GROWING A BUSINESS TIMELINE
If you are thinking of expanding your business, there are a number of issues to consider, including how that growth could affect your bottom line, taxes, insurance and much more. As your business starts to grow, it is important for you to know there are resources right here in the Northeast Kingdom to help you through your expansion. We want you to succeed! We are pleased to note that this timeline-based online guide is the only one of its type in the state. If you have any questions after reading this guide, our contact information is at the end of the piece.
Step 1: MARKETING & RESEARCH
- Talk To the Experts – The Northeast Kingdom is fortunate to have a very skilled and capable Small Business Development Center advisor who can assist you in not only growing but financing your business expansion.
- Ideas For Growing Your Business
- Using Technology To Stay Competitive
Step 2: REVAMPING YOUR BUSINESS PLAN
- Review And Update Your Business Plan – If you are making significant changes to your business, you may want to brush the dust off your old business plan and make some necessary changes. These agencies can assist you with that effort.
- Do It Yourself – The Small Business Administration offers a helpful and intuitive web site on Starting A Business that can also apply to expanding your business as well.
Step 3: WHO ARE YOUR CUSTOMERS?
- Looking At Demographics – There are a number of organizations that can assist you at looking at your possible customer base, including:
Step 4: REVIEWING YOUR LEGAL & FINANCIAL SITUATION
- Meet With An Attorney – A lawyer will help you determine if there are any changes needed in your liability protection.
- Meet With An Accountant – Meeting with a financial professional will alert you to proper recording practices and a reminder of what business taxes you might have to pay.
- Meet With An Insurance Agent – This is necessary to ensure you have the right insurance coverage for your particular business and how an expansion might affect your coverage.
Step 5: WILL YOUR TAX STATUS CHANGE IN SUCH AN EXPANSION?
The Vermont Department of Taxes site is designed to help individuals, businesses and property owners better understand and comply with Vermont’s tax laws and regulations. Its Businesses & Corporations section is especially helpful to those expanding a business, as it is helpful for business owners trying to determine what category they might now fall into.
Step 6: FINANCING YOUR BUSINESS EXPANSION
There are a number of financing options you should consider when expanding your business. Check out these resources:
- The Types Of Financing Explained
- Examining Your Need For Lending
- Banks & Credit Unions
- Northern Community Investment Corporation – NCIC’s Lender is a great resource for helping to seek funding for Commercial Real Estate, Machinery & Equipment and Working Capital expansions.
- Small Business Administration (SBA) – Loans include General Small Business Loans, Disaster Loans, Microloan Programs, Loan Programs & Real Estate Equipment Loans.
Step 7: WILL YOUR BUSINESS EXPANSION AFFECT YOUR TAX SITUATION?
We can’t say paying taxes are fun, but at least we can make the whole process easier to understand. Here are a couple of resources that might help you out:
- IRS - What New Business Owners Need To Know About Federal Taxes
- State of Vermont – What New Business Owners Need To Know About State Taxes
- Businesses & Corporations – Includes information in this section on File & Pay, Taxes & Your Business, Register/Renew or Close Your Business, Corporate & Business Income Taxes, Sales & Use Tax, Meals & Rooms Tax, Alcoholic Beverage Tax, Withholding Tax, Local Option Tax, Miscellaneous Taxes, Non-Profit & Exempt Organizations.
- Property Owners – File & Pay, Current Use, Homestead Declaration, Property Tax Adjustment Claim, Real Estate Transaction Taxes, Understanding Property Taxes.
- Help & Resources – Includes information on FAQs (frequently asked questions), myVTax Resource Center, Identity Theft & Fraud, Appeals, Audits, Collections, Taxpayer Advocate, Tax Learning Center, Tax Forms, Technical Assistance, Contact Us.
- Businesses & Corporations – Includes information in this section on File & Pay, Taxes & Your Business, Register/Renew or Close Your Business, Corporate & Business Income Taxes, Sales & Use Tax, Meals & Rooms Tax, Alcoholic Beverage Tax, Withholding Tax, Local Option Tax, Miscellaneous Taxes, Non-Profit & Exempt Organizations.
Step 8: DO YOU NEED TO REGISTER A NEW BUSINESS NAME?
- We recommend checking out the Vermont Secretary of State first. For more general information, the Small Business Administration is also helpful as well.
