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West Virginia, from its mountain towns to its bustling university centers in Morgantown and Huntington, has much to offer new entrepreneurs. West Virginia currently boasts the lowest cost of doing business of all US states. It is also centrally located at the crossroads of three distinct regions—the Northeast, Midwest, and South—making West Virginia a major supply and transit hub. This step-by-step guide will introduce you to all the state of West Virginia has to offer when it comes to starting a business.
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The first step toward taking advantage of all the exciting opportunities West Virginia has to offer its small business community is to select a business idea. A solid concept lays the foundation for your venture—in West Virginia and elsewhere. Think about whether you want to sell a product, service, or a combination of both. You might improve upon an existing market offering or come up with something entirely new. Regardless, consider these factors before getting to work:
Once you’ve settled on a business idea, it’s time to pick out a name. Coming up with a suitable, memorable name is one of the most important decisions you’ll make as an entrepreneur. A good name effectively conveys your company’s purpose while simultaneously appealing to a customer’s sensibilities. Some guidelines when selecting your West Virginia business name include:
If you want to operate under a different name than the business entity you registered with the state, you must file for a DBA, or “doing business as.” Your DBA must adhere to all West Virginia business-naming rules. You can then submit an Application for Trade Name (DBA) to the West Virginia Secretary of State’s office, and pay a $25 filing fee.
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Every small business owner needs a business plan on hand. Your business plan should reflect your business’s overall goals and give potential investors or partners a sense of how you intend to run the company in the near and long term. A good business plan contains the following:
You can craft your plan using a free business plan template tailored to meet your needs or consult business plan examples for inspiration.
Before formally establishing your business in West Virginia, you’ll need a legal structure for it. There are four primary types of businesses available to business owners in West Virginia: sole proprietorships, general partnerships, LLCs, and corporations. Each offers different benefits for personal liability, ownership structure, taxation, and funding opportunities. Here’s how they’re distinct:
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Once you’ve decided on a structure for your West Virginia business, you may next apply for a federal employer identification number (EIN) through the Internal Revenue Service (IRS) website. Applications may be submitted free of charge. An EIN is a nine-digit number assigned to businesses by the IRS for tracking tax obligations—like a Social Security number, but for companies. An EIN also helps secure credit accounts for business expenses.
To formally launch your business in West Virginia, you may have to pay fees and file specific documents with the Secretary of State’s office. Some business structures (like sole proprietorships and general partnerships) don’t need to do this. Here’s how to incorporate in West Virginia:
Consider opening a business bank account. It’s not required, but the IRS recommends that all small business owners maintain business bank accounts separate from their personal assets.
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Any entity engaging in business activity in West Virginia must obtain a business registration certificate from the West Virginia Tax Division. You can apply online or in-person, and pay a $30 registration tax upon submission.
Unforeseen losses can be catastrophic for new businesses—in West Virginia and anywhere else. While some business structures like corporations and LLCs offer a degree of personal asset protection, you may still want to purchase business insurance to account for uncovered products, vehicles, and other assets. Common insurance plans and other coverage for West Virginia businesses include:
In addition to purchasing insurance, you’ll likely have to make other investments at the early stages of your West Virginia business. These might include renting brick-and-mortar retail space, setting up a professionally designed business website, and purchasing ads, equipment, and software. You may also want to hire lawyers, accountants, and other professionals to support business operations on a contract basis.
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These business costs can add up quickly. Luckily, there are accessible resources—like Capital—to help you obtain the necessary startup funds. West Virginia also offers a variety of assistance and grant programs.
Devising a marketing strategy is essential for getting the word out about your new business. Your subsequent marketing plan may include the following elements:
Customer retention. Build genuine relationships with customers that keep them returning to your business—and spread the word to friends, family, and colleagues.
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It costs at least $100 to set up your LLC or corporation in West Virginia, unless you qualify for certain exemptions for veterans or young entrepreneurs, or discounts for nonprofits.
West Virginia is a great place to do business, offering the lowest cost of doing business in the nation. That reputation is a result of a variety of favorable climatic factors including low overall taxes, low cost of living, and ideal geographic placement for short-term shipping and transit to major metropolitan parts of the country.
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My name is Matthew Fiore, a senior in high school and a long-time LEGO lover. I also turned my passion into a business. Three years ago I started Summerfield’s Toys, an online reseller of LEGO sets and individual bricks.
I’ve been building with LEGO since I was 4. I love the feel of the bricks in my hands and the creative process of recreating a model or making my own creation, whether it be spaceships, bases, or cities.
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My name is Karl, and I’m the founder of Draft. After almost a decade leading engineering teams at venture-funded startups, I decided it was time to leap into entrepreneurship. Draft is a productized service that provides technical content to software engineering blogs on a subscription basis.
August is my third month running the business and first month full-time, and I’m on track to bring in $10, 000 in (mostly) recurring revenue this month. The business isn’t going to replace my salary as a CTO right away, but the freedom of running my own business has given me a lot of freedom to stretch my creative muscles and spend time with my family.
My full-time job is in advertising. (Think Don Draper with less Brylcreem, ) And from 2005 to 2012, I worked at JWT, the United States Marine Corps’ longtime ad agency. As the Creative Director, I was in charge of recruitment advertising - writing the television commercials, print ads, billboards, etc - for the Marines during two of the most unpopular wars in our nation’s history.
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Every time I’d go to a Marine base to film a commercial, I’d bring my then 5-year-old daughter back a small gift from the Marine Exchange. At the time, she was having trouble sleeping - bad dreams, fear of the dark, monsters under the bed - the usual fears of a young kid.
My name is Sam Evans. I am 23 years old and a recent graduate from Penn State Altoona. I am the founder of You Call We Haul Junk Removal, a junk removal company that removes anything from single items to hoarder home cleanouts. We’re located in Harrisburg, Pennsylvania and have been in business (part-time) since May of 2016.
We service any and everyone who may have unneeded items they are looking to get rid of. People often ask what items we consider junk, to us junk is anything you no longer need or want.
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Our main customers are middle-aged and up adults, typically with a higher income that do not want to or are unable to do the work themselves. We complete over 75 jobs per month, bring in about $20, 000 in revenue per month profiting about 65% per job.
I’m Nick Bey and I run Bey Moss, an e-commerce platform that sells products infused with Chondrus Crispus or, better known as, sea moss. Our flagship product started with sea moss
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