August 9, 2020  
 
  Entrepreneurial Resources - Advice for Mississippi Entrepreneurs  
  Pontotoc, Mississippi Resources for Entrepreneurs  
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Starting a Business in Pontotoc, Mississippi

Thinking about starting a business in Pontotoc, Mississippi? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Pontotoc.

Are You Sure You Want to Do This?

Being an entrepreneur is hard work, much harder than working as an employee. Are you sure you are ready to take on this challenge?

With so much at stake when you start a business, we strongly recommend you do the following before you proceed:

  • Talk to other entrepreneurs in Pontotoc. Ask them candidly what it's like to run a business.
  • We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
  • Seek the advice of somebody who knows you well. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

Pontotoc, Mississippi Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 509
5-9 Employees 216
10-19 Employees 159
20-49 Employees 102
50-99 Employees 30
100-249 Employees 24
250-499 Employees 9
500-999 Employees 3
1000+ Employees 0
All Pontotoc Businesses 1052

As a new Pontotoc entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Pontotoc 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
Animal (except Poultry) Slaughtering 1
Automotive Parts and Accessories Stores 4
Automotive Transmission Repair 1
Beauty Salons 3
Burial Casket Manufacturing 1
Business Associations 2
Cable and Other Program Distribution 1
Child Day Care Services 5
Commercial Lithographic Printing 1
Commercial Screen Printing 1
Consumer Lending 7
Credit Unions 1
Discount Department Stores 1
Drywall and Insulation Contractors 1
Electric Power Distribution 1
Electrical Contractors 2
Elementary and Secondary Schools 1
Engineering Services 2
Family Clothing Stores 3
Fine Arts Schools 1
Fitness and Recreational Sports Centers 2
Floor Covering Stores 1
Florists 2
Folding Paperboard Box Manufacturing 1
Framing Contractors 1
Fruit and Vegetable Markets 1
Full-Service Restaurants 8
Funeral Homes and Funeral Services 4
Furniture Merchant Wholesalers 2
Furniture Stores 1
General Automotive Repair 8
General Freight Trucking, Local 2
General Medical and Surgical Hospitals 1
General Warehousing and Storage 1
Gift, Novelty, and Souvenir Stores 2
Golf Courses and Country Clubs 1
Hardware Merchant Wholesalers 1
Hardware Stores 1
Historical Sites 1
Home Health Equipment Rental 1
Homes for the Elderly 1
Household Appliance Stores 1
Institutional Furniture Manufacturing 1
Insurance Agencies and Brokerages 7
Jewelry Stores 1
Land Subdivision 1
Landscaping Services 2
Lessors of Other Real Estate Property 1
Limited-Service Restaurants 12
Livestock Merchant Wholesalers 1
Logging 1
Machine Shops 2
Manufactured (Mobile) Home Dealers 1
Marketing Consulting Services 1
Meat Markets 1
Men's Clothing Stores 1
Motor Vehicle Towing 1
New Car Dealers 1
New Housing Operative Builders 1
Newspaper Publishers 1
Nursing Care Facilities 3
Offices of Bank Holding Companies 1
Offices of Certified Public Accountants 2
Offices of Dentists 4
Offices of Lawyers 6
Offices of Optometrists 2
Paint and Wallpaper Stores 1
Petroleum Bulk Stations and Terminals 2
Pharmacies and Drug Stores 3
Photography Studios, Portrait 2
Plastics Plumbing Fixture Manufacturing 1
Polystyrene Foam Product Manufacturing 2
Quick Printing 1
Ready-Mix Concrete Manufacturing 1
Securities Brokerage 2
Security Guards and Patrol Services 1
Sheet Metal Work Manufacturing 1
Shoe Stores 1
Snack and Nonalcoholic Beverage Bars 1
Solid Waste Collection 2
Sporting Goods Stores 1
Sports and Recreation Instruction 1
Spring (Heavy Gauge) Manufacturing 1
Steel Wire Drawing 1
Tax Preparation Services 1
Tire Dealers 4
Used Car Dealers 3
Used Household and Office Goods Moving 1
Veterinary Services 1
Video Tape and Disc Rental 2
Vocational Rehabilitation Services 1
Water Supply and Irrigation Systems 4
Wholesale Trade Agents and Brokers 1
Window Treatment Stores 1
Wired Telecommunications Carriers 2

Is a Franchise Opportunity Right For You?

As you drive around Pontotoc, it's apparent that franchising has become a very popular way to start a business. But is franchising the right option for you?

Our advice is to evaluate the possibility of your buying a franchise opportunity. We have many articles on franchises, such as Franchise Due Diligence. Become a franchising expert of sorts by reading more of our Articles on Franchising.

To learn about specific franchise opportunities, check out our Franchise Directory.

Sample franchise opportunities include Oil Can Henry's Quick Lube and Sir Speedy, Inc.. Alternatively, you can browse franchise categories, such as Baby Franchises and Bath Remodeling Franchises.

Note on Pontotoc Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Pontotoc.

Company Formation in Pontotoc, Mississippi

A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will insulate you from personal liability for business debts and obligations.

The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.

Incorporating is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Mississippi, you don't necessarily have to incorporate in Mississippi. In fact, you are allowed to incorporate wherever you want. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.

There's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as ESOP Formation. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Pontotoc, Mississippi, our information on Incorporating in Mississippi may be a useful resource if you decide to incorporate in Mississippi.

Make Sure You Have a Business Plan

A business plan is essential in maximizing the prospects of your new company. Simply put, 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 is a recipe for disaster.

If writing a business plan is on your to-do list, be sure to read Business Plan Contests. You should also take advantage of free counseling sessions provided by your local SCORE chapter in Mississippi.

Where to Get Money to Start a Company

Getting your Pontotoc business the capital it needs to succeed is not an easy task. In fact, financing your new business may be the hardest challenge you ever face.

Take advantage of our many articles on raising capital, such as Getting a Small Business Loan.

For Pontotoc entrepreneurs who want to raise money for a new venture, check out our 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 Pontotoc business, you need to focus on sales.

The key to selling is to set sales goals goals and monitor your progress towards those goals. Let us help you refine your selling techniques through our many useful sales advice tips.

Closing Sales 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.

Next Steps

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

From this point on, you control your own destiny.

This site is all about helping entrepreneurs in Pontotoc and elsewhere to achieve real success. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.

More Entrepreneurial Resources for Starting a Business in Pontotoc, Mississippi

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

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety