10 Simple Steps
About 6 out of 10 people in Mississippi consider themselves very religious and believe God has a plan for their lives. Question is, do you have a plan for your business? Does it really make sense to try and create a serious company without a concise pitch, executive summary, viable financials, and so forth? No. This is supposed to be the funnest part!
Take Action: Seize upon our free and easy email-based Business Planning Course designed to get you from A-to-Z as pleasantly as possible. Plus, we provide tons of other great tools along the way.
The next step in your journey has to do with figuring out what type of business structure will best serve your ambitions for the company. Mississippi recognizes different kinds and there are upsides/downsides to each.
Then you incorporate (become official) and in the process secure your brand name by filing it with the state. If you work with a law firm or less expensive incorporation provider, aspects of steps 2, 3 and 4 happen all at once which is nice.
Take Action: As this aspect of starting a business can be rather sensitive, we’ve developed quick-guides for the most popular entities if you want to skip over to those.
Now it’s time to get right with the tax man. Have no fear, the state’s very startup-friendly in many respects and depending on certain variables you’ll have plenty of credits, incentives, and kickbacks to leverage. Afterwards you can celebrate your hard red tape work with a big fat slice of Mississippi Mud Pie. Or maybe you’re more of a sweet potato pie lover?
Take Action: If you’re going to try and Lone Ranger this, begin by bookmarking the Mississippi Dept of Revenue’s Business Taxes page which has links to everything you’ll need, including recent news on the regulatory front.
Whether you need licensing and permits depends on your business structure, the nature of your business and where you’re setting up shop. At the end of the day, if you’re not working with an incorporation provider then you’ll want to check with the Town or City Clerk where you’re going to be located. Just keep in mind there’s something of incredible historical importance in every nook and cranny, so be patient.
Unlike the complexities involved in picking between the Bulldogs or the Ole Miss Rebels, finding a great place to establish your brand’s financial persona is like digging through fresh crawfish. Just make sure these accounts are completely separate from any personal accounts and then link them with your accounting software.
Whether you opt for the medium-sized gems like Madison and Brandon, or go right for the bustle of Jackson or Gulfport, you’ll be in the beating heart of the south. Everywhere you look is a landmark, something iconic with astounding significance in American heritage. And the people are downright awesome just about everywhere you go as long as you don’t take the Lord’s name in vain.
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
If you’re out in the sticks and fields, obviously access to modern VCs and local angel investment funds will be rather limited. However, in the cities (in conjunction with digital options) you’ve got all the same options you would have in Boston or Seattle, people just speak with a very different accent.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like Biloxi and Barq’s root beer; like chicken and waffles. You can also browse our guide on How to Finance a Business to start generating ideas.
No one’s saying your business website needs to be as impressive and awe-inspiring as the good ole’ Mississippi River. Just have one. Mississippi culture is old, very old, but the people are as modern as ever. Even the most hardcore hillbilly is rockin a smartphone these days. Give the world a way to engage with you, investigate your brand and see where you’re going with it.
Take Action: If you could use some help in this department the first step is finding the right platform, which thankfully there aren’t too many yet. Head on over to this easy Business Website Builder Guide to get a head start.
If you can stand the humidity, everything else is window dressing. Now to be honest, because of certain cultural norms in the south you may find on-the-ground marketing a challenge until you’ve gotten used to the area and networked a bit. Again, be patient.
Take Action: Start close to home. Start with your neighbors. Start with local clubs and organizations. Use local internet search. No matter what state you do business in, because of the size of today’s marketplace you simply have to refine your approach or you’ll get lost.
Go ahead, congratulate yourself and your team if you have a good one around. From this point forward it’s about growing, evolving, keeping up with the learning process and staying motivated. Well, that’s what we’re all about around here. Toss Startup savant into your goodie bag because we’ll be here for ya with plenty of insight from fellow change-makers ta’boot!
Take Action: Tap into our weekly newsletter filled with tips, tricks, lessons, and inspiring stories/interviews directly from ambitious professionals like you.
Out of all the resources available to help you start a business in Mississippi, here are the two we believe in most. With IncFile and LivePlan, you'll take the first steps toward bringing your idea to life and having a solid plan behind it.
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