Starting a Small Business in Chesapeake
Starting Your Small Business Journey in Chesapeake: A Step-by-Step Guide
Are you ready to turn your entrepreneurial dream into a reality in Chesapeake, Virginia? Starting a business in Chesapeake is an exciting adventure, but we understand that it can seem overwhelming.
At Chesapeake Economic Development, we recognize the journey from startup to established business is one of excitement and challenges. While our primary support intensifies for mature businesses, we are eager to set early-stage entrepreneurs on the right path with a collection of essential resources and guidance. Our goal is to equip you with the foundational knowledge to confidently begin your business adventure. As your venture grows, our team stands ready to offer more tailored, hands-on assistance, ensuring your business not only starts but thrives in Chesapeake. Start your success story with us; let’s build your business together.
Our mission is to equip entrepreneurs and business owners with the necessary resources to establish and grow your new business successfully. Here’s a simple, step-by-step guide to help you navigate the process of starting your business in Chesapeake.
STEP 1
Write a Business Plan
A business plan will be your roadmap to success. It should include an executive summary, company description, market analysis, organization structure, service line/product description, marketing and sales strategies, funding requests, financial projections, and any relevant appendices.
STEP 2
Leverage Business Assistance and Training
Apply for free training and counseling services on various aspects of business setup – from laying a solid foundation with a robust business plan to exploring financing or expansion opportunities. Also, consider reaching out to the U.S. Small Business Administration and the Hampton Roads Chamber Small Business Development Center for additional support.
STEP 3
Choose a Business Location
Selecting the right location is crucial. Start by seeking expert advice on selecting a customer-friendly location that also complies with their zoning laws. Reach out to City of Chesapeake Zoning and Permitting to get started!
STEP 4
Finance Your Business
Understanding financial basics can feel overwhelming. We can guide you through your options, which might include:
- Small business loans
- Virginia Small Business Financing Authority
- Grant Opportunities
- Venture capital
- Crowdfunding
STEP 5
Determine Your Business' Legal Structure
Deciding your business entity is a major decision. It could range from Sole Proprietorship, Partnership, to Limited Liability Company (LLC), Corporation (S or C Corp), Nonprofit, or Cooperative. We recommend seeking legal advice before starting a business to help determine which structure is best for you.
STEP 6
Register Your Business Name
Select a name that truly represents your business. Conduct a comprehensive search to check if your chosen name is available as a domain and doesn’t infringe on any existing trademarks at federal or state levels.
STEP 7
Obtain and Register your Tax ID Number
You’ll need to get an Employer Tax Identification Number (EIN) from the IRS and the Virginia Department of Taxation. It’s an essential requirement for taxes, workers’ compensation, unemployment, and disability insurance.
The form of business you operate determines what taxes you must pay and how you pay them. The following are the five general types of business taxes:
STEP 8
Procure Business Licenses and Permits
You’ll need to obtain federal, state, and local licenses and permits to operate your business legally in Chesapeake:
Also, take a moment to checkout the following helpful links:
STEP 9
Understand Your Employer Responsibilities
If you’ll hire employees, there are legal obligations and responsibilities you need to meet. We can help you understand these responsibilities to ensure your business is legally compliant.
We are Here to help you
Remember, opening a business in Chesapeake offers you access to immense support and resources to make your venture a success. Whether it’s additional information or speaking with a Business Development Manager, Chesapeake Economic Development is dedicated to helping your business thrive. To embark on this exciting journey, you can call (757) 382-8040 or schedule a Business Chat online.
We wish you the best of luck on your entrepreneurial journey — onwards and upwards!