Mississippi is also known as the “Magnolia State.” This southern state of the United States is known for its rich history, diverse culture, and unique entrepreneurial spirit. From bustling cities like Jackson and Gulfport to the charming small towns scattered across the state, Mississippi offers a fertile ground for aspiring entrepreneurs to start and grow successful businesses. In this article, we have listed the best business ideas in Mississippi, ranging from traditional industries to emerging opportunities in technology and tourism.
With increased federal spending and government support, businesses have started to shape up. Mississippi has the majority of its economy in sectors like manufacturing, automotive forces, agriculture, tourism, and finance. Mississippi has a growing small business economy.
The government offers schemes and incentives to new businesses to encourage job creation. Mississippi has its own dedicated Small Business Development Center to help you establish a successful business in the state. In case you wish to do it on your own, here’s a complete guide on how you can start a successful business in Mississippi.
20 Business Ideas in Mississippi
1. Agritourism Ventures
Mississippi, with its wide stretches of fertile land and strong agricultural heritage, is ideal for agritourism operations. Agri-based businesses like farm stays, u-pick farms, agritourism trails, and farm-to-table experiences may all capitalise on the state’s rural beauty while offering unique experiences to both visitors and locals.
2. Senior Care Services
There’s a growing demand for senior care services in Mississippi. You can consider starting assisted living facilities, home healthcare agencies, memory care centers, or senior companion services. Providing compassionate and personalized care for seniors can meet a vital need while building a rewarding business.
3. Eco-Friendly Products Manufacturing
There is an increasing need for environmentally friendly products, as sustainability gains popularity worldwide. Entrepreneurs of Mississippi can consider producing environmentally friendly products such as organic fabrics, biodegradable packaging, natural cosmetics, and sustainable home goods. You can tap the state’s natural resources and environmentally sensitive consumer base and start a successful venture in this field.
4. Healthcare Services
Mississippi has a significant need for accessible healthcare services, particularly in rural areas. You can consider starting a healthcare-related venture like clinics, telemedicine practices, mobile healthcare units, or specialized healthcare services catering to specific demographics or health conditions. Consider providing affordable and quality healthcare solutions that can address critical gaps in the state’s healthcare landscape.
5. Outdoor Adventure and Recreation
Mississipi boasts a diverse natural landscape. It includes rivers, forests, and coastal areas, Mississippi offers ample opportunities for outdoor adventure and recreation businesses. Businesses like guided outdoor tours, adventure sports facilities, camping grounds, and eco-lodges can cater to outdoor enthusiasts and eco-conscious travelers looking to explore the state’s natural beauty.
6. Technology-Based Solutions
Mississippi is witnessing a growing technology sector. It is powered by its research universities and entrepreneurial ecosystem. You can capitalize on this trend by developing technology-based solutions such as software development, digital marketing agencies, IT consulting services, and innovative apps catering to specific industries or community needs.
7. Food and Beverage Ventures
Mississippi’s culinary heritage is renowned for its soulful flavors and comfort foods. You can explore food and beverage ventures such as specialty food shops, craft breweries, artisanal bakeries, farm-to-table restaurants, food trucks, and catering services.
8. Educational and Tutoring Services
Mississippi’s education system presents opportunities for entrepreneurs to provide supplementary educational services. Business ideas like tutoring centers, STEM education programs, adult education classes, vocational training institutes, and online learning platforms can cater to students of all ages and skill levels.
9. Specialty Retail Stores
Specialty retail stores catering to niche markets can make a good profit in Mississippi. You can explore ideas such as boutique clothing stores, artisanal craft shops, antique and vintage stores, pet boutiques, specialty gourmet shops, and curated gift shops.
10. Renewable Energy Ventures
Mississippi’s abundant sunshine and wind resources make it an ideal destination for renewable energy ventures. You can consider starting solar panel installation companies, wind energy farms, energy-efficient home improvement services, or green consulting firms.
Small Business Ideas in Mississippi
11. Food Truck
A hugely popular option after cafes, you can have your food truck at a far cheaper price than brick-and-mortar restaurants. You can start by selling specialty or fast food.
12. Catering Business
A popular part-time business, a catering service is a high-paying assignment-based job. To start, you need a commercial kitchen, part-time staff, servers, and assistant cooks.
