Is starting a business in Virginia your American dream? Get ready to jump through some hoops. Virginia businesses must be registered. Let’s find out how to start a business in Virginia.<\/p>\n\n\n\n
In this article, we’ll show you how to start a business in Virginia from the point of planning till the point where the business is up and running.<\/p>\n\n\n\n\n\n
Virginia was named for Elizabeth I, England\u2019s \u201cVirgin Queen.\u201d Its nickname is the Mother of States. It\u2019s also known as The Old Dominion and the Mother of Presidents. <\/p>\n\n\n\n
All three nicknames are linked to Virginia\u2019s position as one of the oldest settlements in the US, and one of the first states to join the US.<\/p>\n\n\n\n
According to estimates, anywhere from 50 to 70 percent of all Internet traffic flows through data centers situated in Northern Virginia. These facilities occupy millions of square feet in the upper area of the state.<\/p>\n\n\n\n
Tobacco is Virginia\u2019s major cash crop and many of the people who live here earn their living from the tobacco industry<\/strong>.<\/p>\n\n\n\n Agriculture, aerospace, mining, technology, and the military are the top five industries in Virginia<\/a>. Several major military centers call Virginia home, and over 20 different bases are peppered throughout the state.<\/p>\n\n\n\n The economy of the Commonwealth of Virginia is well balanced with diverse sources of income. From the Hampton Roads area to Richmond and down to Lee County in the southwest includes military installations, cattle, tobacco, and peanut farming in Southside Virginia.<\/p>\n\n\n\n Tomatoes recently surpassed soy as the most profitable crop in Virginia. Tobacco, peanuts, and hay are also important agricultural products<\/strong> from the commonwealth.<\/p>\n\n\n\n Virginia has seventeen total Fortune 500 companies, ranking the state tenth nationwide. Additionally, ten Fortune 1000 companies are in Northern Virginia, with a total of twenty-nine in the state.[15] With only 1% of the Hispanic American population, the state claims 3.6% of Hispanic 500 companies.[16]\n\n\n\n Virginia\u2019s economy is as diverse as the shipbuilding on the southern shore, the farming and tobacco-growing of rural areas, seafood harvesting along the Atlantic coast and rivers, the apple-growing capital of Winchester in the northwest, wineries spread among the countryside and the technology companies of the suburban Washington corridor.<\/p>\n\n\n\n You Should Check Out; How To Apply For Medicaid In Virginia<\/a><\/strong><\/p>\n\n\n\n Virginia is one of the oldest states in the United States. It is a major hub for businesses to thrive because of its ideal dedication to innovation and growth.<\/p>\n\n\n\n Let’s go on to list the top 5 reasons why you should start a business in Virginia:<\/p>\n\n\n\n Don’t Fail to Check Out; How To Start A Business In North Carolina In 2022: The Ultimate Guide, Step-by-Step<\/a><\/strong><\/p>\n\n\n\n As one of the most technologically oriented states in the world, Virginia is a major hub for aerospace, agriculture, mining, technology, and the military. <\/p>\n\n\n\n This heavy presence of businesses puts them in a pole position to promote innovation and growth.<\/p>\n\n\n\n Read Also; How to Start a Business in Minnesota in 2022: The Ultimate Guide, Step-by-Step<\/a><\/strong><\/p>\n\n\n\n Virginia\u2019s said to be on the verge of a \u2018golden age of entrepreneurialism. Business incubators have never had more traction there, and both state and local universities have seen enrollment in entrepreneurship classes explode. <\/p>\n\n\n\n Taken together, this means two things \u2013 increased competition for startups, but also a better, more entrepreneur-oriented community.<\/p>\n\n\n\n Learn more from this article; How to Start a Business in Pennsylvania in 2022: The Ultimate Guide, Step-by-Step<\/a><\/strong><\/p>\n\n\n\n Now you might be wondering if there’s any state in America that doesn’t have internet access, obviously, there’s no.<\/p>\n\n\n\n Nonetheless, it is estimated that around seventy percent of the world’s internet traffic flows through the data centers situated in Northern Virginia. These facilities which occupy millions of square feet are vital to the existence of worldwide web and internet businesses.<\/p>\n\n\n\n This implies that, if you want to start an internet business idea, Virginia is a perfect place to do so owing to the internet facilities situated in Virginia which guarantees internet speed.<\/p>\n\n\n\n Read Also; How to Start a Business in Washington 2022: Step-by-Step Process<\/a><\/strong><\/p>\n\n\n\n As a fertile ground to industries, companies do their best to add up to the economic state of the commonwealth state. This situation genuinely makes the state a perfect destination for startups and big businesses.