How to Start a Small Business in Mississippi (MS)

Mississippi’s Most Popular Businesses

You may already have an idea for your dream business. If not, try to pick something that speaks to you, and will continuously motivate you. In Mississippi, there are some favorite businesses for residents and visitors such as: fishing charters, rage room style night clubs, and plus-size clothing stores, to name a few. In the end, though, choose a business concept you love.

Planning Processes

Before you can open a business and start earning income, there are some initial steps to take.

1. Pick a name

You don’t want to slack on this part and end up with a name that doesn’t suit your business. To choose a name that fits your business like a glove, think about your vision and values as a business. Whatever those may be, from there, you can work on finding a word or set of words that express it perfectly.

That being said, there are some rules and regulations in Mississippi to keep in mind before choosing a business name. In the end, you will want a name that you can be proud of and one that will be memorable in the minds of your customers.

2.  Conduct market research

This stage will help you learn about your desired customers much more closely. You will get to evaluate what they might want and need out of business like yours, and get a better understanding of how to reach your audience. You can even learn your competitors’ ways and see how to improve on their efforts.

3.  Choose a structure

To open your store, you will need to choose a business structure. You will want to choose a structure that represents your business’ values and goals. Consider an LLC, corporation, non-profit, sole proprietorship, or partnership.

Registering in Mississippi

Once you have chosen a business structure for your store, the next step is to register the business. To do this, you will need to supply information to the state, such as your business’ name, formation documents, Employer Identification Number, and the name of the registered agent who will handle your taxes. Depending on which structure you choose, the state may ask for different documentation or certification.

It’s All About Location

When you plan to open a brick-and-mortar business, one of the essential factors to keep in mind is location. High foot traffic compared to low foot traffic could make all the difference in your sales and growth. Within Mississippi, you could start by looking around Jackson or Oxford. Fortunately, if you plan to open an online store in Mississippi, you have more location freedom.

Focus on Banking

A great way to help keep your personal affairs and finances separated from the business would be to open a separate business bank account. This way, you can keep track of business transactions and sales more closely. You should also open a credit card for the business. You will be able to track transactions and even build a solid business credit score.

Insure Your Business

When you open a business, you open yourself up to possible risks and liabilities. To help protect from these problems, you could sign up for insurance. Plans include General Liability Insurance, Professional Liability Insurance, or Workers’ Compensation Insurance. No matter what you may choose, in the state of Mississippi, all businesses with five or more employees must have Workers’ Compensation Insurance.

Hiring Employees

If you are at the stage where you can hire employees, this is an amazing achievement! That shows such growth and strength within your business. Hiring employees gives you the chance to bring in people who can help share your vision and values. While hiring, you will want to make sure you are acting legally. This just means that you are registered with the IRS for Employer Taxes and reporting new hires to the state of Mississippi.

Branding

Branding your business is your opportunity to make your business pop within the field. This is where you can create an experience for your customers and give them amazing service, along with unique, great-value products. You will want to find tactics that show off your visions and values as a business.

What do you want your brand to represent?
How do you want to be seen by your customers?

Asking yourself questions such as these could help you select a brand identity. After you have an idea of how you’d like to brand the store, you can move on to a logo. A logo is just a mini version of your business branding. With well-chosen pictures and words, you can show off your values and motivations as a business.

Get Online

It is more common to see someone online than not these days. The same can be said of businesses as well. A website can be a great way to get your business online and help customers find you, your information, and your products easily. Whether you’re interested in forming an online or brick-and-mortar business, social media can be a huge help. Platforms like Facebook, Instagram, and TikTok are excellent ways to connect directly to customers, share new updates, post photos, and even sell products.

Online Business

Creating a website is a great starting point for any online business, and companies like Ecwid can lend you a helping hand to set up the online business of your dreams. They can also help connect your products to other selling platforms such as Facebook and Instagram. By getting your products out on other media, Ecwid allows you to sell all over the internet easily.

Ecwid also allows you to track your inventory, so you are not overbuying or underbuying materials and combines all the sales you make into one organized, easy to track dashboard. If you are interested in setting up an online store in Mississippi, Ecwid could become your best friend in the business.

Marketing

While existing online is itself a step in the right direction, so it is a great marketing strategy and budget. Depending on the size and goals of your business, a budget of $250 to $1,500 could be sufficient to market both online and offline. Offline marketing includes the use of business cards, signage, pamphlets, and community events.

Meanwhile, online marketing could take the form of ad space on sites like Facebook, Instagram, and YouTube. You can have your ads pop up on the sidebars or newsfeeds to reach customers.

Also consider Google My Business. With this free software, you can connect with local customers and showcase a rundown of your store’s quick information, contacts, and photos. Another great marketing tool includes email and text subscriptions. This is a great way to create repeat customers and show off new deals or products with ease.