The 10 Steps to Starting a Business in Missouri
Brad Smith • October 25, 2019
If you’ve wanted to start a business in Missouri, this post contains 10 things you need to look at in order to do it successfully. Take a look through to see how simple it is to start a business. Here are 10 steps to starting a business in Missouri:
1. Conduct Market Research
The success of any business relies on whether you have customers. Use this guide from the Small Business Administration
to help you conduct market research and competitive analysis to determine your competitive advantage.
2. Name Your Business
The state of Missouri
requires any person or business transacting business under a name other than their “true name” file with the secretary of state as a fictitious name.
3. Choose Your Location
Your local city and county officials can help you know what locations are available for you to set up your business, as well as how traffic, market patterns, and zoning issues impact your business. Visit
this site to find out more information about choosing a location in Missouri.
4. Determine How To Structure Your Business
Businesses can be structured in several ways, depending on your goals and requirements. In accordance with the IRS, businesses can be sole proprietorships, partnerships, corporations, or limited liability companies. Missouri
has specific definitions of what constitutes a particular business structure.
5. Secure Financing
Missouri has many programs
for business development, small business, and entrepreneurship. The state also has programs geared to help business focused in sectors like energy, agriculture, and tourism. Additionally, you may consider contacting your local banks.
6. Get Paid
Determine how you will get paid for the services or products you provide. You can do this in a variety of ways, according to QuickBooks, including getting paid via PayPal, at a register, or by managing an e-commerce store online.
7. Choose How People Work For You
In general, people can work as employees or as independent contractors. Consult with the Missouri Department of Labor
in order to determine how to classify the people that work for you. The state also has a number of recruiting services for employees.
8. Track Income And Expenses
Tracking income and expenses is crucial because it helps you know how money is coming into your business and where it is going. Tracking expenses may also help save on your tax returns.
9. File Your Taxes
Speaking of taxes, the Missouri Department of Revenue
has a brand-new portal that allows you to file and track sales, use, employer withholding tax online, as well as pay taxes.
10. Draft A Business Plan
The St. Louis office of the SBA is a resource for how to draft a nine-part business plan. Many of the components in this article will be expanded upon in that link.
After reviewing this list of steps to start a business in Missouri, please contact us if you would like any further help.
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