<\/p>\n\n\n\n Virginia is served by 14 commercial Airports, including two of the busiest in the nation \u2013 Washington Dulles International and Ronald Reagan Washington International. <\/p>\n\n\n\n The Port of Virginia offers world-class shipping facilities with sailings to 250 ports in 100 foreign countries, and its railway system covers over 3400 miles of track. In other words, if you want to travel frequently or ship products around the world, Virginia\u2019s a great place to call home.<\/p>\n\n\n\n Here’s a list of possible business ideas you can start in Virginia:<\/p>\n\n\n\n Nowadays, more than ever, the demand for security services has increased in Virginia as well as in the whole USA. The most valuable business ideas in this field are: bodyguard security services, home alarms sale and installation, special event security services, firearms training, and disaster planning and consulting.<\/p>\n\n\n\n READ ALSO: How To Make Money As A Stay At Home Mom In 2022: 13 Legit Ways<\/a><\/strong><\/p>\n\n\n\n Virginia is one of the 10 richest states in the USA in terms of household income. Starting a business system that helps homeowners in Virginia will be a great idea. <\/p>\n\n\n\n Examples of such businesses can be professional handyman services, smart home devices, and systems installation, wall painting, and interior remodeling, gutter and roof cleaning, and construction of bunkers, insertion of bulletproof windows, or construction of swimming pools and ponds. <\/p>\n\n\n\n Taking up any of these business ideas will always yield big profits, and their big advantage is that you don\u2019t need a lot of initial capital to start them.<\/p>\n\n\n\n Virginia\u2019s northeastern region is one of the richest (average salary and GDP per capita) areas in the USA. For this reason, businesses in this area can be particularly profitable if aimed at the right audience. <\/p>\n\n\n\n Examples of such services are ushers, valet parking, chauffeurs and car hire, event planning, and professional emcees. Another good idea for this type of business can also be antique sales<\/a><\/strong>, interior decorating services, or luxury stores with niche products.<\/p>\n\n\n\n This business can either be home-based or public. Here, you’ll offer different types of food round the clock to clients. <\/p>\n\n\n\n To make the best out of the business, ensure you are the best at what you do.<\/p>\n\n\n\n It is a good business idea in large cities, but also has a good chance of success in the suburbs, where there are many detached houses.<\/p>\n\n\n\n Virginia is never void of events. Many people are preparing for a wedding or an important event that demands a wedding venue<\/a><\/strong> as elegant as it can be. So, if you’re able to create beauty out of nothingness in a unique style, this opportunity is yours to grab.<\/p>\n\n\n\n SEE ALSO: Where Can I Sell My Wedding Dress Now? 11 Places to Get Your Money Fast<\/a><\/strong><\/p>\n\n\n\n A food truck business can generate up to thousands of dollars a day, especially during concerts and festivals. The key to success in this business is that your food truck must be at the right place and at the right time. <\/p>\n\n\n\n In order to increase your profits, you should promote your brand and your food using social media. To start such a business you need a truck (or a small car with a trailer). You can also use a toaster maker, mobile pizza oven, or mobile fridge, which you can buy on Amazon <\/a><\/strong>by clicking on the links above.<\/p>\n\n\n\n If you are registering an LLC in Virginia, you’re required to file an annual report on or the last day of their anniversary month. The filing fee is $52.<\/p>\n\n\n\n Virginia corporations are required to file an annual report on or before the last day of the anniversary month of incorporation. The filing fee is $100.<\/p>\n\n\n\n Starting a business is exciting and, often, challenging. The information below affords an outline of the 5 best places to start a business in Virginia. <\/p>\n\n\n\n The unincorporated Tysons Corner area serves as Fairfax County\u2019s central business district; it\u2019s home to 26.4 million square feet of office space. <\/p>\n\n\n\n Tysons Corner\u2019s businesses have an average annual revenue of $11.4 million, which is tops on our list and three times higher than any other place in our survey. Nearly 45% of Tysons Corner businesses have paid employees, and its 23.9 businesses per 100 people rank second-highest among all Virginia communities. <\/p>\n\n\n\n Top employers include Boeing Co., Booz Allen Hamilton, and Hilton Worldwide. The area is also home to Tysons Corner Center, the largest shopping mall in Virginia.