Is opening a new business in Virginia keeping you up at night? You’re not alone. Thousands of first-time business owners struggle to open their shops. What’s worse is that data suggests more businesses fail than succeed!
So what’s the best way to open a business and how can you be sure that your business is poised for rapid and sustained growth? We recommend following a proven and results-driven process for business growth.
We’ve prepared a simple quick-start guide to help you launch your business. Keep reading to learn about the mission-critical steps that you must follow to open a new business in Virginia.
How to Start a Business in Virginia: 5 Simple Steps
Before we begin, we’ll let you in on a little secret.
The most successful business owners in Virginia invest in modern business tools and technologies. A point of sale (POS) system is one of the most important things that you can use from the outset of your business.
There are plenty of POS systems on the market, but by leery – not all POS systems are created equal! In fact, many “industry-leading” POS software and hardware vendors overcharge and underdeliver.
These vendors don’t equip you with the tools, features, and resources that you need to succeed as a business owner. Before long, you’ve invested in several different “add-ons” that end up costing you hundreds (or thousands) of dollars per year.
There has to be a better way, right?
POS Nation is different. Learn how by scheduling a free software demonstration – it’s that easy!
Beyond investing in a modern, all-in-one POS system, here are the other steps that you should consider when building a business in Virginia.
1. Select a Business Type
We recommend conducting some basic market research to learn more about local consumer behavior. This will give you a strong sense as to what type of business you should open. Additionally, a competitive analysis will help you learn about the businesses competing for your customers.
Taking the time to understand your local market and competition from the outset will help position your business for rapid success.
2. Register the Business
Next, register the business.
Before registering your business, however, you must first obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS).
After securing an EIN, use the Clerk’s Information System (CIS) to check name availability, reserve a business name, and form the business.
RELATED READING: Small Business Tax Preparation Checklist for New Business Owners
3. Obtain Business Licenses and Permits
Next, obtain the appropriate business licenses and permits.
The Virginia Small Business Development Center (SBDC) offers guidance on the exact licenses and permits that you must obtain. Additionally, the U.S. Small Business Administration (SBA) offers complete coverage on all federal requirements. Please consult your local jurisdiction for local requirements.
4. Secure Business Funding
Many of the most successful business owners in Virginia are backed by corporate funding. Securing business funding is an often overlooked part of opening a new and thriving business in Virginia.
There are plenty of easy ways to generate business capital. We recommend pursuing the following funding avenues:
- Virginia Small Business Financing Authority (VSBFA)
- Rebuild Virginia Grant Fund
- Virginia Small Business Grants
- Small Business Grants for Women in Virginia
RELATED READING: 5 Amazing Retail Business Loans for New Owners
5. Invest in a Point of Sale System
It goes without saying, but investing in a modern POS system is the most important thing that you can do to ensure the rapid and sustained success of your growing small business. Fortunately, there is no shortage of great POS systems on the market. However, be cautious!
If you invest in the wrong POS solution, you could seriously overspend on outdated or irrelevant features. At minimum, prioritize vendors that offer these powerful POS software features:
- Item and SKU lookup
- Cash discounting
- Mobile checkout
- Customizable hotkeys
- Multiple payment options
- Scale integrations
POS Nation Powers Business in Virginia
There’s a reason why more Virginia-based business owners and managers choose POS Nation to power their shops. Over the years, we’ve helped thousands of first-time owners and managers build thriving businesses.
And we can do the same for your business!
Rolling Hills Farms in Waxhaw, NC, was ready to upgrade their business from an old POS system to a market-specific and fully customized POS solution.
“POS Nation makes it easy to manage our inventory. We love the simplicity of the product. The installation and training of the system were great. POS Nation was very accommodating to our schedule” - Morgan L, Manager
Does POS Nation make sense for your unique business?
To find out, we recommend downloading our free guide: The Retail Point of Sale System Buyers’ Guide. Whether you decide to do business with POS Nation or another POS system vendor, this guide will give all the information and insights needed to make an informed purchase.