Question:  How do I start a business?

Answer:  One of the first things you need to decide when starting a business is, “What type of business it will be and how it will be formed?” It is a good idea to consult a tax professional who can help you decide how best to form your business. The popular, Limited Liability Company (LLC) may not always be the best option.

When starting a business, it is important to first contact the State Corporation Commission in the state you intend to do business. Unfortunately, many first-time business owners skip this important step. As a result, many are assessed fees and taxes they don’t expect. The State Corporation Commission will allow you to form a corporation or LLC instantly online after paying your filing fees. To start a business that will conduct business in the state of Virginia click on the following link: http://www.scc.virginia.gov/clk/begin.aspx.

• Question:  I already know what type of business I want to start. Is it true that every new business should have a business plan even though I know how it will run and everything I will need?

  Answer:  Every solid venture starts with a plan and every business owner should create a business plan for their business. A business plan is like a roadmap and provides a way for you stay on track to meet your long term business objectives. Whether experienced in your field or a first-time business owner, we encourage everyone to complete a plan. There is a myth that business plans are tremendous undertakings and will take too much time. The Small Business Administration (SBA), has availed business plan templates on its website. You can access a template by clicking here: https://www.sba.gov/writing-business-plan.

Question:  What do I need to set up a business bank account and is it difficult to get funding for my business if it’s a really good idea?

Answer:  In order to set up a bank account and pay taxes for your new business, you will need to get an employer ID number, visit http://www.irs.gov/Businesses for more information. Another good place to start is the Small Business Administration (SBA), which provides information on business financing.

Regarding funding your business, many business owners are often concerned about obtaining financing to start their business. When dealing with banks and credit unions, if the owner of the business does not have several years of experience managing the same type of business, it can be difficult to obtain start-up loans. We do, however, caution against taking loans from unconventional sources.

We encourage you to speak with a professional who can offer you detailed information and guidance specific to your business. Two free, online sources for assistance include: www.richmondscore.org and www.VirginiaSBDC.org.

If you want to do business within the State of Virginia, you can register at www.eva.state.va.us.

A strong, faith-based resource for business owners is www.crownbiz.com.

Additional resources are available at www.inc.com and www.entrepreneur.com.