Have you identified a problem or a void in the market your business idea could solve?
You’ve made the decision to start a business, but where do you begin? We have created a detailed road map to help you on your journey. We’ve got tips and additional resources along the way to make sure your business has the best chance of success. Let’s get started!
No doubt you have been inspired with a great idea that could turn into a profitable and rewarding business. Before going any further, be sure to ask yourself (and others) these questions. Talk to friends, family, possible investors, associates, and the community partners in our resource guide. They have years of experience and are ready to help.
Have you identified a problem or a void in the market your business idea could solve?
Have you identified your target market?
Do you know where and how to reach your customers and suppliers?
Have you projected your start-up costs and your first few years??? cash flow?
Have you determined who will manage the daily operations?
Have you determined your income requirements?
Have you identified sources of funding? Have you obtained the necessary capital to open and to operate?
Have you obtained the necessary capital to open and to operate?
The completed business plan is a key document to starting your business. Start with these three exercises then click on Learn More for the next steps and where to find help.
Location, Location, LocationWhat kind of space do you need? Office? Manufacturing? Does it need to be accessible for customers and walk-in traffic? What type of zoning does your business require? Will you be home-based?
Are you in a zone that’s eligible for special incentives?
Careful consideration should be given to the name of your business. Select one carefully! They can be difficult and expensive to change later.
The best legal counsel varies for each owner and each business, but it is wise to consult with an attorney, an accountant, and/or business advisor. Consider the type of business, your business and personal goals, and your personal finances when making this decision.
Now that you are further along on the path to your successful business, take a fresh look at your business plan and update it to fit your changing needs.
All business must register with the State of Virginia and the federal government.
Contact the Commissioner of the Revenue to satisfy local license requirements and to inquire about any other local tax or licensing liabilities. A business license is required with the rate determined by type of business and gross sales. New businesses will be asked to estimate their first year gross receipts and the tax will be adjusted at a later date to reflect actual.
Now is the time to finalize all documents from insurance, banking, real estate, government registrations, special licenses or permits, and look at training for you or your employees.
Now that you have achieved this milestone, what’s next? Get the word out and schedule a ribbon cutting.
Your grand opening and ribbon cutting is a great way to call attention to your business! The Chamber of Commerce can help you with logistics, but at the minimum invite the press, partners, investors, City Council, and the Economic Development staff. This is a noteworthy celebration and the hallmark of months of work.
