How To Start A Profitable Business In Washington State

Being home to one of the largest businesses in the world, Washington boasts a massive economy backed by companies like Amazon and Microsoft. Washington has been a leading agricultural state with some of the top crop contributing to the economy majorly.

The primary industries include aircraft, missiles, ship-building lumber, food processing, metals, chemicals, and machinery.

The government has a sustainable economic environment offering a favorable climate for growing businesses.

With the help of the Internet and technology, a huge market has opened up for small home businesses worldwide. If you want to start a business in Washington from home, here’s a complete guide on how you can start a successful business in Washington.

Here is a Stepwise Guide on Starting a Business In Washington

If you want to legally start a business in Washington, follow the given steps:

Step 1. Choose a Business

Here are some of the top businesses you can start in Washington from your home.

Car Rental Services

Taxi services remain a major industry in Washington. But there’s a growing industry for rental cars now. People rent a car for a day without a driver. If you have a car, you can rent it out to online platforms like YourParkingSpace. You can offer your car on rent for the days you don’t use it and get paid.

Recruiting Agency

Washington has some of the largest conglomerates in the world. There are several companies who need qualified individuals. You can start a Washington specific recruiting agency to help companies find the right candidates in the state. You can charge the companies to help them find the right pool of candidates.

Bed & Breakfast Business

Tourism in Washington contributes billions of dollars. While businesses around tourism remain a major part of the economy, bed and breakfast business is currently the hottest one. The expenditures of visiting tourists are growing exponentially opening up a huge market for such services. Starting a bed and breakfast business with a listing on Airbnb can turn out to be a profitable venture.

Microbrewery

The state has a popular drinking culture. You can brew some good beer what others will pay to drink. People are now experimenting with different beers, and craft beers are a hit in the market. You can start your own brewing bar with a little investment where you can craft your own beer.

WordPress Website Consultant

If you run a website on your own on a WordPress platform, you can help others start a similar online business. You can offer consultancy on how to start a successful WordPress site. Beginners find it difficult to start a WordPress website on their own. You can offer consultancy online and charge a small fee from clients.

Wedding Photography Services

If you are a wedding photographer in Washington, you can make good money. If you are not a professional, go for a course and work as a freelancer or under someone for a few days. Soon you can save enough to buy your own photography equipment to start a wedding photography business.

E-commerce Business

Do you want to sell something? Sites like Amazon or eBay offer you an excellent opportunity to sell something from home. Instead of offline business, e-commerce can help you make good money without much investment. You can buy your products from a wholesale market to sell them at a higher rate online.

Uber / Lyft

If you have a car, start using it to make some extra bucks. With app-centric taxi platforms like Uber or Lyft, you can have your own taxi service. You have the liberty to work at any time you want. There are no fixed works hours. You can work as you want, according to your schedule.

Selling Refurbished Items

The second hand online electronics market is growing rapidly. You can start your own second-hand store to offer old laptops, mobiles, and cameras. It’s better to buy the second-hand electronics in bulk and then repair them at a small cost and they can sell at a discounted price. Refurbished electronic products can be a profitable business in the growing market.

Social Media Marketing Services

Starting from small firms to large conglomerates, every business now depends on social media to generate business. You can turn your social media skills into a full-fledged business with more opportunities. The social media marketing services will include Facebook advertising, Instagram marketing, Influencer marketing and more.

Step 2. Business Plan

Start with the basics. You need a well-detailed business plan to sustain in the market. This will help you run your business in a systematic manner. Chalk down all the necessary details like finances, resources, goals and how you to proceed.

Step 3. Financing Your Business

Washington is a hub of foreign investments. With several investors and venture capital firms, you can surely go for funding. In case you are willing to fund your own business, there are some of the easy and affordable financing options available at attractive interest rates.

Step 4. Naming Your Business & Domain Registration

Choose a name for your business. You will need a name to continue further. Use a business name generator for some unique suggestions. Once you finalize, register your business name with the US trademark department and buy a domain with the same name next, preferably with a .com extension.

Step 5. Choosing A Business Structure

Now you need to legally form a business structure. You can choose between a sole proprietorship, corporation or LLC. Forming an LLC will come with extra benefits. An LLC business enjoys added tax reductions and legal advantages like individual legal liability and double taxation.

Step 6. Federal EIN & Tax Filing

Next up, apply for a FEIN at the IRS. This acts as a social security number for your business. The EIN will make you eligible for taxes and a business bank account. Certain businesses need to register with the Washington Department of Taxation and Finance additionally.

Step 7. Business Permits & Licenses

The state has different local city-specific licenses applicable to certain business. Consult with any legal company to complete all your legal responsibilities and requirements. Some additional licenses applicable is also applicable to specific businesses like agricultural export.

Step 8. Business Bank Account & Accounting Software

With EIN, you are eligible for a separate bank account. Having a business bank account will make sure that all your financials are at one place so that you can easily file for a tax return. Now get a good accounting software to keep all your business transactions at a single place.

Step 9. Business Insurance

Washington has no such specific compulsory insurances applicable for businesses. Still, it’s better to go for a professional liability business insurance if you are selling services and a worker’s compensation insurance if you hire any working employee.

Step 10. Promoting Your Business

Finally, it’s time to market the business. Social media can be used to promote your business initially via different channels. You can also choose to hire an agency to effectively promote your business. They will offer a properly planned marketing campaign to help you grow.

Best Places To Start A Business In Washington

Choosing the right location is going to determine how your business runs. Here are some of the best places in Washington to start your business:

Tacoma
Seattle
Kirkland
Spokane
Bellevue
Redmond
Bellingham
Richland

In spite of a very developed economy, the government keeps on encouraging new businesses and investments. It’s easy to start a business in Washington backed by business-friendly laws. This guide will help you establish your dream business successfully in Washington.