Mississippi Business Startup Guides
Opening a Business in New Albany, Mississippi
Contemplating starting a business in New Albany, Mississippi? We walk you through the process of 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.
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.
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.
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.
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.
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.
More Business Startup Guides for Mississippi
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