Loan & Business Toolkit
Questions to Answer Prior to Starting A Business
Thinking about starting a small business? What you should consider when starting your own:
No one starts a business thinking that the business will fail, they will lose their savings, home, and ruin their credit. Within the next five years, four out of five people starting businesses this year will have closed their doors.
- What is your business idea? Can you explain your idea to others in 50 words or less?
- Who will be making the business decisions?
- What qualifications does this person have regarding running a small business and particularly this type of small business?
- Who are the customers purchasing your product or service? What do you know about their buying habits, where they are located, how you will reach them, etc.
- How much money will be required to start your business? What will it be used for and where will it come from
- Why will this business be a success?
- Who will be your competitors? Do you know their strengths and weaknesses?
- What are your legal obligations?
- Who will keep your records? Do you understand financial statements?
- Will others, such as employees and professionals assist you with your business?
- Do you know that the vast majority of unsuccessful small businesses do not compile a comprehensive business plan?
Budget Planning Calculators
Important Business Contacts
|Cities & Towns||Altavista||Amherst||Appomattox||Lynchburg|
|Economic Development Offices||Telephone Numbers||Website|
|Town of Altavista||369-5001||www.altavistava.com|
|Town of Amherst||946-7885||www.countyofamherst.com|
|Town of Appomattox||352-3972||www.townofappomattox.com|
|City of Lynchburg||455-4490||www.opportunitylynchburg.com|
|Chambers of Commerce||Telephone Numbers||Website|
|Town of Brookneal||376-3046||www.townofbrookneal.com|
|Town of Altavista||369-6665||www.altavistachamber.org|
|State of Virginia Contacts||Telephone Numbers||Website|
|State Corporation Commission||(804) 371-9967||www.sba.gov|
|State Tax Department||(804) 367-8037||N/A|
|Virginia Environmental Compliance||(804) 698-4000||www.deq.state.us|
|Virginia Employment Commission||(804) 786-1485||www.vec.virginia.gov|
|Virginia Workers Compensation||(877) 664-2566||www.vwc.state.va.us|
|Virginia Department of Labor||(804) 371-2327||www.doli.state.va.us|
|Federal Contacts||Telephone Numbers||Website|
|U.S. Small Business Administration||(804) 771-2400||www.sba.gov|
|Internal Revenue Service||(804) 367-8037||www.irs.gov|
|U.S. Department of Labor||(866) 487-2365||www.dol.gov|
|U.S. Patents and Trademarks||(866) 217-9197||www.uspto.gov|
|U.S. Copyright Office||(202) 707-3000||www.copyright.gov|