Opening a Business in New Albany, Mississippi

Are you starting a business in New Albany, Mississippi? This article discusses the most important things to consider when opening a business in New Albany.

What Type of Business Should You Start?

Choosing a business that is right for you is very important. To help you decide on a business type, we encourage you to read Free Business Ideas.

To view an extensive list of business types, complete with startup instructions, spend some time in the Good Businesses to Start section of our site. For example, you might be interested in our How to Start a Pipes & Smoking Accessories Business guide or our Starting a Wire Rope & Cable Business guide.

Remember that New Albany is the place where you are starting a business. Think about what needs are currently being underserved in New Albany. A critical consideration is whether New Albany demographics mesh well with your startup concept.

New Albany, Mississippi Demographic Information

New Albany has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for New Albany demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in New Albany.

Business Size	# of Businesses
1-4 Employees	3495
5-9 Employees	1350
10-19 Employees	810
20-49 Employees	585
50-99 Employees	105
100-249 Employees	60
250-499 Employees	90
500-999 Employees	30
1000+ Employees	0
All New Albany Businesses	6525

As a new New Albany entrepreneur, you may also be interested in the table below. It shows how many businesses there are in New Albany for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.

Business Type	# of Businesses
Automotive Exhaust System Repair	1
Automotive Parts and Accessories Stores	5
Building Inspection Services	2
Business Associations	1
Cable and Other Program Distribution	1
Caterers	1
Child Day Care Services	6
Commercial Lithographic Printing	1
Computer and Software Stores	1
Computer Systems Design Services	3
Consumer Lending	6
Convenience Stores	1
Document Preparation Services	1
Electrical Contractors	2
Elementary and Secondary Schools	2
Emergency and Other Relief Services	1
Engineering Services	1
Exterminating and Pest Control Services	1
Family Clothing Stores	3
Farm Product Warehousing and Storage	1
Fitness and Recreational Sports Centers	1
Floor Covering Stores	3
Florists	1
Freight Transportation Arrangement	1
Full-Service Restaurants	6
Funeral Homes and Funeral Services	2
Furniture Merchant Wholesalers	1
Furniture Stores	2
General Automotive Repair	7
General Freight Trucking, Local	2
General Medical and Surgical Hospitals	1
General Warehousing and Storage	1
Gift, Novelty, and Souvenir Stores	1
Golf Courses and Country Clubs	1
Hardware Manufacturing	1
Hardware Stores	1
Historical Sites	1
Hobby, Toy, and Game Stores	1
Homes for the Elderly	1
Household Appliance Stores	2
Insurance Agencies and Brokerages	9
Iron and Steel Forging	1
Janitorial Services	2
Jewelry Stores	2
Landscape Architectural Services	2
Landscaping Services	3
Limited-Service Restaurants	18
Logging	3
Marine Cargo Handling	1
Medical Laboratories	1
Men's Clothing Stores	1
Miscellaneous Intermediation	1
Musical Groups and Artists	1
New Car Dealers	6
New Housing Operative Builders	1
Newspaper Publishers	1
Nonferrous Forging	1
Nonwoven Fabric Mills	1
Nursing Care Facilities	2
Office Administrative Services	1
Office Equipment Merchant Wholesalers	1
Office Supplies and Stationery Stores	2
Offices of Certified Public Accountants	4
Offices of Chiropractors	2
Offices of Dentists	4
Offices of Lawyers	11
Offices of Optometrists	3
Outdoor Power Equipment Stores	1
Paint and Wallpaper Stores	1
Pet and Pet Supplies Stores	1
Petroleum Refineries	1
Pharmacies and Drug Stores	7
Photography Studios, Portrait	2
Pipeline Transportation of Natural Gas	1
Plate Work Manufacturing	1
Radio Stations	1
Ready-Mix Concrete Manufacturing	1
Reinsurance Carriers	1
Reupholstery and Furniture Repair	1
Roofing Contractors	1
Sawmills	1
Securities Brokerage	1
Shoe Stores	1
Site Preparation Contractors	2
Snack and Nonalcoholic Beverage Bars	3
Solid Waste Collection	1
Sporting Goods Stores	3
Sports and Recreation Instruction	1
Spring (Heavy Gauge) Manufacturing	1
Support Activities for Forestry	1
Tax Preparation Services	1
Tire Dealers	4
Tobacco Stores	2
Used Car Dealers	4
Used Merchandise Stores	2
Veterinary Services	1
Video Tape and Disc Rental	2
Warehouse Clubs and Supercenters	1
Water Supply and Irrigation Systems	3
Wired Telecommunications Carriers	2
Women's Clothing Stores	1

