Start Your Business
Start Your Business
Starting and managing a small business can be a challenging and rewarding experience. In business, there are no guarantees. Getting involved with starting a new business can bring you face-to-face with challenges you have never experienced before. Before you commission a business logo or make business cards, take the time to research what you need to do to start your business.
Do you have the right idea?
You want to make sure that your business can turn a profit.
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Call an expert or send them an email - MOSourceLink’s Network Navigators will give you free help with the next steps and all the resources to start or grow your business with their Personal Action Plan.
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Get help evaluating your business idea - The Missouri Small Business and Technology Development Center can help you evaluate your business idea to determine your potential for success before you spend time and money on a business plan.
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Ask yourself these 20 questions - Questions taken from the Small Business Association (SBA) website.
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Determine your RAMP (return on investment, advantages, market and potential).
Are you ready to be an entrepreneur?
There are several things to consider when deciding to become an entrepreneur whether you are a creative person or someone who can keep the business side of things, such as bookkeeping, going.
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Obtain a list of entrepreneur characteristics and view a list of Missouri organizations that offer courses, coaching, and training.
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The U.S. Small Business Administration (SBA) provides some resources to help you decide if small business ownership is right for you with their Starting a Business guide.
Increase your social network
Build your network strategically.
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1 Million Cups Springfield - A Kauffman Labs program striving to engage entrepreneurs through a weekly educational and networking program.
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efactory - The efactory is an entrepreneurship and innovation center with programs and services that assist companies throughout southwest Missouri.
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Entrepreneurship Bootcamp for Veterans (EBV) - A multi-phase program for post-9/11 veterans and a passion for launching new businesses. The results-based program is led by experts in the areas of disability employment and self-employment who present a tailored curriculum that reflects the unique needs, challenges and opportunities confronting veterans.
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Join your local Chamber of Commerce. The Chamber of Commerce provides business assistance, networking opportunities, professional development and other services related to starting or growing a business.
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MOSourceLink - Search networking events throughout Missouri. Events can be virtual or in-person.
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Multicultural Business Association - Provides monthly networking opportunities.
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The Network - A premier organization for Springfield’s professionals under 40 who are interested in connecting with other young professionals, advancing their careers, filling leadership roles in the community, and building relationships with other business leaders.
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Southwest Missouri SCORE - The local chapter provides free mentors who are experienced business owners and managers to help guide those starting or growing a business.
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Vet Biz - Free assistance to honorably discharged veterans, transitioning military and military families with preparations to self-employment or business expansion.
Write a business plan
A business plan serves as a road map to the future of your small business. A good business plan will help you secure financing and credit for your business, provide a guide for managing operations, finances, promotion and marketing and clarify goals and objectives.
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SBA provides guidance on the elements of a business plan, sample business plans and how to get the most out of your business plan.
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Small Business Development Center (SBDC) offers free help crafting a successful business plan.
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Bplans is a gallery of more than 500 business plans for specific areas.
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Business Plans Handbook is an online collection of business plans for hundreds of different types of businesses.
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Business Plans Handbook: A Compilation of Actual Business Plans Developed by Small Businesses Throughout North America* is available electronically through Gale Virtual Reference Library* at any Springfield-Greene County Library branch or from outside the Library with a valid library card. Also available in print at the Library Center.
Need help putting it all together?
There are several business building organizations that can help you.
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The Library may have business resources available to help you gather data for your business plan.
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MOSourceLink can provide you a free Personal Action Plan.
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efactory - The efactory is an entrepreneurship and innovation center with programs and services that assist companies throughout southwest Missouri.
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Entrepreneurship Bootcamp for Veterans (EBV) - A multi-phase program for post-9/11 veterans and a passion for launching new businesses. The results-based program is led by experts in the areas of disability employment and self-employment who present a tailored curriculum that reflects the unique needs, challenges and opportunities confronting veterans.
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Missouri SBDC (Small Business Development Center) - Helps businesses in every stage.
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Southwest Missouri SCORE - The local chapter provides free mentors who are experienced business owners and managers to help guide those starting or growing a business.
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Vet Biz - Free assistance to honorably discharged veterans, transitioning military and military families with preparations to self-employment or business expansion.
Register your business.
You’ll want to make sure your business is legal.
According to MOSourceLink’s Start Your Business Guide, these should be your first six steps:
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Decide on your business structure
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Register with the Missouri Secretary of State
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Obtain an Employer Identification Number (EIN)
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Register for Missouri business taxes
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File paperwork to hire employees
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Check for city and county licenses and permits, and obtain industry licenses
Deciding on a Business Structure
The type of legal structure you choose for your business is important. This decision affects how much you will pay in taxes, the amount of personal liability you may face and your ability to get financing. There are six typical structures for small businesses. To find out what they are and which is right for your business, check out these resources:
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Choose Your Business Structure from SBA
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A Matter of Type: Your Business Entity from SCORE
Register your business with Missouri Secretary of State
Protect your business name by making it legal. Review these web sites to ensure that your business is in compliance with federal, state and local government regulations.
Obtain an Employer Identification Number (EIN)
Employers with employees, business partnerships and corporations must obtain an Employer Identification Number (EIN) from the U.S. Internal Revenue Service (IRS).
Register for Missouri business taxes
Since your business is legal, make sure to pay your Missouri business taxes. Reach out to the Missouri Department of Revenue to complete tax forms based on your business activity and you can also register with the Missouri Department of Labor if you will have employees.
Hiring employees?
If you plan to hire employees you will need a federal employer identification number (EIN), register with the Missouri Division of Employment Security, and check to see if you need to carry Workers Compensation coverage with the Missouri Division of Workers Compensation.
Check for city or county licenses or permits
The state, county, or city may require additional licenses or business registration paperwork to be completed. Contact the city clerk’s office where you intend to do business. And some professions, occupations or other activities may require special licenses or certifications. Contact the Missouri Division of Professional Registration to check if those are required. The Missouri Department of Agriculture gives information about licenses and permits specific to agriculture.
Find Office Space
Choosing where to locate your business is an important decision. The Small Business Administration (SBA) offers business location tips to help you make the right selection.
Most library branches offer conference rooms perfect for working alone, training sessions or meetings. Book a conference room online.
The efactory, the local business incubator, also offers co-working space and more to businesses.
Funding Your Business
If you need information on how to fund your business, please see the Library’s Funding Your Business guide.
Buying a Franchise or Existing Business
Starting a business from scratch can be challenging. Franchising or buying an existing business can simplify the initial process.
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SBA has a guide on Buying an Existing Business or Franchise.
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The Federal Trade Commission has a guide on Buying a Franchise.
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MOSourceLink provides additional information about buying a franchise.
Expanding Your Business to Missouri
Missouri is a great place to do business. If your business is already incorporated in another state, MOSourceLink gives valuable information on how expand your business to Missouri here.
Start a Nonprofit
There are differences between starting a for-profit business and a not-for-profit organization. Read the Library’s Starting a Nonprofit - 501(c)(3) article for more information on how to successfully start a nonprofit organization.
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