Starting a business takes a lot of time, thought and consideration especially if you have never done it before. In a lot of ways, it is like having a child: you must nurture it until it develops and is able to take care of itself.
That being said, the mortality rate for businesses is extremely high. According to Forbes, an astonishing eight out of ten businesses fail within the first eighteen months! I am not trying to dissuade you from starting a business: my intentions are to dissuade you from starting a business without thinking it through all the way….Like I have done in the past…regretfully….I still carry the scars….BUT I DIGRESS!!
If you are looking to start a business in Springfield, the rules still apply: be well informed, have a plan and have a sound business model. Yes, there are always those that have barrelled in and made a name for themselves without having a plan, but here I believe that luck favors the prepared. One reason why businesses fail is because they run out of cash, but the stress fractures would have been there long before a business shuts down. This is why it is so important to have several things in place before starting your business.
Things to Have in Place Before You Start Your Business in Springfield, MO
First and foremost, determine whether you are running a business or if you are looking to be self-employed. Robert Kiyosaki’s renown book, Cash-Flow Quadrant supports people in discovering where they are and where they would like to be. If you decide that you are indeed going to run a business, here are some of the things to have in place:
- Break-even analysis
Let’s you know when your business will be able to cover all of its’ expenses and begin to turn a profit. It delves deep into what your expenses are including fixed and variable costs, overhead and so on so you can determine how much revenue you need to make in order to cover all your costs.
- Business Plan
A business plan is an in-depth look at your business goals, why they are attainable and how you plan to reach them. If you would like support, click here and the Small Business Administration will walk you through how to write your business plan.
- Marketing Plan
A marketing plan describes your marketing strategy and the current market for your business. This is a very important part of your business plan.
- Financial Planning and Statements
Determine how much financial assistance you will need for your start up (including at least 6 months of savings for your own personal expenses).
- Know your Ownership Structure
Determine how many owners will be in your business and research the different types of ownership structures and pick one that is in alignment with your business and goals.
Steps to Start a Business in Springfield, Missouri
Once all of the above steps are completed, the only three things left are to deal with business licensing, filing with the IRS and getting to work! As stated above, starting a business is a lot like raising a child, and when you have a newborn child at home, it takes a lot of time and effort. Be prepared to be focused, driven and in spending oodles of time on your new-borne start-up!
Before going in and filing all that wonderful paperwork, first make sure that the name is available by going here. Simply fill in the name you wish to use for your new organization, and try different combinations to ensure the name you want isn’t taken!
Business licensing in Springfield
There are almost 200 different sorts of business licenses available in Springfield Missouri, and even if you are based outside city limits but plan to do some business within Springfield, you will most likely need a business license.
Depending on the sort of business you have, you may need other documents and permits before licensing your business. For example, if you are opening a restaurant, you will need a health permit.
Click here to find out more on what sort of license may suit your business.To get your business license, you will have to go to the licensing division, their particulars are:
840 Boonville Ave.
Springfield, MO 65802
Filing with the IRS in Springfield
You will need a sales tax number and an Employer Identification Number (if you are not planning on hiring anyone immediately) as most banks may require this for opening a business bank account. And again, depending on your type of business you may have additional paperwork and filing that needs to be done.
For additional information on hiring new employees, follow the checklist here and should you have any questions on filing your business with the IRS, feel free to call their Springfield office at (417) 889-9828 or visit them between 8:30 am and 4:30 pm at the following address:
2937 S. Claremont Ave
Springfield, MO 65804
In summary, there are a lot of things to consider before starting a business in Springfield, Missouri. But if you have thought it through and have done your homework then the above should be a piece of cake!
Wishing you all the best!
We are WeDames, an online women’s magazine and women’s community based out of Springfield, Mo that has one purpose: to bring women together. We love connecting, having fun and empowering women in and around our awesome little city. We do this by putting up articles here on our online lifestyle magazine, and by also hosting women’s events, such as Ladies’ night out! Whether you are looking for a women’s networking community for professional or personal reasons, one thing is sure: you will meet some amazing women.
Our humble website covers topics ranging from parenting, fashion, local businesses, tips, health, well-being, dating, marriage and where to shop in Springfield, Mo. Joining our community is free, but you must identify as a woman, and be 21 years and above. Click here to join our newsletter and get the latest scoop on what we are doing in Springfield, Mo!