Missouri offers business-friendly laws and a healthy economic environment for new businesses. Being an extensive export hub, Missouri exports a variety of products like agricultural goods, computers, beer, soybean, cotton, rice, and hay. The primary industries include transportation equipment, processed foods, chemicals, light manufacturing, and financial services.
Missouri also has a growing small business environment with flourishing sectors in science, agricultural technology, and biotechnology. Among a wide array of businesses available in the state, tourism, services, and retail trade remain a major contributors to the state’s economy. Here’s a complete guide on how you can start a successful business in Missouri.
10 Steps to Start a Business in Missouri
If you want to legally start a business in Missouri, follow the given steps:
Step 1. Choose a Business
List of Top Profitable Small Business Ideas & Opportunities in Missouri
Here are some of the top businesses you can start in Missouri:
1. Speech Writing Services
If you are someone who can speak well, you can start offering speech writing services. There are individuals who fail to speak well and hence need such services to improve their communication skills.
2. Hogs Business
Missouri is currently among the top-ranked states in America for the production of hogs. You can start to produce and export hogs to different other states.
3. Farming Business
Missouri is a popular state producing a variety of agricultural products. The is famous for soybeans, dairy products, hay, corn, poultry, rice, and eggs. To know how to start a successful farming business with low investment, check here.
4. Podcasting Business
Are you someone who doesn’t like speaking in front of a camera, but can speak well? Well, there’s a business you can do from home and make money. Record audios for listeners and start a podcasting service. In the long term, you can charge for subscriptions and endorsements.
5. Moving Company
On average, each American has to move over 12 times in his or her lifetime opening up a huge potential market for movers and packers. You can offer services to help people move their belongings from one place to another.
Missouri has a popular drinking culture. You can start a craft brewery with your produced beer. The microbrewery business requires a sizeable investment, but the success rate is very high.
7. Photo Editing Business
A popular business now, photo editing has a huge market. You can learn to use a few professional software online and start offering editing and retouching services.
8. Packaging Design Business
All companies selling some products need some sort of packaging. You can start offering designs and visual graphics for product packages. This may include transportation, distribution, storage, resale, and use.
9. Online Magazine
Have you ever thought of starting a magazine of your own? Well, online content has now the highest reach. You can start publishing online in the form of a magazine with editorial content. You can either charge subscribers to sell advertisement space.
10. T-Shirt Printing Business
T-shirts are very popular in Missouri. You can start a customizable printing t-shirt business with paying customers. Either you can let customers choose their own designs or you can have your own designs for product lines.
11. Start a Cafe
Starting a full-service cafe is easy now. The investment is no more complicated and licenses are easy to get. If you plan to start a cate shop, plan for something small and yet creative to attract customers to your place.
12. Online Courses
Online courses are now a massive market. Either you can offer courses from different sites for an affiliate commission or offer courses on your own for a one-time fee.
13. Online Survey
If you are looking for no investment business from home, the online survey job is a good option. You just need to register free with the sites offering survey job opportunities online. Check this article to learn more about how to earn money from online surveys.
Step 2. Create a Business Plan
Missouri has several businesses, small and medium operating in different cities. It may sound very competitive, but if you make a proper plan, things will come easy for you. Chalk out a detailed business plan stating the goals and targets.
Step 3. Financing Your Business
Missouri has a huge platform for new businesses. You can pitch your idea to investors and venture capital firms for investment or even go for crowdfunding. In case you are opting to finance your business, choose a loan that comes with low rates and a longer payback period.
Step 4. Naming Your Business
You will need a name to register your business. Choose a name, check with the trademark department if your name is available, and register. Also, buy a domain with the same name immediately.
Step 5. Choosing A Business Structure
You can choose to register your business under sole proprietorship, corporation, or LLC. If you register as an LLC, it comes with added tax benefits with extra-legal advantages. You will no longer be individually liable for any legal outcome.
Step 6. Federal EIN & Tax Filing
Now you need to apply for a Federal EIN. It makes your business eligible for taxation. For more details, visit the state tax department site. FEIN also legally allows you to hire an employee and file for separate taxes, individual and business.
Step 7. Business Permits & Licenses
Different cities in Missouri have separate local licenses. Make sure you go through all the city-specific legal requirements. The county governments also have different additional licenses that are specific to different businesses, for example, real estate.
Step 8. Business Bank Account & Accounting Software
Apply for a business account. A separate account will help you to maintain your financials in one place. This will make it easy to be annually taxed. Now choose good accounting software which will help you to manage all your transactions in one place.
Step 9. Business Insurance
The state of Missouri has a number of mandatory insurances for businesses. To sell services, you must have a professional liability policy while hiring someone, you need worker’s compensation insurance.
Step 10. Promoting Your Business
With everything in place, now it’s time to get the word out. You need to reach your potential audience. It would be better to hire an agency to help you with your promotions based on your business.
Best Places To Start A Business In Missouri
Choosing the right location is going to determine how your business runs. Here are some of the best places in Missouri to start your business:
If you complete all the steps one by one, you will have your new business ready within a short span of time. Hopefully, this guide will help you to establish your business successfully.
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 business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.