Ecwid for Small Business

How to Start a Small Business in Missouri (MO)

The idea of opening a business is on a lot of people’s minds these days. But just because the idea of becoming an entrepreneur is popular, that shouldn’t mean that you can’t indulge your dreams. That can especially be said in Missouri, as some fantastic benefits come with opening up a business in this interesting state.

For example, Missouri is 5th in the country as far as lowest corporate taxes are concerned and 7th in lowest cost of living. On top of that, Missouri is also 10th in the rate of new entrepreneurs.

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Missouri’s Most Popular Businesses

While you may already have an idea for your business planned out, there is still time to find something. You want to choose a business that motivates you and excites you. Fortunately, there are some favorites for the residents and visitors—for example, daycares, dog breeders, nightclubs, and clothing boutiques. In the end, choose something that calls to you.

Planning Processes

To start a business, many steps go into it. Don’t let that scare you off though, in a way, the steps could get you more excited as opening day approaches.

1. Pick a name

The name of your business is significant to how people will perceive your store at first glance. Choosing a proper name can help represent your desires and goals as a business. It can be a great way to show customers what they should expect when they walk through your doors. You want a name that properly indicates all of that while also being catchy and relatively short as well.

There are some rules to keep in mind while choosing a store name in the state of Missouri, but don’t let that stop you from opening the business of your dreams.

With those rules in mind, you will still want to choose a name that means something great for your store and gives any passer buyer a great first impression.

2.  Conduct market research

Even if you think you know the field you are going into like the back of your hand, market research can be a great help. This fact-finding stage allows you to see what your customers are going to want and need out of your business like yours and see what your competitors are doing.

3.  Choose a structure

To run your business with high credibility and fewer liabilities, you will want to choose a business structure. You should choose one that will adequately represent your goals and visions as a store. This could be an LLC, corporation, partnership, sole proprietorship, or non-profit.

Registering in Missouri

Once you have your business structure chosen for your store, you will need to register it in the state. To do this, they may ask for information such as your business’s name, formation documents, Employer Identification Number, and the name of your registered agent who handles your taxes. Depending on what structure you choose, they may ask for different documentation or certification.

It’s All About Location

To open a successful business, location can make a huge difference. You will want an area with high foot traffic and great word of mouth. You can also try to see where your desired audience is more likely to be. In Missouri, you could start to look for the right location in Kansas City or Joplin and go from there. On the other hand, if you plan to open an online store within Missouri, you have more cities and towns to choose from.

Focus on Banking

To help keep your finances and affairs safe, you will want to open a bank account purely for your business. This will also help keep track of sales and transactions for later use.

A business credit card can also assist when you are trying to track the business’s spending. Having a credit card can also help gain a credit score.

If finances aren’t your thing, hiring a banking account or downloading an accountant program could help keep your finances in order while also making tax season less stressful.

Insure Your Business

To help the business stay safe against any risk or liabilities, it could be smart to sign up for an insurance policy. This could be General Liability Insurance, Professional Liability Insurance, or Workers’ Compensation Insurance.

However, in the state of Missouri, if your business has five or more employees, you must have a form of Workers’ Compensation Insurance.

Hiring Employees

This is a fantastic stage of any business. This shows amazing growth and strength within your store. It gives you the chance to meet like-minded people and hire people who will share the same values. While hiring is enjoyable, you’ll also want to do it the right way. This means to make sure you are registered with the IRS for Employer Taxes and reporting all new hires to the state of Missouri.

Branding

Branding is where your business will shine. Branding allows you to make your business stand out from a crowd and share your values with the world. You will want to take some time and learn what you want your company to represent, what experience you want to give your customers, and how you want your business to be portrayed.

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

Questions like these may be able to help figure out your branding style.
Next to branding, you will want to focus on creating a logo. This logo is what will follow your customers out on price tags or business cards. You want those pictures or set of words to be a perfect mini replica of your branding.

Get Online

Being online these days could be what you need to help your business grow. This could start with the making of a website. Customers can find you quicker with a site, see what you offer, who your business is, or even buy products straight from there.

Whether you have an online store or brick-and-mortar, social media is also a great way to spread your name. Facebook, Instagram, and Tik Tok can become your best friend as a business owner as you can connect with customers directly, post photos, deals, and information, and spread awareness of your business.

Online Business

Of course, if you want to open an online business, this is clear already. A website is important to an online store and companies like Ecwid are there to help edit a website you already have or create a whole new one that stands out.

On top of that, Ecwid is able to connect your products to multiple other selling platforms such as Facebook and Instagram. With those other connections, you could be selling your product all over the internet. Ecwid offers the ability to track your inventory and lets you watch your sales all from one dashboard as well. If an online store is something more up your alley, Ecwid could be a great first step.

Marketing

Being online is a great first step in spreading your business, but the marketing put behind it will get you your sales. Depending on the size of your business and your goals, a monthly budget of $240 to $1,500.

If you want to lean towards offline strategies, you could put that money towards business cards, pamphlets, signage, and community events. However, online marketing can buy ad space on platforms like Facebook, Instagram, and Youtube. Of course, having business pages on these sites can also be beneficial.

A great mix of the two could be the use of Google My Business. With this free software, you can reach out to local customers and give them a great rundown of your business’s information, values, and pictures as well.

Lastly, something tried, and true could be email and text message subscriptions. This form of marketing can help gain repeat customers and give customers a direct line of communication about deals or new products.

Don’t let the idea of opening a business scare you. Everyone is capable of chasing their dreams and trying their hand at business, including you!

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Start Your Business Online

Starting a business online is faster and cheaper.
Transform it into an offline business later.

Start Selling Online

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