Going into Business First Steps: March 2025

Watch the video below or scroll down to read the recap

Starting a business is exciting, but it can also feel overwhelming. That’s why the WV Small Business Development Center (SBDC) and the Bluefield WV Economic Development Authority (BEDA) teamed up to offer an empowering workshop for new entrepreneurs. Led by Harold Patterson, Certified Business Coach, this session covered the essential steps for turning business ideas into successful ventures.

Here’s a recap of the key lessons from the workshop:

1. Develop Your Business Idea

Everything starts with a clear, validated idea. Harold encouraged participants to:

• Identify a real need or gap in the market.

• Research potential customers and competitors.

• Define a Unique Value Proposition — what makes your business stand out? Starting with a strong foundation can set the stage for long-term success.

  
  

2. Write a Business Plan

A detailed, thoughtful business plan is your roadmap. It should include:

• Executive Summary: Your business concept in a nutshell.

• Market Research: Understanding your ideal customers and also your competitors.

• Products/Services: What you're selling/offering and how you’ll price it.

• Marketing & Sales Strategy: How you’ll reach and keep customers.

• Financial Plan: Expected costs, revenue projections, and funding needs. Tip: The WV SBDC and BEDA are available to help entrepreneurs develop professional, bank-ready business plans.

3. Name and Register Your Business

Choosing a name is a big decision — and it’s important to ensure its unique and available.

• Search the WV Secretary of State database and social media platforms.

• Check trademarks through the USPTO. Once you've selected your name:

  • Register your business with state and local governments.

  • Obtain an EIN (Employer Identification Number) from the IRS.

• If located inside city limits, also register with City Hall to obtain your City Business License.

4. Choose the Right Legal Structure

Selecting the proper business structure — sole proprietorship, partnership, LLC, or S corporation — affects everything from taxes to liability. The West Virginia One Stop Business Portal makes this step easier by streamlining registration across multiple state agencies and even offers a short survey to determine which may be right for you.

5. Secure Funding

Businesses need capital to grow. Entrepreneurs were encouraged to explore:

• Self-funding

• Small business loans

• Crowdfunding platforms

• Investors and venture capital smart funding strategies can help launch your idea without excessive debt

6. Set Up Business Operations

Good operations are key to good business. Key tasks include:

• Opening a business bank account (keep business and personal finances separate!).

• Setting up accounting systems like QuickBooks or hiring a CPA.

• Getting business insurance to manage risks.

• Establishing and building business credit through vendors, credit cards, and Net-30 accounts.

7. Build Your Online Presence

Today, a great website is critical. The workshop shared five top tips:

• Optimize for mobile users.

• Improve website loading speed.

• Create simple, intuitive navigation.

• Follow SEO best practices.

• Add strong Calls-to-Action (CTAs) to convert visitors into customers.

8. Build a Winning Team

No entrepreneur succeeds alone. The workshop highlighted the importance of building a trusted team that may include:

• Business mentors and coaches

• Accountants and CPAs

• Attorneys

• Bankers and financial advisors

• Marketing experts

• Insurance agents

• Technology consultants

Additional Resources

Participants were introduced to:

• MyBluefield Entrepreneur’s Bootcamp: BEDA's free, self-paced, 100% online business bootcamp offers education for anyone looking to start, manage, or grow a business.

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Starting a business is a journey filled with learning, planning, and connection. With the resources of the WV SBDC and BEDA, new entrepreneurs are never alone. Every step you take today moves you closer to making your dream a reality!

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Let's Get in Touch!

Dee Puckett, Operations Manager

Bluefield WV Economic Development Authority | dpuckett@bluewv.org | (304) 902-2332 x 2408

Faith Blackwell, Administrative + Marketing Assistant

Bluefield WV Economic Development Authority | fblackwell@bluewv.org