How To Start A Business In Virginia
Updated: Jul 21, 2023
14 Steps to Start your Business in Virginia.
Starting a new business can be exciting, scary and a little confusing. Hopefully this article brings a little light to help illuminate your path. I included 14 Steps to start your business in the state of Virginia. If you're not in VA, be sure to check out the laws for your state. The first couple steps require actual research. Take the time to learn the market and all it includes before diving in head first. And once you finish reading this head on over to our shop and get you one of our Business Planner.
1. Identify a problem or gap in the market and create the solution.
2. Map out your business and create a business plan.
Who is the target audience?
Age?
Gender?
Where do they live?
What are they asking for?
How do they shop most? Online? In-Store?
Who is the competition?
Are customers engaging with them?
Are their prices fair, high, low?
How’s their packaging?
3. Pick a Name
Use the SCC website to check if the name you’d like, is distinguishable. If you are not ready to start your business, you can still file a SCC631 Form to reserve the name for 120 days.
Certificate of Assumed or Fictitious Names/D.B.A- Required if you are doing business under any name other than the owner’s legal name. If a partnership, surnames of partners.
As soon as you decide your name register it and purchase the domain.
4. RESEARCH and decide on a Legal Structure
Sole Proprietorships
Partnerships
Corporations
S Corporations
Limited Liability Company
Learn More About Legal Structures SBA
Learn More About Legal Structures IRS
"Goal setting is the secret to a compelling future." - Tony Robbins
5. Determine/Register for your Business Address/Headquarters.
Once you have a business name picked out & confirmed available it's time to decide on your Business Address/Headquarters. Do not use your home address for your business.
If you don't have a permanent building yet look into getting a virtual business address. Make sure it's a physical address not a P.O Box! You should get the business address before registering your business that way you can put the business address on the forms. Make sure to compare the costs, benefits, locations, extra fees etc. for a couple options before deciding.
Some even let you set up everything online and start using instantly. Remember whatever City/State you get your business's address is where you must get your business license and other local requirements.
6. Create a Professional Email
Ex: Info@mycompany.com. You can get one through google or your website provider.
Costs around $100.00
An EIN is your business's Employer Identification Number. Free.
9. Register your Business
File for your business license with the Commissioner Of Revenue in the City your business will operate from. About $50.00 depends on your city/business.
10. Register your business for it's state of Virginia Tax Number.
This is not the same as your EIN given by the IRS. Free.
11. Open a Business Bank Account
12. Set Up a way to take and record payments.
Check with your bank.
Square
Stripe
Quickbooks
Paypal
Braintree
13. Start Building Your Online Presence
Website: Create or Hire someone to design you a website. The time when a business could survive and grow without a website is behind us. You NEED a website.
Social Media Accounts: Figure out which platforms your business needs based on the content you'll produce and where you can best reach your target audience.
Use your business logo, brand colors, business info when you set up your business's social media accounts.
Share your social media platforms on your website, invite your customers, family & friends to like your page, include in your next email campaign, share via a blog.
Do not set up more accounts than you can manage, consistency with posting valuable content is crucial.
13. Open a NAV Business Boost
Nav is a great way to learn and track the financial health of your business. As well as start building business credibility for your business for your business.The Business Boost account reports as a trade-in to help you start building business credit for your business. Make sure you have completed the above steps first.
14.Check out our business planners to help: Organize, Strategize and Prioritize your business goals and progress.
MAKE SURE ALL OF YOUR BUSINESS INFORMATION MATCHES ON ALL FORMS AND ACCOUNTS
** At no additional cost to you, I may receive compensation for some of the links in this post.
