Mississippi is an excellent place to start a successful business for so many reasons. The best thing of course is the cost of living. Besides being a huge benefit for building a great personal life, as a business owner, this means you will be able to find affordable labor as well as real estate. Another amazing thing is that if you get attached to the place and decide to retire, there are no state taxes on most retirement income. Here is everything you need to know before starting a business in Mississippi.
Starting a business in Mississippi
Another amazing thing about starting a business in Mississippi is that the state offers a lot of incentives to business owners. For example, they offer grants for at-risk businesses that benefit the rural businesses, public, and/or state infrastructure. They also take care of minority and women-owned companies (certified through the state) by providing a number of educational and financing programs.
Here are 5 things you should know before starting a business in Mississippi
- Create a detailed business plan
- Define and choose your business structure
- Calculate and plan business costs
- Name and register your business
- Start marketing your business
Create a detailed business plan
A good business plan is a must. This one represents an ID of your business. It gives you and potentional investors an idea of what your business is and is it worth investing in it (in case you are in looking for funding). In order to create a good and detailed one, you have to determine what your business idea is about (the goal), break down finances and costs, choose a location and run both competitive and market analysis.
Define and choose your business structure
This one is also something to think about. No matter what the structure is, you still have to pick one. You can choose between a limited liability company (LLC), sole proprietorship, partnership, or corporation. This will, later on, determine your taxes and it may require registration with the Secretary of State, depending on your choice. The most popular choices of business structure are small business entities also known as LLCs and sole proprietorship mostly because it’s easy and inexpensive to form them.
Calculate and plan business costs
Another important thing which is also a part of the above-mentioned business plan. This step is absolutely necessary in order to evaluate your costs and prepare. Make sure to calculate some sort of “backup” money in case something goes wrong. To finalize the costs, you should calculate fixed expenses (office rent and employee salaries), variable expenses (inventory), and one-time expenses (supplies, office furniture, and other necessary office equipment). You should also do some research and look up Mississippi’s official website for incentives and grant opportunities that might help you out with your funding.
Name and register your business
Naming your business is more important than it looks. The name should be something that’s easy to remember and pronounce. It should also be unique and original. You don’t need a lawsuit claiming you stole someone else’s trademark. The best thing to do in order to avoid such a thing is to check Mississippi’s business registrations and ensure your company name is available. After setting up a name you should also register your business. You have to open a bank account, obtain a tax ID number, registering with the Mississippi Department of Revenue and acquire other necessary licenses required for your business.
Start marketing your business
Now that you have everything set up it’s time to show and market yourself. It’s the year 2021 so the best way to do so is to make your presence visible online by using social media platforms. Another, and possibly the best marketing strategy is mouth to mouth approach so make sure to include that into your marketing strategy. There is nothing better than a satisfied customer who will come back again and refer your product/services to others.
Moving to begin with starting a business in Mississippi
Now that you have all the important information about starting your business in Mississippi, you should prepare for the move. Make sure to plan out every stage of your relocation so you can have a stress-free and easy move. Relocation is hard and stressful but in order to avoid any inconvenience, we always say hiring professional assistance is a must. It’s not just with relocation, they can also help you with their packing and storage services. Do your research and find trusted professional movers like Spyder Moving as this will make your relocation process so much easier, safer, and faster.
Packing and transport
Packing and transport are not easy to organize, let alone execute. You have to plan and prepare well. And since this is also a business relocation, it needs so much more attention and planning. In case you decide to do this on your own without hiring any help, make sure to do full research on how to pack properly in order to avoid any damages, make a checklist, get all necessary packing materials, and don’t forget to organize the transfer and additional storage if necessary.
Hiring professional assistance
It’s not that we think you won’t be able to do this on your own. It’s just that we know how hard, tiring, and overwhelming the relocation process can be, especially when starting a business. However, if you need extra pair of hands you can always count on professionals to help you. These local movers have great experience and knowledge when it comes to moving and everything else that follows. This is why you can never go wrong with hiring professional assistance in order to save time and energy.
Ready, set, START YOUR BUSINESS
We hope you’ll find this guide of things to know before starting a business in Mississippi helpful. However, we are sure that if you follow these steps, both you and your business will do fine. Stay safe and enjoy your stay in Mississippi! Good luck!