Fri 18 Mar 2016 | By:

5 Mistakes When Starting a Mississippi Business

Mistakes When Starting a Business

As harsh as it may seem, it is apparent that there are crucial mistakes that can kill your business even before it has begun. When starting a business in Mississippi, it is wise to steer clear of these mistakes so you can survive the initial startup stages.

These deadly mistakes can happen at the Mississippi incorporation stage or while hiring employees. Either way, you should be alert enough to recognize these impending mistakes so the valuable time and boundless energy you have invested at the startup process will not go to waste.

This guide can be your initial roadmap to help you identify common brutal business mistakes and how to avoid them. Remember, it’s always best to start a Mississippi business on the right foot and work your way up to success than be wrought with mistakes at the onset of your business.


Mistake 1) Not Taking Care of Mississippi Business Tax and License Obligations

Business LicensesWhether it’s because you’re ignoring it, hoping it will just go away, or whether you failed to complete every single requirement because you weren’t able to thoroughly research about Mississippi business taxes and licenses, committing this mistake can cause a lot of damage to your business.

Consequences such as penalties, fines, and even a delay in the processing of your business licenses in Mississippi can be imposed by the state as punishment.

Thus, before this happens, make sure to complete your tax obligations and necessary permits and licenses with the help of our Mississippi Business Taxes and Mississippi Business Licenses guides.


Mistake 2) Choosing the Wrong Location for Your Mississippi Business 

How to Choose a Business LocationSo you fell in love with the first Mississippi business location you saw, you can already envision how you’re going to design the interior, and you can see what goes where. Later on, you’ll realize that you didn’t think things through carefully, and you made the wrong choice in business location.

If you do not want this scenario to happen, then make sure that you have a specific criteria on which to base your choice for a location when starting a business in Mississippi.


Mistake 3) Writing a Terrible Business Plan 

Write a Business PlanWriting a terrible business plan just because you do not know how to properly write one or you’re too busy to do it can seriously hurt your business.

Writing a business plan is supposed to solidify your business’ foundation, by mapping out the steps and methods on how to accomplish business goals.

If you have written a terrible plan, then surely the direction your business moves towards can be disastrous as well. Learn how to write a business plan properly with the help of business plan software LivePlan.


Mistake 4) Choosing the Wrong Business Structure and Incorporating with It in Mississippi

Business WebsiteFor whatever reason, you have chosen the wrong business structure and then moved forward with incorporating in Mississippi with that wrong structure.

Because a business structure affects several aspects of your business like tax requirements and paperwork, you may inadvertently pay more taxes and be forced to comply with more paperwork than necessary. This scenario is both a waste of time and money.

With the use of this how to choose the right business structure guide, you can weigh the pros and cons of each structure and make a well thought-of choice. After, you can use the guides below to make your business official.


Mistake 5) Hiring the Wrong Employees 

25 Questions You Need To Ask When Hiring An EmployeeSometimes, when you get all caught up in the excitement of starting a business in Mississippi, you also tend to hire applicants on the spot. It’s perfectly fine to get overwhelmed as you start a new business venture, but never hire the first person that comes through your door.

In fact, be sure that you regularly update your employee selection criteria or hiring process to correspond to your business needs and changing business trends. Hiring the right person will ensure that you have the right person on board your team to succeed.


Wrapping Up and Moving Forward 

There are many pitfalls when you’re starting a business. To overcome these pitfalls, you need to properly learn how to start a business in Mississippi and educate yourself on brutal business mistakes.

If you can steer clear of these mistakes right from the start of the Mississippi incorporation process up to the time your business begins operations, then you can have a more solid foundation on running your business successfully in the long run.

About Ryan James

Half hardworking hermit, half avid adventurer, Ryan founded Startup Savant to simplify entrepreneurship and pay it forward by donating a portion of all revenue to support children's education via