West Virginia is only one of only ten states in the United States which have grown economically over the last one decade. Businesses around tourism and manufacturing have seen a huge boost. A much-diversified economy, West Virginia currently features different industries in a variety of sectors like manufacturing, finance, information technology, and agriculture.
Small businesses in the state are growing, thanks to the different business-friendly laws and opportunities. The Internet has played its part, and now it’s easy to have a successful business from home. If you wish to have a home business from West Virginia, there are numerous opportunities. Here’s a complete guide on how you can start a successful business in West Virginia.
Here is a 10 Step Guide on Starting a Business In West Virginia
Step 1. Choose a Business
Here are some of the top small businesses you can start in West Virginia from your home.
Large and now often medium-sized organizations need virtual assistants who can work remotely. You need to primarily offer services related to daily tasks, manpower management, and data processing. As a freelance virtual assistant, you will be rendering services related to management, data organization and virtual administration.
Online buyers often depend on honest reviews to buy a product. You can start a product reviews site to offer in-depth product reviews by rigorously using the product yourself. You can partner with the brands you think are good for your audience for endorsements and affiliates. Check this guide and learn more about creating a website within few minutes.
Online Tech Support
Candidates with technical skills are in huge demand. Companies need part-time tech professionals who can help their customers and in-office staff in case of any technical shutoff. You can offer these technical services remotely, where you will need to stay active for a fixed time to sort out the technical problems.
Online Reputation Management Agency
News and rumors run hand in hand. While good things help a company grow, the bad stuff can harm a company’s reputation. With the internet and social media, it’s now easy to spread fake news. You can start to offer companies with reputation services so that they can maintain their online image in the public.
Pet-related services have a sizeable demand in West Virginia. If you are an avid animal lover or some sort of an enthusiast, this business can be your favorite pastime. You can offer grooming services which will include other per services via home visits or in a pet-grooming facility.
Outdoor Activity Equipment Renting
West Virginia is popular for a wide range of outdoor recreational activities like skiing, whitewater rafting, fishing, hiking, backpacking, mountain biking, and rock climbing. While visitors often are without any proper gear, you can rent out the equipment. Check this article for more renting business ideas.
Instead of investing in a retail store or pop-up shop, starting to sell something vis a marketplace can be a lot better. Platforms like eBay, Amazon, Depop offer you an opportunity to sell products online with a huge potential market. You can either choose to dropship or outsource products to sell them via your own e-commerce store with Shopify or Woocommerce.
Start A Blog
If you love something, you can start a blog and write about it. Like how to invest money in hedge funds, or how to have a successful business from home. You can help others do something. Choose a niche topic, buy a domain and start writing. With post regular blogs for a few months, you can start to earn money with AdSense and affiliates.
T-Shirt Printing Business
T-shirt manufacturing is a major industry in West Virginia. You can get your t-shirts manufactured at a cheap price and then offers customizable prints to start your own company with your own designs. You can have different designs for a set of categories.
People in West Virginia are now choosing yoga over the gym. Yoga is a popular alternative to gym and sports, Yoga lately has gained a lot of popularity among health enthusiasts. You can offer yoga services either by hiring an instructor or you can do a yoga course on your own to become a licensed trainer. Do work for a few days before starting your own studio.
Step 2. Business Plan
You need to start with the basics in a well-detailed business plan. West Virginia has several businesses, and having a tight backup is important in such a competitive market. The business plan will help you to stay in the competition. Write down your goals, targets, objectives and how to wish to proceed.
Step 3. Financing Your Business
West Virginia has a healthy business climate with multiple investors and venture capital firms. You can pitch your idea and see if you can find any investment. You can also fund your own business. There are some great financing options available with long-term payback periods and affordable interest rates.
Step 4. Naming Your Business
Now you need to register a business name. You need to decide it before you choose a business structure. You can also a business name generator to check out a few unique suggestions. Register it with the US trademark department and buy a domain immediately with a .com extension.
Step 5. Choosing A Business Structure
To register your business in West Virginia, you will have to choose a business structure between a sole proprietorship, partnership, corporation, and an LLC. If you choose to form an LLC, you can enjoy added legal and tax benefits.
Step 6. Federal EIN & Tax Filing
Now apply for a Federal EIN at the IRS. Known as Federal Employer Identification Number (FEIN), it will act as a tax ID for your business. You can visit the West Virginia Department of Taxation and Finance website for more details.
Step 7. Business Permits & Licenses
Some of the city-specific local licenses are applicable in West Virginia. Different cities of West Virginia may need different permits, but in general, a sales tax license will be applicable all throughout the state if you are selling any product. West Virginia also has special permits and licenses specific to some businesses like agricultural export.
Step 8. Business Bank Account & Accounting Software
Now apply for a separate bank account with your EIN. You can have your own business credit account and at the same time, the bank account will help you to manage your financial transactions. Next up, set up an accounting method. Buying a reliable accounting software will help you maintain your business transactions at one place.
Step 9. Business Insurance
West Virginia has no mandatory insurance applicable. Some of the businesses though may have to get some of the insurances. If you sell any service, go for a professional liability policy. A worker’s compensation insurance is also recommended if you have an employee.
Step 10. Promoting Your Business
Finally, it’s now time to promote your new business. Promotions will play an important role to take the word out. Reaching out to a potential audience is important initially. You can choose to hire an agency to go for planned promotions and marketing.
Best Places To Start A Business In West Virginia
Choosing the right location is going to determine how your business runs. Here are some of the best places in West Virginia to start your business:
- Tysons Corner
With a very favorable business climate, having a business in West Virginia in 2019 is easily manageable. Follow the steps to successfully set up a new business in West Virginia within a short span of time.