There are so many tasks to accomplish when starting a business in Mississippi. All tasks are equally important, from incorporating in Mississippi to completing business licensing and permits to fulfilling tax obligations to hiring employees.
However, finding the right financial option for your Mississippi startup takes extra time and effort. There are several choices to financing a business in Mississippi, but what you have to keep in mind is to find one that corresponds to the precise funding needs of your business.
To help you focus on this task, this guide lists five excellent resources that help you get the startup capital to jumpstart a business.
Quick Note: By now you should know that when you look for financing options for your business, it is imperative that you can present solid proof that your business idea can turn into a profitable investment, and a business plan is that solid proof. A business plan software is a solid tool to help you create that funding-ready business plan to get you that much-needed funding.
Before you begin the task in finding the right finance option, you must first know the options available on how to finance a business in Mississippi. This Startup Savant guide will help you do just that. This guide gives you an in-depth discussion of the ten financing options you might consider.
For each option, a short description is provided along with the pros and cons to provide you with a better perspective, allowing you to make an informed decision as well.
Small business grants in Mississippi are a good way to kick-start a business. As compared to other financing options where you pay the capital invested with additional interest, small business grants provided by government agencies are not necessarily paid back.
This is what makes this financing option enticing, but at the same time, difficult to apply for. To apply for a business grant, you need to submit all the necessary requirements to the right agency. Grant Star has a list of available Mississippi government grants for small businesses.
Startup incubators in Mississippi are Non-Profit organizations that help startups and early-stage businesses grow and succeed by providing a host of startup services. Aside from the co-working space, meeting rooms, one-on-one counseling, and training and workshops that a startup incubator offers, these organizations are also a viable way to meet investors who can fund your startup through networking opportunities.
To jumpstart this option for business financing, you can check out Mississippi Works and find incubators in the state.
Angel investors in Mississippi are also a great alternative to the usual bank loans and government grants. As compared to the usual capitalists, angel investors are genuinely interested to help startups despite the high risk and very minimal return of investment.
Often, angel investors provide seed money in replacement for equity ownership, and lately, business startup owners provide a token of appreciation for angel investors as a way of giving thanks for the financing they provide. For a list of Mississippi angel investors, you can check out Angel List.
Another way to obtain startup capital is through crowdfunding to finance a business. For this financing option, you need a crowdfunding platform from which you can present your business idea for the crowd to pitch in the necessary amount to reach your startup funds. To consider this option, Kickstarter is a good starting point to crowdfunding.
Financing a business is a delicate task, and it does not only need careful consideration but patience as well. When you’re looking for business capital funding, know your business inside out, work hard, take calculated risks, and you will reap your desired results to starting your business.