Have you identified your customer?
Thank you for choosing Staunton, Virginia for your business venture. Your local economic development office has created a detailed roadmap to help you on your quest.
Businesses in Staunton enjoy the low cost advantages associated with operating outside of a Major Metro, but these same circumstances should cause you to think differently about the viability of your product or service. Consumer behaviors outside of major metropolitan areas are vastly different from your D.C., or Richmond markets. Understanding the trends and prevalence associated with your targeted demographic will help you determine sales projections, growth plans and saturation points over the first three to five years of your business.
Have you identified your customer?
Are you addressing an existing need?
Do you know who your competition is?
Do you know your income requirements?
Do you know where your business will be located?
Will it work in Staunton?
The completed business plan is a key document to starting your business. Start with these three exercises then click on Learn More for the next steps and where to find help.
We provide free counseling to help develop your business plan, including one-on-one support tailored to the specific needs of you and your business.
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Location, Location, LocationWhat kind of space do you need? Office? Manufacturing? Does it need to be accessible for customers and walk-in traffic? What type of zoning does your business require? Will you be home-based?
Try not to be too literal or too abstract, there’s a balance out there that will match your brand. Think about the life of your business and whether or not your name is flexible with the growth of your business. Be sure to check availability with the State Corporation Commission.
The best legal structure varies for each owner and each business, but it is wise to consult with an attorney, an accountant, and/or business advisor. Consider the type of business, your business and personal goals, and your personal finances when making this decision.
Your business goals are constantly changing, and so should your plan. When things change, update your plan. Changes in customers, employees, location and funding affect your long-term planning process and strategy. Keep in mind, a plan is a strategy for the future, not for the present. Your business plan should be looking months/years down the road, and your actions today should reflect that approach.
The Internal Revenue Service provides your Employer Identification Number (EIN), while the Virginia Department of Taxation provides your Virginia Tax Identification Number. All entities conducting business in Virginia must register their business using the free, online registration process.
You’ll need??to finalize government registrations such as special licenses, permits and insurance for your business and its employees.
Now is the time to finalize all documents from insurance, banking, real estate, government registrations, special licenses or permits, and look at training for you or your employees.
Businesses with strong partnerships have a much higher success rate. Don’t operate in silo, get the word out and schedule a ribbon cutting or special event with the Greater Augusta Regional Chamber of Commerce.