<\/p>\n\n\n\n The city of Fairfax has 25.3 businesses per 100 people, the highest number in the state and its 4% unemployment rate is lower than both the state and national average. <\/p>\n\n\n\n Among the top employers are the city itself and Fairfax Nursing Center. Local businesses are served by the Central Fairfax Chamber of Commerce<\/a>, which offers monthly networking events, educational workshops, marketing opportunities, and leadership training.<\/p>\n\n\n\n The town of Warrenton, about an hour west of D.C. near Shenandoah National Park, has 21.2 businesses per 100 people, fourth-highest among Virginia communities, and 40.1% of its businesses have paid employees. <\/p>\n\n\n\n The Greater Warrenton Chamber of Commerce<\/a> offers a business assistance team whose mission is to \u201csupport and educate local businesses towards sustained profitability and success.\u201d The chamber provides free professional guidance, expertise, and resources to its members.<\/p>\n\n\n\n The town of Abingdon has one of the lowest median monthly housing costs on our list, at $663, and has 19 businesses per 100 people. Nestled in the Blue Ridge Highlands region of southwestern Virginia, Abingdon is an outdoor lover\u2019s dream. <\/p>\n\n\n\n The town is home to or near several historic and recreational trails, including the 34-mile Virginia Creeper Trail and the Appalachian Trail. Local businesses are served by the Washington County Virginia Chamber of Commerce<\/a>.<\/p>\n\n\n\n Falls Church, a 20-minute drive from downtown D.C., cracks our top 10 because of its high percentage of businesses with paid employees (44%), its 13.2 businesses per 100 people, and its $91,932 median annual income.<\/p>\n\n\n\n Although median monthly annual housing costs are high at $2,149, the city\u2019s unemployment rate is a low 3.8%. Local businesses can turn to the Falls Church Chamber of Commerce<\/a> for networking and promotional opportunities.<\/p>\n\n\n\n Starting a business in Virginia is a process that demands you carry out the appropriate registration and documentation. <\/p>\n\n\n\n Let’s take a look at the prerequisite steps you need to take in order to register a business in Virginia.<\/p>\n\n\n\n There are 3 basic options: a DBA, a Corporation, or an LLC. <\/p>\n\n\n\n Picking a business name is easier said than done \u2013 many legal and business problems can arise from picking the wrong name (you can always change it later but the fewer times you have to do that, the better).<\/p>\n\n\n\n Before you go on to choose a business name<\/a><\/strong>, ensure that the name aligns with your idea and structure. In addition, make sure the name is easy to pronounce and retain.<\/p>\n\n\n\n Before you arrive at a name, search to know if the name is available and fit for usage. Additionally, do a trademark search with the US Patent and Trademark Office (USPTO)<\/a>. This will be a very good indicator if you\u2019re name will have any conflicts.<\/p>\n\n\n\n After chosing a business structure and picked your business name, here are the requirements to register your business in Virginia.<\/p>\n\n\n\n In Virginia, it is wrong to operate with a fictitious business name without filing for a DBA. This could result in a penalty of up to $2,500, up to one year in prison, or both.<\/p>\n\n\n\n The Federal Employees Identification Number is required for corporations and LLCs and optional for DBAs.<\/p>\n\n\n\n However, if you are a DBA and don\u2019t obtain an EIN you will be forced to use your Social Security Number on many documents so it\u2019s typically recommended you obtain the EIN to prevent identity theft.<\/p>\n\n\n\n To obtain an EIN you can apply online<\/a> with the IRS or via IRS Form SS-4<\/a>.<\/p>\n\n\n\n To keep business and personal expenses separate, ensure you open a separate account for your business. <\/p>\n\n\n\n Additionally, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans<\/a><\/strong> and lines of credit. To open the account simply call your chosen bank and inquire about the steps to open a business bank account. <\/p>\n\n\n\n Typically, you\u2019ll need to file your paperwork, tender your EIN, and submit a company resolution authorizing your company to open the account (signed by the owners, members, officers, or directors, etc.).<\/p>\n\n\n\n SEE ALSO: The Importance of Business Credit Insurance<\/a><\/strong><\/p>\n\n\n\n Setting up an accounting system will help you keep records of all financial activities going on in your business. This will help you allocate taxes efficiently.