Thinking of opening your own business?

I get asked all the time "how do I start a business?" "what business would be good around here?" "how do I know what business taxes to pay?" and a slew of other business related questions so here goes.

The first step in starting your business is to decide what your business is going to be. It's best when making this decision to examine the demand for a product in your area and find an uncatered to niche or marketplace where supply isn't prevalent.

In a small town with a limited number of customers opening a competing business with other local establishments won't earn you any brownie points with other business owners and can often split an already thin customer base making your business as well as the competing business both unprofitable.

Once you find an untapped market in your area decide on your business name, inventory, location, and format, checking your desired name with the state is always a good idea before filing to ensure you're not copying another previously filed business identity. Some people are fine with accepting some risk as a sole proprietorship and carrying liability insurance to protect themselves while others minimize personal risk further by utilizing the benefits of an LLC. The main difference in these filings are Sole Proprietorship means you are the business linking your personal assets to business liabilities while an  LLC establishes the business as a stand alone entity safeguarding personal assets from business liabilities.

The next step is doing the actual paperwork to establish your business and make your venture legal. In the state of WV this has been simplified using business4wv.com a site that allows you to set up an account and file all your state level business paperwork in one convenient online form for a cheap filing/licensing fee. At this point once approved you officially become a business..

Once your WV business license arrives in the mail you then must take that certificate to your local city business office and see what local licenses and/or permits are required to legally operate in your area, these are usually only required if you operate within city limits and require a city business license. Failure to complete the state or city licensing requirements can result in loss of your license, fines, and both temporary or permanent closure of your business.

Once all this has been completed the next step is being prepared for your tax filings. Once again in WV this has been simplified using mytaxes.wvtax.gov/ an account here can allow you to easily calculate, file, and pay any and all state business taxes and help is available via phone for any questions you may have. You'll also later be responsible for filing an annual county business assessment and paying county taxes in person at the sheriffs office as well as your federal business filing at the end of each year to accompany your personal tax return.

You can now begin to get your inventory/product and start conducting business. Keep in mind that changes to your business may require refiling your licenses, additional permits, and/or additional taxes to be paid.

If you require any additional help along the way don't hesitate to contact the state or city business office. Opening a business is a big decision and they're always there to help answer the 500 or so questions every new business owner undoubtedly faces.


Location: Parsons, WV, USA

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