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Boucher Small Business Conference, July 19, 2010
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Boucher Small Business Conference, July 19, 2010 Boucher Small Business Conference, July 19, 2010 Presentation Transcript

  • Getting Started: How to Build a Small Business Sandy Ratliff Business Services Manager
  • Small Business in Virginia  Small Businesses constitute 97% of all Virginia businesses.  Small Businesses create over 60-80% of all new jobs.  Small Businesses account for half of the Commonwealth of Virginia’s contribution to the U.S. Gross Domestic Product - a whopping $160 billion. Virginia is for Business Lovers
  • Virginia is for Business Lovers • Virginia ranked #1 state for business by Forbes.com last four years. • Ranked #1 most business friendly state by Pollina Corporate Real Estate, Inc. last two years. • Named #1 best states for business by CNBC. • Virginia among top 10 list of states friendly to small business.
  • Virginia Business Start-ups Source: Virginia Employment Commission, Quarterly Census of Employment and Wages (QCEW)
  • What Do These Entrepreneurs Have in Common? Confidence?
  • An Idea? Drive? Identified Market Need?
  • A Plan of Action? Willing to take Risks?
  • Focused? A successful enterprise
  • Remember as a start-up business your place in the food chain
  •  Research your market  Consider your ownership structure  Choose a business name  Hire Professionals  Register Your Business  Consider municipal , state and federal business requirements  Understand employer responsibilities  Prepare a business plan  Arrange Financing  Network, network, network!
  • Business License & Registration 1. Determine legal entity 2. Check name availability with SCC (trademarks also) 3. Register with the SCC your corporation, LLC or/and fictitious name (www.scc.virginia.gov) 4. Check to see if a URL is available (www.internic.net) 5. Get your FEIN with the IRS (www.irs.gov) 6. Register with VA Dept of Tax (www.tax.virginia.gov) 7. Register with VEC (www.vec.virginia.gov) 8. Check with Dept of Professional & Occupational Regulation to see if you need any special permits. (www.dpor.virginia.gov) 9. Obtain Business License from local Commissioner of Revenue 10. Local fictitious name registration with courthouse
  • Starting a New Business The Exciting Stuff • Establish a business checking account • Set up credit card processing (if desired) • Fund the business (owner capital or loans) • Decide on accounting method (cash or accrual) • Establish books for the business (computerized preferred) • Obtain liability insurance, renters insurance, workers compensation, etc. • Hire employees and set up payroll records • Start business (have a grand opening)
  • Virginia’s When Starting Your Business… Virginia’s Business One Stop system can help you determine your business formation requirements and can pre-fill your business registration forms.  Visit www.vdba.virginia.gov to access the Business One Stop System.  Create a Business One Stop account.  Answer a few brief questions about your business.  Receive a list of action items and pre-filled business registration forms. This service averages approximately 1,000 new accounts per month. Questions? Contact the Virginia Business Information Center 1-866-248-8814 (804) 371-0438 vbic@vdba.virginia.gov
  • Why a Business Fails  The business is undercapitalized – a business with too much debt and a cash flow that doesn’t support it  Business expansions that are poorly planned and not appropriately financed  Poor Management  The Business offers products and services that nobody wants or cannot afford  Inability to adapt to a changing environment  Failing to control costs  Poor execution creating dissatisfied customers Creating an effective business plan will assist you in avoiding the pitfalls of running a business. Seeking professional help is another important way to avoid or plan for business challenges.
  • The Virginia Department of Business Assistance VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with: • workforce incentives • financing • business information and counseling • state procurement assistance • incubator counseling and • educational opportunities www.vdba.virginia.gov
  • Ask VBIC = 866- 248-8814
  • Business Information Services To help businesses get started and to grow. Formation Assistance  Virginia Business Information Center (VBIC) 1-866-248-8814 Bridges the 26 state agencies, over 110 regulatory programs and over 300 forms that may touch a Virginia business Virginia Central Business Portal (www.business.virginia.gov) Covers registration, taxation, licensing Interactive Business Plan CD 5 Step process to a business plan
  • Growing $ales - State  Governor’s Executive Order 33  $5 billion market  Access to buyers from 171 state agencies  Additional $5 billion from local governments  575 localities using eVA system.  Small Business Goal – 40%  Over 41,490 registered suppliers  Over 13,065 participating buyers Ask VBIC = 866- 248-8814
  • • Examples of Purchasing: – Instant Ice Tea • 01/01/2009 – 12/31/2009 = $23,455.71 - 46 PO’s – Grounds Maintenance: Mowing, Edging, Plant (Not Tree) Trimming, etc. • 01/01/2009 – 12/31/2009 = $14,566,567.94 - 1150 PO’s – Tires and Tubes, Passenger Vehicles • 01/01/2009 – 12/31/2009 = $72,103.64 - 7 PO’s – Concessions, Catering, Vending: Mobile and Stationary • 01/01/2009 – 12/31/2009 = $6,187,712.31- 11,757 PO’s – Building Maintenance • 01/01/2009 – 12/31/2009 = $90,611,650.85 - 9285 PO’s – Cleaning Services, Steam & Pressure • 01/01/2009 – 12/31/2009 = $3,358,694.55- 303 PO’s
  • One–on-One Counseling Sessions Need Based: – Accessing New Markets/Sales Growth – Tailored Sales Development Solutions – Financing Resources – Social Media for Your Business To schedule an appointment, contact: Sandy Ratliff, Business Services Manager 276-676-3768 Email: sandy.ratliff@vdba.virginia.gov
  • Entrepreneur Workshops • Launched October 2006 • Partnership with Service Providers and localities • Provide information on available resources to start and grow a business • Statewide Program • Free – ½ Day Session • Over 8,000 reached • www.vastartup.org • Upcoming Events: • August 19 – Pulaski • October 14 – Scott County • November 16 - Bristol
  • Growing Your $ales Workshops  Business Sales Growth Program  Market Research and Expansion  Financing  Growth Management  Partnered events for SWAM certification and eVA registration Upcoming Events:  Networking with businesses and government September 21 – King buyers College, Bristol, TN
  • Social Media Workshops You-Link-Twit-Face Upcoming Events: • August 5 – Vinton Chamber •August 12 – Clifton Forge •August 26 - Chilhowie •September 9 – Bluefield •October 14 – Scott County •November 16 - Bristol
  • Are you interested in starting an adventure tourism business in Southwest Virginia? If so, attend a workshop and learn about the opportunities, best practices, and steps required to launch a successful tourism business. Tentative Dates: October 19 = Roanoke November 4 = Wytheville Advanced Registration Required: Online: www.vastartup.org
  • Business Information Services Southwest Virginia Business Support Activity • Launched entrepreneur education programs in Southwest Virginia • 2 Enterprise Fairs reaching – 180 • 69 Entrepreneur Express events – 2,414 trained since October 2006 • 6 Growing Sales Seminar held here - 290 trained since 2008 • 339 individual businesses received one-on-one counseling from BIS in SWVA since 2009 • 26% of all calls to VBIC originated from the 9th District
  • “If you always do what you’ve always done, You will always get what you’ve always got!”
  • Contact: Sandy Ratliff The Virginia Department of Business Assistance 276-676-3768 sandy.ratliff@vdba.virginia.gov Online: Twitter: http://twitter.com/sandyratliff Facebook: http://www.facebook.com/sandy.ratliff LinkedIn - http://www.linkedin.com/in/sandyratliff YouTube - http://www.youtube.com/user/vastartup