Places in Virginia that you can start a Good Business: Are you an entrepreneur hoping to situate your business or a branch of your firm in Virginia, United States of America? You could achieve a lot from the wealth of this article since it examines some of the ‘cool’ places that businesses strive positively well in Virginia.
As a good entrepreneur, it is important and advisable to know the location of wherever you want to site your business, this will give you a prior knowledge and guide on whether to go on or not.
Where is Virginia?
Virginia which is officially known as the Commonwealth of Virginia is a state in the Southeastern and Mid-Atlantic regions of the United States of America. It is located between the Atlantic Coast and the Appalachian Mountains.
The geography and climate of the Commonwealth are shaped by the Blue Ridge Mountains and the Chesapeake Bay, which provide habitat for much of its flora and fauna. The capital of the Commonwealth of Virginia is Richmond.
Virginia Beach is the most populous city, and Fairfax County is the most populous political subdivision. The Commonwealth’s estimated population as of 2018 is over 8.5 million. The area’s history begins with several indigenous groups, including the Powhatan.
Why Virginia is a Good Place to Start a Business
With plenty of incentives for both startups and existing businesses and a state corporate income tax rate among the lowest in the nation at 6%, Virginia’s business-friendly policies appear to be paying off.
The state’s unemployment rate was 4.8% as of July, compared to the national average of 5.3%, and 193,000 jobs have been created in Virginia since the 2008 recession, according to the Bureau of Labor Statistics.
Meanwhile, average hourly earnings of private-sector workers have risen by 1.9% over the past year, outpacing a nationwide increase of 1.3%, according to the U.S. Congress Joint Economic Committee.
Business incentives include state tax credits for recycling old equipment; economic and infrastructure development grants; reimbursement for recruiting and training services; and economic development loan funds and grants.
Some Benefits of Starting a Business in Virginia
Some of the benefits of starting a business in Virginia are:
There is Strong local economy
There is an average of unemployment rate of 3.9%, well below the state and national average, and several cities in Virginia have median incomes above the national median income of $43,880, according to the most recent data from the U.S. Census Bureau.
There is Popular Spot for Corporate Headquarters
Many large companies call Fairfax County home which is based in Virginia, including Booksfree.com. Meanwhile, the town of Vienna is home to Navy Federal Credit Union.
This is one the best places to start a good business in Virginia. In Tysons Corner, the unincorporated Tysons Corner area serves as Fairfax County’s central business district; it is home to 26.4 million square feet of office space.
Tysons Corner’s businesses have average annual revenue of $11.4 million, which is three times higher than any other place in our survey.
Nearly 45% of Tysons Corner businesses have paid employees, and its 23.9 businesses per 100 people ranks second highest among all Virginia communities.
Top employers include the Boeing Co., Booz Allen Hamilton and Hilton Worldwide. The area is also home to Tysons Corner Center, the largest shopping mall in Virginia.
The city of Fairfax is also a good place to start since it has 25.3 businesses per 100 people, the highest number in the state, and its 4% unemployment rate is lower than both the state and national average. Among top employers are the city itself and Fairfax Nursing Center.
Local businesses are served by the Central Fairfax Chamber of Commerce, which offers monthly networking events, educational workshops, marketing opportunities and leadership training.
The town of Warrenton, about an hour west of D.C. near Shenandoah National Park, has 21.2 businesses per 100 people, fourth highest among Virginia communities, and 40.1% of its businesses have paid employees.
The Greater Warrenton Chamber of Commerce offers a business assistance team whose mission is to support and educate local businesses towards sustained profitability and success. The chamber provides free professional guidance, expertise and resources to its members.
The town of Abingdon has one of the lowest median monthly housing costs on our list, at $663, and has 19 businesses per 100 people. Nestled in the Blue Ridge Highlands region of southwestern Virginia, Abingdon is an outdoor lover’s dream.
The town is home to or near several historic and recreational trails, including the 34-mile Virginia Creeper Trail and the Appalachian Trail. Local businesses are served by the Washington County Virginia Chamber of Commerce.
Located 17 miles west of downtown D.C., the town of Vienna has 16.3 businesses per 100 people, a high median annual income of $83,125, and a 2.1% unemployment rate, the second lowest of all the communities in our survey.
The town’s ranking is hampered a bit by high median monthly housing costs of $2,254. The top three employers in the area include Navy Federal Credit Union, Fairfax County Public Schools and Contemporary Electrical Services Inc.
The Merrifield area of Fairfax County ranks in our top 10 thanks in part to its high percentage of businesses with paid employees (43.7%) and its $75,569 median annual income.
The Mosaic District, a collection of boutiques, restaurants and a movie cineplex, has made Merrifield a retail and entertainment destination in Fairfax County.
Hollins, a suburb of Roanoke, ranks high in part because its businesses bring in an average annual revenue of $2.3 million each, and 51.2% of its businesses have paid employees, which is tops in the state.
Steps to Starting Your Virginia Business
Below are some steps to take when starting a business in Virginia:
Choose an Idea.
Plan Your Business.
Form Your Business.
Register for Taxes.
Open a Bank Account.
Set Up Accounting.
Obtain Permits & Licenses.
Define Your Brand.
Establish a Web Presence.
With the wealth of knowledge inherent in this information, you have what you may need to begin in situating a business in Virginia.