4 Reasons Why Entrepreneurs Should Start a Business in Virginia

Can you guess which of the 50 U.S. states is currently the top state for business? For those entrepreneurs looking for the right place to launch their new business, the time is right to start a business in Virginia.

In a 2021 CNBC competitiveness ranking, Virginia ranks number one as America’s Top State for Business. CNBC notes that this is the fifth time Virginia has ranked first in this study since it began in 2007. Virginia is also the only state thus far in the study to receive back-to-back victories.

Now into the study’s 14th year, what is it about Virginia and its repeat wins that make Old Dominion such a desirable state to start a business? If you’re thinking about taking your entrepreneurial endeavor to the East Coast, here are some of the benefits you can expect to receive from starting a business in Virginia.

Why you should start a business in Virginia

1. Business One Stop portal for entrepreneurs

Starting a business in Virginia should begin with visiting Virginia’s Business One Stop portal. Powered by the Virginia Secretary of State, registering with Business One Stop acts as the first stop in establishing a business and getting it started in the right direction.

Business One Stop’s goal is simple. This space is on a mission to grow Virginia through entrepreneurship. More than 33,000 small businesses have used Business One Stop to start their entrepreneurial journey, tapping into the following areas for assistance:

• Business resources. Some of these resources include access to registering your business in the Commonwealth of Virginia, filing for trade names, obtaining an employer identification number (EIN), and much more. Links are provided to register with the Virginia Department of Taxation for a state tax account and the Virginia Employment Commission for hiring employees. Virginia’s business resources also provide information about counseling, financing resources, workforce development, and more.
• Assistance for aspiring entrepreneurs. Are you new to entrepreneurship and need some guidance? Follow Business One Stop’s simplified graph of the steps necessary to start a business in Virginia and download the chart to keep it handy.
• Resources to expand your business. This section details advice for expanding a growing business. Some of the areas it covers include drafting a business plan, exploring Virginia's small business financing options like loans and grants, and finding the right location for your startup.
• Help if you're new to Virginia. This space is dedicated to helping keep your Virginia business in compliance. It details various departments that your business may need to contact, including the Virginia Department of Taxation for state taxes and the Commissioner of Revenue for business licenses and permits.

2. Connections for nurturing and retaining talent

In the same CNBC study, Virginia has been praised for the state’s ability to nurture and retain talent amid the ongoing Covid-19 pandemic. This strength is further buoyed by the Virginia Talent + Opportunity Partnership (Virginia TOP), a partnership formed by the Virginia Chamber Foundation and the State Council of Higher Education for Virginia.

A top concern for Virginia businesses is access to talent, and Virginia TOP works to address this issue by connecting Virginia businesses offering work-based learning opportunities with students who attend Virginia higher education institutions.

This connection is a win-win for everyone: Businesses can share work-based learning opportunities with students; students can enhance their skills, gain real-world experience, and root themselves in Virginia’s business community. For many students, these opportunities may translate into jobs after graduation, and may even encourage them to live and work in-state afterwards.

As Virginia TOP notes on its website, creating and making these connections allows Virginia to be number one in business rankings and maintain a robust talent pipeline.

More articles from AllBusiness.com:

• Guide to Creating Your Business Plan
• 5 Essential Planning Tips to Help Your Business Survive the Pandemic
• Making Financial Projections in Your Business Plan
• Keep Your Business Plan Confidential
• Should You Start a New Business Solo or With a Business Partner?

3. A blueprint for getting Virginians back to work

If you’ve recently visited the Virginia Chamber of Commerce’s website, you might have noticed a new website launched called GetVaBackToWork.com. Here you can view the Virginia Chamber's “Blueprint for Getting Virginians Back to Work” initiative.

This plan addresses the ongoing Covid-19 health crisis and economic crisis of businesses struggling after shutdown. It offers guidance for reopening and recommendations for protecting Virginians in public places.

The 16-page "Getting Virginia Back to Work" blueprint takes a closer look at the best practices necessary to get Virginians safely back to work. Among many key assets, this blueprint includes the following:

• A checklist for developing a reopening a plan.
• Guidance on how to build a plan around Covid-19 health guidelines, including physical distancing and cleaning and sanitation.
• Industry-specific considerations and information on state mandates for ensuring the health and well-being of customers and employees. These considerations range across a wide range of industry sectors, from restaurants to manufacturers.
• Policy recommendations that range from legal and liability protections to broadband infrastructure.

4. Virginia Blueprint 2030

The final page of "Getting Virginia Back to Work" offers a glimpse of the upcoming Virginia Blueprint 2030.

Little is known at the present time about what may be included in this blueprint, although it is mentioned that creating the blueprint will be a yearlong process. Members of the Virginia business community are encouraged to engage and share their input. Contact information is provided for those interested in participating in the process.

In many ways, thinking ahead to 2030 is the best way to wrap up why entrepreneurs may consider starting and incorporating a business in Virginia.

Virginia has an outstanding track record of being a top-ranked state for a starting a business and offers plenty of entrepreneurial resources. Small businesses are invested in emerging state talent and there’s an active plan in place for emerging from the Covid-19 pandemic. In addition, Virginia is looking ahead, past the new normal and into the next decade, to ensure small businesses have everything they need to grow and thrive.

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