The state of Virginia has something to brag about. It has produced eight US presidents and is well known for housing the Pentagon, Arlington National Cemetery and Mount Vernon.
As one of the wealthiest states in the country, its economy is incredibly diverse, from tobacco farming to crabbing. The 3 main economic drivers are architecture and engineering, banking and finance and IT.
Below is a list of some innovative business ideas for potential entrepreneurs looking to enter the market.
Profitable business ideas
1. Virtual Assistant
If access to large amounts of capital is limited, a virtual assistant business is worth investigating. This type of business is easy and profitable to set up and can be as flexible as you want. The objective is to provide administrative support to small or large companies. Some of the tasks may include market research, data entry, or online shopping.
2. Pet Grooming Service
People love their pets and spend millions of dollars on grooming each year. In Virginia, a license is required for a pet grooming business and you may need to invest in educational training.
3. Information Technology (IT) Services
With a booming technology industry, an innovative IT business is a great business to start in Virginia. Starting an IT business will likely require a fair amount of capital and in-depth industry knowledge, but investors are always on the lookout for new ideas in technology. If capital can be raised, IT services can be very profitable.
4. Printing Services
Virginia has many colleges and universities, which means a lot of students. The state also has a large number of tourist attractions, which means many guests from all over the world. Printing funny t-shirts and selling them to students and tourists can be very profitable.
How to start a business
Once a business idea has been decided on, it’s easy to feel lost and not sure where to start. Here are some steps that will help you start your business.
Write a business plan
It doesn’t have to be very long, but should give a good indication of the purpose of the business, how it will be run, the start-up cost, and the competition in the market.
Choose a business structure
The main business structures to choose from are partnerships, limited liability companies (LLCs), sole proprietorships and corporations.
A corporation can either be a traditional C-Corporation, or a business can choose to be treated as an S-Corporation. S-Corps in Virginia Start by forming an LLC or C-Corp, then choose S-Corp status with the IRS.
Name the company
A unique and smart business name has the potential to attract more customers. This process doesn’t have to be difficult, as there are plenty of free name generator tools available.
For an excellent guide to registering a business in Virginia, the Crown Corporations Commission website offers a detailed overview of the process. It is wise to consult a legal professional to ensure a comprehensive understanding of the process.
Virginia also advises new businesses to obtain an Employer Identification Number (EIN). This is similar to a social security number, but for businesses. Even if the business has no employees, it’s still a good idea to apply for an EIN as it might be needed to open a business bank account.
Taxation, licenses and permits
The IRS website has detailed information on small business taxation. Alternatively, the Virginia Taxes website can be consulted, but it is advisable to seek the expertise of legal professionals.
Virginia does not issue general business licenses and certain professions are regulated by licensing boards.
Open a business bank account
Opening a business bank account and obtaining a business credit card is an important step when starting a new business. It not only separates personal interests from business interests, but also lends a sense of credibility to the company.
The state of Virginia is full of opportunities and it’s a great place to start an innovative business. Find an idea that meets consumer needs. A business that can solve a problem is much more likely to succeed.