<\/p>\n\n\n\n Company documents generally are required to be kept for 3 years, including a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments, or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. <\/p>\n\n\n\n Now that you\u2019ve registered your business name you need to obtain a business license for your company. The license authorizes your company to do business in your city or county. <\/p>\n\n\n\n Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).<\/p>\n\n\n\n When starting a business in Virginia, obtaining business insurance is critical to protecting your business.<\/p>\n\n\n\n Most types of business insurance are optional, except for workers\u2019 compensation insurance in most states. Some states will also require professional liability insurance for businesses offering certain services and commercial auto insurance<\/a><\/strong>.<\/p>\n\n\n\n There are many types of insurance for businesses but they are usually packaged as \u201cGeneral Business Insurance\u201d or a \u201cBusiness Owner\u2019s Policy\u201d. This can cover everything from product liability to company vehicles. A fair policy can run as little as $300\/year and offers a great extra level of protection.<\/p>\n\n\n\n Even if insurance <\/a><\/strong>isn\u2019t required, and there is a fire, theft, or personal injury lawsuit, the business owner may have to pay out-of-pocket for damages and legal fees. Home-based businesses and side-businesses<\/a><\/strong> may want to consider business insurance, too, as personal home and vehicle policies may not cover in the event of a business loss.<\/p>\n\n\n\n Our list of top businesses in Virginia will be arranged based on the total number of employees each company operating therein has. Here’s a rundown of some of the top businesses in Virginia. <\/p>\n\n\n\n Before you start a business in Virginia, it’s important you heed to the outlined step-by-step process of registering a business in Virginia. <\/p>\n\n\n\nWhy You Should Start A Business In Virginia<\/strong><\/h2>\n\n\n\n
1. It houses lucrative industries<\/h3>\n\n\n\n
2. Virginia appreciates entrepreneurs<\/h3>\n\n\n\n
3. It has maximum internet access<\/h3>\n\n\n\n
4. Growing economy<\/h3>\n\n\n\n
5. Ease of access<\/h3>\n\n\n\n
Business Ideas You Can Start In Virginia<\/strong><\/h2>\n\n\n\n
1. Home Security Systems & Private Security Services<\/strong><\/h3>\n\n\n\n
2. Unique Services to <\/strong>Homeowners<\/h3>\n\n\n\n
3. Red Carpet Services & VIP Related S<\/strong>ervices<\/h3>\n\n\n\n
4. Meal Subscription Service & C<\/strong>atering<\/h3>\n\n\n\n
5. Event <\/strong>planning<\/h3>\n\n\n\n
6. Food T<\/strong>ruck<\/h3>\n\n\n\n
How Much Does It Cost To Start A Business in Virginia?<\/strong><\/h2>\n\n\n\n
Best Places To Start A Business In Virginia<\/strong><\/h2>\n\n\n\n
1. Tysons Corner<\/strong><\/h3>\n\n\n\n
2. Fairfax<\/strong><\/h3>\n\n\n\n
3. Warrenton<\/strong><\/h3>\n\n\n\n
4. Abingdon<\/strong><\/h3>\n\n\n\n
5. Falls Church<\/strong><\/h3>\n\n\n\n
How To Start A Business In Virginia<\/strong><\/h2>\n\n\n\n
#1 Decide on a Business Structure<\/span><\/h3>\n\n\n\n
#2 Pick a Business Name<\/span><\/h3>\n\n\n\n
#3 Register the Business<\/span><\/h3>\n\n\n\n
LLC in Virginia<\/span><\/h3>\n\n\n\n
TIP: Speak to your tax advisor about this important issue because it adds complexity to your LLC most people would rather avoid.
<\/li>How to Incorporate in Virginia<\/span><\/h3>\n\n\n\n
File a DBA in Virginia<\/span><\/h3>\n\n\n\n
#4 Obtain Your Federal Employer Identification Number<\/span><\/h3>\n\n\n\n
#5 Open Company Bank and Credit Accounts<\/span><\/h3>\n\n\n\n
#6 Set-up An Accounting System<\/span><\/h3>\n\n\n\n
#7 Obtain Licenses and Permits<\/span><\/h3>\n\n\n\n
#8 Obtain Business Insurance<\/span><\/h3>\n\n\n\n
Top Businesses Operating In Virginia<\/strong><\/h2>\n\n\n\n
COMPANY<\/th>CITY<\/th> EMPLOYEES<\/th><\/tr><\/thead> 1<\/td> US Army<\/td> Alexandria<\/td> 500,000<\/td><\/tr> 2<\/td> Dollar Tree<\/td> Chesapeake<\/td> 176,100<\/td><\/tr> 3<\/td> Hilton Worldwide Holdings<\/td> McLean<\/td> 169,000<\/td><\/tr> 4<\/td> DXC Technology<\/td> McLean<\/td> 130,000<\/td><\/tr> 5<\/td> General Dynamics<\/td> Falls Church<\/td> 98,800<\/td><\/tr> 6<\/td> Northrop Grumman<\/td> Falls Church<\/td> 85,000<\/td><\/tr> 7<\/td> Brink\u2019s<\/td> Richmond<\/td> 62,150<\/td><\/tr> 8<\/td> Bechtel<\/td> Reston<\/td> 52,700<\/td><\/tr> 9<\/td> Smithfield Foods<\/td> Smithfield<\/td> 50,200<\/td><\/tr> 10<\/td> Capital One<\/td> McLean<\/td> 49,301<\/td><\/tr> 11<\/td> United Way<\/td> Alexandria<\/td> 44,250<\/td><\/tr> 12<\/td> Huntington Ingalls Industries<\/td> Newport News<\/td> 40,000<\/td><\/tr> 13<\/td> FCi Federal<\/td> Ashburn<\/td> 35,000<\/td><\/tr> 14<\/td> Maximus<\/td> Reston<\/td> 34,000<\/td><\/tr> 15<\/td> Leidos<\/td> Reston<\/td> 32,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Conclusion<\/strong><\/h2>\n\n\n\n
References<\/strong><\/h2>\n\n\n\n