How to Set Up Your New Business in Michigan for 2025

A new year brings with it new opportunities for you.

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As an entrepreneur, you can set up your business foundations for success in the new year. This post shares a list of steps and key resources for getting started with your new business entity in Michigan.

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Set Up Your Entity
One of the first steps is creating the business entity itself. You can do this on your own or with a legal team. Create the entity and receive your business SSN, called an EIN. Once you have this, you can then set up your bank account and complete other necessary paperwork to get started. Depending on the type of business you have, you may want to setup your entity as a LLC or C Corp. Technology startups often register as a C Corp with the state of Delaware to setup for tax benefits.

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Set Up Your Business Address
Another key step is establishing an official business address to register your entity. Co-working spaces offer professional space for you to list your business address, receive mail, and maintain a main street presence outside of your home. You can set up an affordable virtual office at a coworking space like Bamboo to get going. Learn more about how virtual offices help your business.

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Create Your Business Model and Plan
Many people prefer to have a business plan or a pitch deck that helps them think through their business concept. There are many free tools now available, like ChatGPT, SlideBean, and even AI pitch deck makers that can assist you in generating drafts of business model content. A business plan requires real-world feedback from clients and customers. Don’t hesitate to get started on finding your first customers to see what resonates with them regarding your product, service, pricing, and model.

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Get Started on Applying for Startup Grants
Once you have an entity, an address, and a plan, and you’re ready to go, you may need funding. Depending on your business, you may be able to pitch clients or customers and receive sales to fund the start of your company. Other times, you may need a grant to provide you with tools to build your product. Look to local incubators and accelerators, such as Ann Arbor Spark in Ann Arbor or TechTown in Detroit, which deploy federal grants such as Business Accelerator Fund (BAF) grants. These grants are available all over Michigan as part of our smart zones, and you can receive up to $50,000 to help you launch your company in technology, mobility, life sciences, or other innovation spaces.

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Find Your First Customers
When you’re ready to go, it’s time to start finding your first customers. You can do this by networking or entering pitch competitions to spread the word about your new product or service. Consider joining business networks like Bamboo, where you can connect with other founders and entrepreneurs who are building products and services alongside you. It can be beneficial to collaborate with others and learn from their experiences along the journey.

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These are just a few steps to help you get started on your new business venture.Talk to us about other resources available in Michigan to help you fund, scale, or grow your venture. Bamboo's mission is to build a vibrant ecosystem for startups and businesses growing in Michigan. We are here to be a resource to help you start and scale in major markets for innovation across our great state.

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Please reach out if you have questions getting started on your entrepreneurial path.

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