How to Start a Small Business in Putnam County, West Virginia
- 1). Identify the purpose of your business. Decide what it is you would like your business to offer to the people of Putnam County, whether food, clothing, automotive needs or otherwise. Determine whether you wish to buy an existing business or start one of your own design. Originating your own business generally costs more than buying an existing business; plus, it has fresh creativity. On the other hand, buying an existing business provides ready name recognition and an already-established customer base.
- 2). Write a business plan. Explain your plans for the business in detail and how they will contribute to its financial success. Include a description of the business and plans for marketing, organization and finances. Upon completion, be sure to revise and refine the plan to ensure all ideas are properly conveyed.
- 3). Locate a site for the business. Location is a key factor. When deciding a location, take into consideration your target market, competitors' locations, cost of rent and lease agreements. An area easily accessible to customers will provide for a more successful business. Businesses like car dealerships and restaurants thrive when grouped together, while other businesses tend to have better success when they distance themselves from potential competitors.
- 4). Get a loan. It is important to know how much money is needed to start the business and keep it running. Make a list of all potential costs (land, building, fixtures, equipment, office supplies, et. al.) to reach an approximate total cost. With this information, apply for a small business loan from a bank or credit union.
- 5). Register with the state of West Virginia. All corporations, limited liability companies, general partnerships, limited partnerships and joint ventures must register; sole proprietorships do not.
- 6). Get a business license. There are three steps in registering a business in West Virginia. First, file business name and information with the secretary of state. Second, complete registration with state tax and employee agencies. Third, contact the Putnam County mayor and assessor's offices for explanation of requirements needed to obtain a local business license specific to your business. Limited liability companies, corporations and limited partnerships organized with the secretary of state are required to file copies of their state forms with the county clerk's office.
- 7). Open up shop. Make sure employees are hired and trained before opening. Advertise as widely as your budget allows: signs, Internet, newspaper advertisements and television.