Elevate Your Business in the Alleghany Highlands

Starting a business is one of the most rewarding decisions you can make. This step-by-step checklist will guide you through the essential stages of launching and growing a successful small business right here in the Alleghany Highlands of Virginia.

View The Checklist

Your Roadmap to Small Business Success

The Alleghany Highlands Economic Development Corporation (AHEDC) has developed this checklist to help aspiring entrepreneurs navigate the process of starting and sustaining a business in Alleghany County, the City of Covington, the Town of Clifton Forge, and the Town of Iron Gate. Work through each step in sequence, and don’t hesitate to reach out to the local resources listed below for guidance along the way.

Downtown Covington

The Checklist

Seven Steps to Launching Your Business

Each step below reflects a critical milestone on your path from idea to opening day. Take your time with each one. The more thoroughly you prepare, the stronger your foundation will be.

  • Identify who will buy your service or product.
  • Research similar businesses and consider their models.
  • Understand the role of demographics and local economic data in business planning.
  • Determine the market opportunity. Ask yourself, “Is there truly a market for my business?”
  • Consider how you will fund start-up costs.

  • Make realistic financial projections for start-up, overhead, and upkeep costs before taking in revenue.
  • Determine feasible price ranges for your products or services, accounting for earnings before interest, taxes, depreciation, and amortization (EBITDA), as needed by your financial projections.
  • Determine your financial record-keeping method. Cash or accrual? Should you hire a bookkeeper or do it yourself?
  • Consider how you will fund start-up costs.
  • Prepare a cash flow projection.
  • Identify the most effective marketing strategies to build awareness and generate leads.
  • Research insurance options and requirements.
  • Develop a plan to show customer appreciation.
  • Identify and confirm business tax requirements at the local, state, and federal levels.
  • Research business structures and decide which is best for you — sole proprietor, LLC, partnership, or corporation.
  • Consider state and federal tax liability with a legal or tax professional.
  • When you are ready, file the appropriate articles of incorporation with the Virginia State Corporation Commission and pay the required fees.
  • Ask whether you will need any other professional licenses to operate legally (Virginia Department of Professional & Occupational Regulation).
  • Consider whether any socio-economic certification programs (SWAM, 8(a), microbusiness, veteran, etc.) can be beneficial.

  • Decide whether you need to hire employees. Can your business afford to pay your employees on time and when it is time to issue paychecks (cash flow analysis)?
  • Ensure staffing needs will be met for your planned hours of operation.
  • Develop a plan to file payroll taxes accurately and on time. Seek assistance if necessary.

  • Identify your needs for physical space to operate your business. Consider how much space your competitors use, amount of foot traffic, cost per square foot, and market demographics in your location decision.
  • Does your business need road frontage for visibility and attracting customers?
  • Evaluate available land and buildings where you might locate your business.
  • Identify the specific locality where your business should be located: Alleghany County, Town of Clifton Forge, City of Covington, or Town of Iron Gate?
  • Contact the respective Department of Community Development to determine if your business can operate at your desired location. Confirm zoning compliance and any approvals needed.
  • If you do not have control of the desired location, ask the owner about a lease or purchase. Determine the cost of upgrades needed to make your location site code compliant to obtain a Certificate of Occupancy (CO) and appropriate zoning.
  • Before signing the lease or purchase agreement of the desired location, confirm your ability to pay for the lease or purchase. Confirm your business has the cash flow for maintenance, utilities, and upkeep expenses.
  • Once you have committed to a specific location, contact the locality for a business license application and related requirements.

  • Adjust financial projections as you learn more about your business and best practices.
  • Acquire all necessary permits and licenses before opening for business.
  • Consider seasonality. Adjust cash flow projections accordingly and select an optimal start date.
  • Ask subject matter experts for feedback on your business plan.
  • Review trusted capital sources such as grants, loans, competitions, and local incentive programs.
  • If needed, discuss the process of procuring a loan with multiple lenders. Carefully weigh your options.
  • Register for necessary taxes.

  • Determine the advertising plan for your grand opening.
  • Think through the details of your opening-day operations — prepare yourself and your staff.
  • Schedule a ribbon cutting with the Alleghany Highlands Chamber of Commerce and ask for their help alerting the local media.
  • Reach out to your target market and any relevant niche communities to let them know you are open for business and ready to “Elevate your business in the Alleghany Highlands!”

Download The Small Business Guide

Alleghany Highlands Resources

You don’t have to navigate the process alone. The following organizations and programs are available to help you plan, fund, and launch your small business in the Alleghany Highlands.

Alleghany Highlands Economic Development Corporation (AHEDC)

AHEDC is your primary point of contact for economic development assistance in the Alleghany Highlands. Reach out to connect with local programs, incentives, and guidance tailored to your business needs.

Connect With Your Locality

Each locality in the Alleghany Highlands has its own business licensing, zoning, and permitting process. Contact the appropriate office early in your planning to ensure a smooth path to opening day.

General Assistance & Resource Information