Thinking about the best way on how to start a small business in Missouri? Well, you need to do your research since each state comes with different small business regulations. It is quite tough since you have to think about the strategies needed to succeed in the business. Find out the best ways to start a small business in Missouri here.
#1. Select the Right Business Idea
Speaking on how to start a small business, you need to begin with a good business idea. To find the best one, make sure that you consider your skills, interests, and resources well. Not only that but you also have to consider the interests of your community and whether the business will meet their needs. Once you find the right small business idea to start, make sure that you draft your business plan.
#2. Consider the Legal Structure of Your Business
There are some legal structures commonly used in small businesses. These entity structures include sole proprietorship, Limited Liability Company (LCC), partnership, and corporation. Consider which legal structure will fit your business. The entity structure you choose for your business will determine the type of tax, financing, financial benefits, and liability protection of your company.
#3. Pick Up a Suitable Business Name
Another tip on how to start a small business in Missouri is choosing a business name. If you plan to set up LCCs and corporations, checking on the Missouri Secretary of State (SOS) will be very helpful. This will make it possible for you to find out whether the name of your business is distinguishable from other business names already existing in the SOS database. You will be given 60 days to reserve an available business name. All you need to do is fill an Application for Reservation of Name with the SOS of Missouri.
#4. Missouri’s Business Licenses and Permits
To start a small business in Missouri, you need to obtain licenses and permits. These include tax registration and EIN ( Employer Identification Number). For the tax registration, you need to go to the Missouri Department of Revenue (DOR). As for EIN, you can go to the IRS website to fill in an online application provided there for free. The regulatory licenses and permits required in the steps on how to start a small business in Missouri cover some areas like environment, health, and safety.