There has never been a better time to start your own business in Missouri, but if you are coming from an employed position then it can be hard to know where to begin if you are coming from an employed position
The construction industry offers excellent opportunities with different roles and specialisms. Experience the freedom of working for yourself or starting a small company as you achieve success.
Here are some simple steps to get you started on the right road.
Each state in the USA has its own state licensing requirements. If you have never worked as a contractor before or are coming from a different state, it is important to get up to speed with what is required.
You can find out about a Missouri general contractors’ license here.
Write a Business Plan
If you have an idea about which area of the industry you want to work in, then start with a business plan.
This can seem a little daunting, but fortunately, there is plenty of help and online resources guide you.
Many people are only prompted to write a business plan because the bank asks for one.
A business plan can be a really useful roadmap to your future. Think of it as a blueprint for the success of your business rather than an onerous task.
Choose a Business Entity
A business entity or structure is how you are going to run your business legally. This is how your business is organized, even if it is just you and no workers.
You can work for yourself – this is called sole proprietorship and is the easiest to set up with no state filling. However, you will be personally liable for any business debts if things don’t go to plan.
Perhaps you want to work with a buddy or family member or members in a partnership. There could be a few of you. Again, there is no requirement for state filing.
A corporation is a separate legal entity, and this is more complicated to set up. The upside is that you enjoy personal asset protection if things get tough.
A corporation has some complex compliance requirements and different duties for directors and shareholders. Taxation is also complicated, so legal advice is essential if you want to go down this route.
The Limited Liability Corporation of LLC is one of the most popular options, with the asset protection of a corporation matched with the ease of a sole proprietorship.
An LLC has fewer burdens too, in terms of administrative requirements for shareholders and directors.
Register a Business Name
This is the fun part of the exercise. Some people choose something with humor, others use their own name or a family name – it’s up to you.
More and more people in Missouri are discovering the dual benefits of freedom and control that come alongside running your own business.
Sure, it’s not always a walk in the park, but there are great opportunities out there for hard-working and creative people.