Forming a Company in New Albany, Mississippi

It's very important that your business is formed as a legal entity that is separate from its owners. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.

When forming a company, you will pick from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporating is a very common way to legally create a business entity. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Mississippi, it doesn't mean you are required to incorporate in Mississippi. In fact, you are allowed to incorporate in the state of your choosing. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.

There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Registered Agents. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in New Albany, Mississippi, our web page covering Incorporating in Mississippi may be a useful resource if you decide to incorporate in Mississippi.

Do You Need a Business Plan?

Having a business plan is critical to the health of your new business. In effect, a business plan describes what you plan to do with the business and how you plan to do it. Failure to write a business plan makes you more prone to becoming a business failure statistic.

If writing a business plan is on your to-do list, be sure to read Expert Advice on Business Plans. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Mississippi.

Getting Money to Start a Business

Raising money to fund your new New Albany business requires strong organization skills and perseverance. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.

To learn about raising money, we recommend you read the fundraising articles on our site, such as How Equity Dilution Works.

For New Albany entrepreneurs with great ambition but a shortage of investment capital, we have assembled a List of Mississippi Angel Investors and our List of Mississippi Venture Capital Firms.

Building Up Your Sales

Do you know how to sell? In order to attract customers to your new New Albany business, you need to focus on sales.

Not knowing how to sell can result in lost customers and minimal market share. Fortunately, we've got plenty of good advice to help you improve your selling skills.

Writing Great Proposals is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.

Learning More About Entrepreneurship

The best business owners recognize that what they know now may not be enough to ensure their future success.

With your business being located in New Albany, Mississippi, you should get information on some of the learning programs at local Mississippi educational institutions. You should also check if there are any New Albany networking organizations.

What's Next?

As an entrepreneur in New Albany, you won't be working for the boss anymore. You are the boss.

If you choose the right business and love what you do, you will greatly increase your odds of success.

This site is all about helping entrepreneurs in New Albany and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in New Albany, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in New Albany, Mississippi

Here are more links that we believe will help you be successful in starting a business in New Albany.

• Resources for New Albany, Mississippi Entrepreneurs - Browse a variety of resources we've collected to assist New Albany entrepreneurs.
• Mississippi Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Mississippi.
• Mississippi Small Business Development Center - The Mississippi Small Business Development Centers (MSBDC) is dedicated to helping build and grow businesses in Mississippi. For new entrepreneurs, this is an excellent resource.
• New Albany, Mississippi Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for New Albany, Mississippi newspapers, including ad costs for newspapers serving the New Albany area.
• New Albany, Mississippi Radio Advertising Prices - To help you in your marketing efforts, we've gathered radio advertising rates for New Albany, Mississippi area radio stations.
• New Albany, Mississippi Payroll Services - This list includes New Albany, Mississippi payroll services, national payroll services for New Albany, and helpful information on choosing a New Albany payroll service.
• New Albany, Mississippi Businesses for Sale - This list includes resources for buying a business in New Albany, Mississippi, such as business brokers in New Albany and other helpful information on how to buy a New Albany business.

More Business Startup Guides for Mississippi
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Starting a Business in Newton

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