Virginia Business Startup Guides
Starting a Business in Madison, Virginia
Thinking about starting a business in Madison, Virginia? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Madison.
Will You Be a Good Entrepreneur?
Most new ventures don't make it, in part because the entrepreneur did not have the perseverance and abilities that are necessary to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Talk to other entrepreneurs in Madison. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. Others sometimes know you better than you know yourself.
Madison, Virginia Demographic Information
Madison has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Madison demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Madison.
Businesses
As a new Madison entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Madison for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
Is Franchising a Better Option?
As you drive around Madison, you may be surprised to see how many franchises there are in the area. Would going with a franchise be a good idea for you?
Our advice is to look into purchasing a franchise. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Common Franchisee Mistakes. Become a franchising expert of sorts by reading more of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Domino's Pizza and ERA Franchise Systems, Inc.. Alternatively, you can browse franchise categories, such as Restaurant Franchises and Modeling Franchises.
Note on Madison Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Madison.
Company Formation in Madison, Virginia
A critical step is ensuring that you choose the right legal structure for your new entity. Among other things, forming a legal entity for the business limits your liabilities.
When forming a company, you will pick from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Virginia, you don't necessarily have to incorporate in Virginia. In fact, you can incorporate in the state of your choosing. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Where to Incorporate. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Madison, Virginia, our web page covering Incorporating in Virginia may be a useful resource if you decide to incorporate in Virginia.
The Role of the Business Plan
A business plan is critical in laying a solid foundation for your business success. Simply put, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim Expert Advice on Business Plans. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Virginia.
Marketing Your New Venture
To grow your Madison business, having an excellent marketing plan is fundamental to your successs.
You can learn quite a bit about marketing on our site. Direct Mail Costs discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
What's Next?
Most new Madison businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Madison businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Madison entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Madison, Virginia
Here are more links that we believe will help you be successful in starting a business in Madison.
- Resources for Madison, Virginia Entrepreneurs - Browse a variety of resources we've collected to assist Madison entrepreneurs.
- Virginia Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Virginia.
- Virginia Small Business Development Center - Virginia Small Business Development Centers offer professional business counseling, training and information resources to help grow and strengthen Virginia businesses.
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