How to Start a Small Business in Vermont (VT)

Best Business Ideas for Vermont

If the only thing you know is that you want to start a small business, that’s okay! To jumpstart your imagination. here are some popular small business in Vermont to draw inspiration from:

• Bowling Alley
• Pet Bakery
• Mushroom farm
• Bank
• Reptile nutrition specialist

Regardless of what type of business you decide to open, it’s important to make sure you have a solid business plan drafted.

Planning Processes

Drafting a business plan can be daunting, we get it. That’s why we have a step-by-step instruction guide to drafting up a successful business plan.

1. Playing the name game

Choose a name for your business that is straightforward and doesn’t leave your customers wondering what exactly you do. While there are some rules and regulations for naming your business, don’t let that discourage you. For example, Tipping the Scales is an excellent name for your reptile nutrition specialist business.

2.  Conducting market research

It’s crucial to get to know your market. Do search engine optimization research. Hold focus groups. Conduct surveys. You may find out some surprising things! Tipping the Scales found out it may not have the broad customer base it originally thought it would.

3.  Structuring your business

LLC, corporation, nonprofit, partnership, sole proprietorship: which is best? It depends on what your goal is. Registering as an LLC provides favorable tax treatment, while a nonprofit is funded by donations, as opposed to investors. Tipping the Scales would likely work best as a corporation, LLC, partnership, or sole proprietorship.

Registering in Vermont

Get all the info you need about your business. Get your business’ name, the employer identification number (EIN), and the name of your registered agent, then file those formation documents. Depending on the structure you choose, you may need different documents.

Congrats: Tipping the Scales, LLC is now an officially recognized business in the state of Vermont!

Best Location for Your Business in Vermont

Before you make a decision on where to set up shop, so to speak, it’s important to figure out what your long-term goals are for your business. Do you anticipate growth? Will your business rely heavily on foot traffic? If so, it may be a good idea to rent an office space in a heavily populated area, such as Rutland or Burlington.

Tipping the Scales doesn’t necessarily depend on foot traffic, but it would be in both their customers’ and their best interest to place themselves in an area that’s easy to find.

Banking and Accounting

When it comes to business and pleasure, it’s best to keep them separated. That’s why we recommend having separate bank accounts for your business and personal assets. This not only helps you to keep better track of business expenditures but will ensure that in the event your business is sued, you will be able to protect your personal assets. We recommend hiring a business accountant or accounting software, as they can help save your business thousands.

Ensure Your Business Is Insured

Business insurance is crucial to growing your small business in Vermont. It’s a great means of protection against any unknown risks, like an employee stubbing their toe on the property, or a bald eagle making dinner out of your precious reptiles. In Vermont, businesses with one or more employees (not including business owners) are required to have worker’s comp insurance.

Permits and Licensing

Depending on what kind of business you’re opening and where you choose to open it, you’re going to need different permits and licenses. The easiest way to determine what your business will need is to conduct a search on a federal and state level, then calling your local clerk’s office and asking them directly. We recommend hiring a professional for this step to ensure you aren’t missing any important documentation.

Hiring Employees

The hiring process can be the most exciting part of establishing a small business. There’s a great feeling about hand-selecting the best team to represent your brand. However, it’s important to make sure you’re doing all of this legally. This includes registering with the IRS for employee taxes, reporting your new hires to the State of Vermont, and registering for withholding tax and unemployment insurance tax with the State of Vermont.

Branding

Branding is fun for some but miserable for others. How do you make your business competitive? First, let’s start with the logo. Make sure your logo is representative of the brand and what you offer, then make sure it’s visually pleasing to your customer. Tipping the Scales thinks bright, tropical colors and basic font works best to express what they do. You may decide dark, muted colors work best for your brand. There is plenty of software online that can help you if you’re stumped, too.

Branding also requires you to think about what your values are as a company. Do you believe there isn’t enough information given to regular vets about lizard nutrition? Do you believe lizard nutrition simply can’t be difficult enough that an entire business should dedicate themselves to it? This might seem like an odd example, but it’s necessary to make it clear to yourself as much as to your customer the values your company holds itself to and what it can offer to your customers.

Do some personal reflection and truly embrace what your company believes in. Making sure these points strike home will ensure that your customers are in it for the long run.

Online Presence

In the day and age of social media, having an online presence for your brand is very important. While this can look like having a website and online store (if applicable), this also means needing Facebook, Instagram, YouTube, and TikTok accounts. One of the best things you can do for your business is following trends on social media. It makes you look hip and in-touch, and it will help your business flourish. Get creative!

Marketing

Having an online presence is great, but what about marketing on those platforms? All legitimate businesses have a website. And, if we’re being honest, the less legitimate ones do, too. Unfortunately, social media profiles are not a replacement for a website. Having a professional website makes your brand seem trustworthy and reliable, and it offers all-around better branding.

If this seems to be way too much, don’t worry! Companies like Ecwid help your store grow and succeed. They can help you create a beautiful, easy to navigate website while allowing you to market your products on the other online platforms mentioned above. Ecwid even allows you to track your digital sales on a dashboard, where you can check on your inventory. They’ll help make sure your Vermont small business is built for success.