Entrepreneur Portal for Virginia's Growth Alliance Region

Get Cash VGA small business launch competition

Join the tens of millions of other people who start new businesses in the US every year.

business idea creativityBut, WAIT! Did you know that about 75% of new businesses will fail? We don't say that to discourage you, but to encourage you to prepare for your journey as much as possible so you have the best chance of surviving and prospering.

Many people are so excited about their idea (or so sick of their job!) that they jump into starting a business without doing the necessary preparation and planning. Don't do that! We're here to help guide you to the right resources, so knowledgeable people can help you succeed.

According to the Dun & Bradstreet Business Failure index, 92% of all failures are due to one of two reasons

  1. A lack of financial management skills and knowledge.
  2. A lack of marketing skills and knowledge.

There are resources available to help you in both of those areas, though, many of them free!

Some things to think about as you get started:

  • Do you have a product or service that addresses a need?
  • Are you able to make sales yourself or will you need to hire sales staff?
  • Do you have the capability to manage company finances or will you need to hire someone?
  • Where will your business be located? Is it necessary to have an office or storefront, or can you get started out of your house?
  • Do you already have access to funding?
  • Will you be able to pay your personal bills during the first year of business, if the business can't pay you a salary yet?

These are just a few of the questions you'll need to answer as you're planning your business. Now is as good a time as any to start being honest to yourself about the answers.