Thinking about starting a business in Fort Myer, Virginia? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Fort Myer.
Are You Ready for the Challenges of Being an Entrepreneur?
Most new ventures don't make it, in part because the founder did not have the entrepreneurial skills and traits needed to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Reach out to other entrepreneurs in Fort Myer. Listen closely to their experiences and see if you think you too can be successful.
- Peruse Should You Become an Entrepreneur?. This is one of our more popular articles for folks who want to go into business for themselves.
- Have a candid conversation with friends and family. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
What Type of Business Should You Start?
Choosing a business that is right for you is very important. To help you decide on a business type, we encourage you to read Evaluating Your Idea.
For step-by-step instructions on starting a variety of business types, visit the Good Businesses to Start section of our site. For example, you might be interested in our Starting a Dance Club guide or our Starting a Tatoo Parlor guide.
Don't forget that your new business will be in Fort Myer. Some businesses will do better in Fort Myer than others. A critical consideration is whether Fort Myer demographics mesh well with your startup concept.
What About Franchising Opportunities?
As you drive around Fort Myer, you may be surprised to see how many franchises there are in the area. So, it probably makes sense for you to consider franchising too.
We highly recommend you consider franchising as an option. This site has dozens of articles on franchising, such as Understanding Franchise Contracts. Get a thorough education on franchising by browsing all of our Articles on Franchising.
You can review hundreds of franchise opportunities by browing our Franchise Directory.
Representative franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.
Note on Fort Myer Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Fort Myer.
What About Buying an Existing Fort Myer Business?
An excellent way to get started in business is to Buy a Business in Virginia. Follow that link and you might discover several good businesses for sale in Fort Myer.
For anybody who wants to buy a business, we recommend reading this useful article: Hold Harmless Agreements When Buying Businesses.
Picking a Company Name
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Branding Advice.
As a final piece of advice, remember that because you are planning on starting a business in Fort Myer, it's imperative that you check now that your company name has not already been claimed by another Virginia business.
Forming a Company in Fort Myer, Virginia
It's very important 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 decide among 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. If you are starting a business in Virginia, you don't necessarily have to incorporate in Virginia. As it turns out, you can incorporate wherever you want. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Dissolving a Corporation. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Fort Myer, Virginia, our web page covering Incorporating in Virginia may be a useful resource if you decide to incorporate in Virginia.
Do You Need a Business Plan?
A business plan is vital in maximizing the prospects of your new company. In effect, 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.
To learn more about business plans, read Business Plan Mistakes. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Virginia.
Raising Capital for Your Business
Raising money to fund your new Fort Myer business will be harder than you might expect. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
To learn about raising money, we recommend you read the fundraising articles on our site, such as 504 Loans.
For Fort Myer entrepreneurs on the hunt for startup funding, browse our List of Virginia Angel Investors and our List of Virginia Venture Capital Firms.
Marketing Your New Business
To grow your Fort Myer business, having an excellent marketing plan is fundamental to your doing well.
There are myriad resources on this site to help you with your marketing plan. Telemarketing Service 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.
How to Sell
Mastering the art of selling is a must if you want your new Fort Myer business to do well.
The key to selling is to set sales goals goals and monitor your progress towards those goals. The good news is we can help you to make selling a big competitve advantage for your new firm.
Closing Sales is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Improving Your Entrepreneurial Skillset
The best entrepreneurs recognize that they don't know everything.
With your business being located in Fort Myer, Virginia, you should investigate some of the learning programs at local Virginia educational institutions. You should also check if there are any Fort Myer networking organizations.
Never Give Up
Most new Fort Myer 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.
This site is all about helping entrepreneurs in Fort Myer and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Fort Myer 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 Fort Myer, Virginia
Here are more links that we believe will help you be successful in starting a business in Fort Myer.