Step 9: IS A NEW EIN NEEDED FOR THIS NEW ENDEAVOR?
- After talking with your legal and financial advisors, you will know if a new Employer Identification Number is needed for your new expansion or business effort. Almost all businesses need what is called an EIN, also called your Federal Tax Identification Number. It is designed to identify you as a business entity and the numbers are issued for the purpose of tax administration.
Step 10: IF A NEW BUSINESS TAX ACCOUNT IS NEEDED WITH THE STATE
Step 11: STATE LICENSING
- State Licensing – Some professions require that you hold licenses in your particular profession to do business within the state. For more information on what professions require such licensing, you should check out Professions Licensed by the State of Vermont and Professions Licensed by the Vermont Secretary of State.
Step 12: PERMITTING NEEDED (STATE & LOCAL)
- State Permitting – This section, admittedly, might cause you the most consternation, as the list of permits needed across the board is long, but not all apply to your particular business and there is quite a bit of assistance to help you through this process. The Vermont Department of Environmental Conservation has developed some information sheets that will help you determine how your business sector will be affected.
- Do You Need A State Permit: Ask a Permit Specialist Brochure pdf – The goal of the Permit Specialist is to take the mystery, anxiety and frustration out of the permit process for businesses and the public. The specialists provide advice about state permits required for your projects and help you find the online resources and staff members who can help you obtain your necessary permits.
- Regional Development Corporations (RDCs) – Throughout the state, there are economic development and planning organizations, and the Northeast Kingdom is fortunate to have an organization, Northeastern Vermont Development Association (NVDA), that serves both of those areas. NVDA assists with regional and municipal land use and transportation planning and supports economic growth as the Regional Economic Development Corporation for the 55 communities within the Northeast Kingdom. The office is a great resource for local permitting and compliance issues.
- Act 250 – This environmental regulation is probably one of the most feared but least understood permitting processes in the state. This Act 250 fact sheet should help you to understand what businesses and development are affected by Act 250 but also reassures you that it is not a burdensome process. Act 250 reviews and manages environmental, social and fiscal consequences of major subdivisions and development in Vermont through the issuance of land-use permits. The Northeast Kingdom has a regional Act 250 specialist who can assist you through this process.
- Local Planning & Zoning – For the most complete information on local planning and zoning regulations in your respective community, we encourage you to check in with that particular community’s town clerk.
Step 13: BUSINESS SIGNAGE
- Signage – The State of Vermont has very stringent signage regulations, so we suggest you check out the Agency of Transportation and the Vermont Natural Resources Council for assistance on sign compliance.
- Highway Signage – Business signage on the highways, called Official Business Directional Signs (OBDS) can be found on the transportation site. A reminder that most towns also have their own sign ordinances as part of their zoning regulations, so you should contact the town clerks in those communities as well.
Step 14: EMPLOYER ASSISTANCE
Not every new business has a human resources department, and the labor requirements may appear a bit intimidating at first glance, but the Vermont Department of Labor offers a number of specific and general online resources to help you navigate the reporting process:
- Set Up Employer Tax Account
- Wage & Hour Information
- New Hire Reporting
- Employer Responsibility For Insurance Coverage & Exclusions
- Employer Liability & Proper Reporting
- Unemployment Insurance Tax Rates
- Unemployment Responsibility For Unemployment Insurance
- File Your Quarterly Reports & Taxable Wage Base Information
- Employer Online Services
Step 15: BUSINESS SUPPORT
Joining a chamber of commerce is good for your business in a number of ways. Most notably, it provides a great return on investment. In a recent national study, consumers were deemed 80 percent more likely to buy products and services from business that are members of chambers of commerce. In addition, chambers provide significant marketing benefits, networking with fellow businesses, insurance plans and discounts on necessary services. The Northeast Kingdom Chamber would be glad to meet with you about our many benefits.
FOR MORE INFORMATION ON GROWING A BUSINESS:
Northeast Kingdom Chamber of Commerce
2000 Memorial Drive-Ste. 11
St. Johnsbury, VT 05819
802-748-3678, director@nekchamber.com
The Northeast Kingdom Online Business Resource Guide is meant as a resource for those seeking to start, expand, relocate or transition a business. Please contact the Northeast Kingdom Chamber for permission to use or distribute this content. A PDF format of this guide is available to businesses upon request. Thank you.