Business Development Center is a network of business advisors dedicated to helping small businesses start, grow and succeed. The SBDC provides access to resources, education, and consulting services to help businesses in Montana reach their goals.

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Conclusion

Before pulling the trigger, don’t forget that self-assessment is also important. Take into account your available resources, interests, and long-term objectives. Having said that, practically every industry may prosper with the appropriate combination of grit, drive, and talent. Hence, before you select the type of business, make sure you have the proper expertise to run it. Also, it is recommended to consult a legal expert before you take any decision.


About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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