13. Bed & Breakfast
Mississippi has some of the most popular tourist destinations. If you have a couple of extra rooms, you can start your own Bed and breakfast via platforms like VRBO and Airbnb.
14. Online Streaming Services
You can start a streaming service via platforms like Vigo, Twitch, Azubu, and more. You can either earn from advertising revenues, and endorsements or charge your subscribers a monthly or quarterly fee.
15. Instagram Marketer
It’s a growing online marketplace on social media. Instagram is now one of the most used platforms in the world. You can use it to promote goods and services or use it for affiliate marketing.
16. Create a Small Online Marketplace
You can build an online e-commerce store of your own. You can contact your local vendors and offer them a platform to sell products online. Thereon you can collect a commission for every purchase.
17. Cake Shop
If you are a good baker, you can start a specialty cake shop in Mississippi. Either you can design cakes or have a custom-designed bakery of your own.
18. Make a News Website
You can start a niche website of your own. News websites are a popular choice among regular bloggers. You can write an opinion piece on anything you wish to or cover happenings on a per-post basis.
19. Medical Billing Business
Billing a patient for medical services can be complicated. Plus, not all patients can afford to pay the entire bill in full. And then there’s the paperwork.
20. Provide Internet Security Services
With growing online services, internet security services are now an essential part of businesses. You can help small businesses set up software and programs to help them secure data and digital transactions.
How to Start a Business in Mississippi
Step 1. Choose a Business Idea
The first step to starting a business is to analyze the market and find the right business idea. Look at your strengths market demand and resources and select the one that fits you most.
Step 2. Business Plan
Drafting an effective business plan is important. You should work on it carefully. The business plan is going to determine where your business will go. Chalk out the guidelines, goals, targets, and how you wish to run your business.
Step 3. Financing Your Business
The state government offers incentives and tax benefits to encourage new businesses. There are investors and venture capital firms as well. You can pitch your idea for investor funding or even crowdfund your business. If you choose to fund your own business, check out these top-selling alternative business loan providers in the USA available at attractive payback rates.
Step 4. Choosing A Business Structure
You have to choose a business structure to be legally operational in Mississippi. You can choose between a sole proprietorship, partnership, corporation, and LLC. Forming an LLC in the state will offer you added legal benefits and tax deductions. For more details, read the whole process of filing an LLC in Mississippi.
Step 5. Naming Business
LLCs need a name at the time of filing. You need to decide on a name for your business and get it registered with the US Trademark Department. Now you need to buy a domain with the same name to make sure that no one else has a domain with your business name. You can generate unique business names here.
Step 6. Federal EIN & Tax Filing
Federal EIN acts as a social security number for your business. It will make your business eligible for taxes. The EIN is a nine-digit tax identification number you need to acquire from the Internal Revenue Service (IRS). EIN also legally allows you to hire an employee for your business. Check out Mississippi’s State Business Income Tax site for more details.
Step 7. Business Licenses & Permits
To sell products, apply for a Sales and Use Tax Registration Certificate (Form ST-1) with the Department of Revenue. Retail products are taxable within the state, while some of the services are not. Check with the State’s Division of Licensure for more details on city-specific licenses. You can refer to the official site of the Revenue Department of the State of Mississippi for more details.
Step 8. Business Bank Account & Accounting Method
Proceed further with a business bank account. It would help if you had your EIN for it. A separate account will help you to keep all your financials separate. Now buy reliable accounting software to maintain all your transactions in one place. These are some of the best business accounting software available at very affordable prices.
Step 9. Business Insurance
To sell services in Mississippi, you will need a professional liability policy. The insurances generally vary from state to state. For example, to hire an employee, you must get worker’s compensation insurance.
Step 10. Promoting Your Business
Reaching out to a potential audience is important. Social media will immensely help you to promote your business initially. Hiring a professional agency will help you explore other modes of business promotion.
Best Places To Start A Business In Mississippi
Choosing the right location is going to determine how your business runs. Here are some of the best places in Mississippi to start your business:
- New Orleans
We hope this detailed hands-on guide will help you in starting a successful business in the state of Mississippi in the United States.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.