Coates & Davenport, P.C.

What steps can Richmond entrepreneurs take to start a business?

Entrepreneurs in Richmond may have a dream of starting their own business. They may have a great idea for a product to sell, or maybe they want to start up their own practice in their chosen profession. When starting a new business, however, there are certain steps that should be taken.

First, it can help to conduct market research. By obtaining information about your possible customer base and examining your competition, you can determine whether and where there is a demand for your business.

It can also help to write a business plan that outlines your business's structure, how the day-to-day operations of the business will be run and how the business plans to expand in the future. A solid business plan can attract potential employees and investors.

A new business will also need funding. First, potential business owners will have to determine how much money it will take for them to start up their business. Then, these funds will need to be borrowed or raised. Once funded, you will need to open a bank account solely used for the business.

Potential business owners will also need to decide where to start their business. Of course, brick-and-mortar locations are an option, but these days a business can be run solely online. Either choice has different legal requirements and tax requirements, so it may help to consult with an attorney when making these decisions.

Also, determining whether your business will be a sole proprietorship, a limited liability company or any other business structure affects how the business must be registered, what taxes need to be paid and who will be liable for the business's debts. The appropriate licenses and permits will also need to be ascertained.

Of course, every business needs a name. It is important to be creative and choose a name that not only represents your business in the best fashion possible, but also that it isn't one that is already in use. It may also be necessary to register your business with the state and federal government, and obtain the appropriate federal and state employer identification number for tax purposes.

Keep in mind that this post is only general in nature. Those in Richmond who want to start their own business would be well-served to seek the advice of a business law attorney who can guide them throughout the process.

Source: SBA, "10 steps to start your business," Accessed Sept. 4, 2017

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