A growing economy in the country, Mississippi has developed greatly over the years. With increased federal spending and government support, businesses have started to shape up. Casino gambling is legal in Mississippi. Mississippi has the majority of its economy into sectors like manufacturing, automotive forces, agriculture, tourism, and finance. Mississippi has a growing small business economy.
The government is offering 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.
Here is a Stepwise Guide on Starting a Business In Mississippi
If you want to legally start a business in Mississippi, follow the given steps:
Step 1. Choose a Business – Best Business to Start in Mississippi
Here are some of the best businesses you can start in Mississippi from your home.
You can build an online e-commerce store of your own. You can contact your local vendors offer them a platform to sell products online. Thereon you can collect a commission for every purchase.
A popular part-time business, catering service is a high-paying assignment based job. To start, you need a commercial kitchen, part-time staff, servers, and assistant cooks.
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.
Online Streaming Services
You can start a streaming service of your own via platforms like Vigo, Twitch, Azubu and more. You can either earn from advertising revenues, endorsements, or charge your subscribers a monthly or quarterly fee.
It’s a growing online marketplace on social media. Instagram is now of the most used platforms in the world. You can use to promote goods and services or use it for affiliate marketing.
A hugely popular option after cafes, you can have your own food truck at a far cheaper price than brick-and-mortar restaurants. You can start by selling specialty or fast food.
If you are a good baker, you can start a specialty cake shop in Mississippi. Either you can design cakes have a custom-design bakery of your own.
Bed & Breakfast
Mississippi has some of the most popular tourist destinations. If you have a couple of extra rooms, you can start your own B&B business via platforms like VRBO and Airbnb.
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.
Internet Security Services
With growing online services, internet security services are now an essential part of businesses. You can help small businesses setup software and programs to help them secure data and digital transactions.
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 an 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 an LLC. Forming an LLC in the state will offer you added legal benefits and tax deductions. For more details, read the whole process on filing an LLC in Mississippi.
Step 5. Naming Business
LLCs need a name at the time of filing. You need to decide 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 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 Mississipi for more details.
Step 8. Business Bank Account & Accounting Method
Proceed further with a business bank account. You need your EIN for it. A separate account will help you to keep all your financials separately. 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 a 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. But 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:
We hope, this detailed hands-on guide will help you in starting a successful business in the state of Mississippi in the United States