Do you want to start a business in Vermont? If yes, find here a stepwise guide in starting a small business with a list of top profitable small business ideas in Vermont that can be started with little money.
A growing economy, Vermont is majorly into manufacturing, IT, agriculture, and tourism. The government actively participates in different activities to attract tourists year-round. Large farms in Vermont generate a sizeable portion of the economy. Vermont also ranked first in the construction of new energy-efficient homes. The state has experienced the growth of different industries around developing technologies.
Vermont’s economy currently is into the manufacturing of artisan foods, fancy foods, and novelty. Internet and technology have played an important role in helping people running small businesses from home successfully. If you wish to start a small business from home, here’s a complete guide on how you can start a successful business in Vermont.
12 Profitable Business Ideas in Vermont
Here are some of the top small businesses you can start in Vermont
1. Freelance Writing Services
Being a content writer, you can explore multiple domains. While you can write from anywhere you want, freelance writing offers you the advantage to experiment with the assignments you take up. The content may vary from websites to reports to journals to press releases and whatnot.
2. Bed & Breakfast Business
Tourism plays an important role in Vermont’s economy. With some of the largest ski areas in New England, Vermont is a top tourist spot among Americans and even international tourists. The huge tourism industry in the state offers a potential market for lodging via bed and breakfast business.
3. Dairy Farming
Dairy farming remains a primary source of agricultural income in Vermont. While the business has seen a little down over the last few years, dairy farming in Vermont still is a profitable proposition. If you own a farm or plan to rent one, dairy farming can be a successful business.
4. Moving Company
Taking the whole United States into account, on an average, an American has to move more than 12 times in his or her lifetime. That’s a wide potential market for all the movers and packers. Vermont too has a good population to offer moving services helping people to move their belongings from one place to another.
5. Review Blog
Three out of five online buyers depend on in-depth product reviews before making any purchase. You can opt to offer in-depth honest product reviews by buying the product yourself and using it thoroughly. You can create a review blog with detailed reviews on different products that can help you earn from ads, and you can also partner with brands for endorsements and affiliates.
6. Online Tech Support
If you have any technical skills, use it to make money. Companies often need tech experts who can offer technical services remotely. You will need to stay active for a fixed time and help your clients sort out technical problems. You will be paid either with a fixed amount or on a per assignment basis.
7. Survey Sites
A growing business worldwide, companies now comprehensive feedback on how their services and products. Surveys provide companies with an opportunity to better their offerings.
Check these legit survey sites offering part-time job opportunities.
8. Yoga Studio
Health enthusiasts are now opting for yoga over the gym or outdoor sports. Yoga remains a top choice among the people in Vermont. You can opt to offer yoga services by hiring an instructor. You can also go for a complete yoga course on your own to become a licensed trainer. Before you start on your own, have a few days of working experience.
9. Social Media Marketing Business
Companies now look for different mediums of social media to promote their products and services. You can turn your social media skills into a full-fledged business. Businesses now need specialized social media marketing services to bring in new customers. Either you can choose to handle their social media accounts or help them with their online marketing campaigns.
Vermont has a popular drinking culture. While traditional beers remain a favorite among locals, people are now trying out new types of crafted beer. Starting a brewery would require a sizeable investment, but you can choose to finance it and will be worth it. You can sell your own produced beer at your bar or can bottle it to sell it to other bars.
11. Event Planning Services
A growing business in Vermont, businesses, and even individuals now want planners for their events. Start with working someone else and soon you can start to work on your own as a freelance event planner. You can either operate in your locality or start with a team to offer everything starting from food, design, logistics to promotions.
12. Financial Advisor
Vermont remains an important financial center. Being a hub to major foreign investments, often companies and individuals require financial advice. You can offer financial services like financial advice, investment options, fund management, and more. If you are not a professional, go for an online course and then work for any financial firm for a few months before you start your own.
How to Start a Business In Vermont
If you want to legally start a business in Vermont, follow the given steps:
Step 1. Choose a Business
This is the first most important step in starting a successful business. Check out the above small businesses that require low or almost no investment.
Step 2. Business Plan
After you pick an idea, start working on a business plan. It plays a very important for any new business. Vermont has a competitive market, so you will need a well-detailed plan. Start with the finances, business model, goals, targets, and how you wish to proceed with the business.
Step 3. Financing Your Business
There are multiple investors and venture capital firms in the state. If your idea is unique, you may land up with investment. In case you wish to fund your own business, there are some of the best business loans available with long-term payback options at affordable rates.
Step 4. Naming Your Business
You will need an official name for your business. Register your business name with the US trademark department and buy a domain immediately. You can opt to use a business name generator to look for some suggestions.
Step 5. Choosing A Business Structure
You have to register your business in Vermont by choosing a structure to be legally operational. You can choose between a sole proprietorship, partnership, corporation, and LLC. If you form an LLC, you can enjoy added legal benefits and tax deductions.
Step 6. Federal EIN & Tax Filing
Now you need to apply for a Federal EIN at the IRS. The EIN will act as a social security number for your business. You can visit the Vermont Department of Taxation and Finance website for further details.
Step 7. Business Permits & Licenses
You may need some of the special licenses, which are applicable to different cities in Vermont. Make sure you go through all the local legal responsibilities and common licenses applicable. These may include a sales tax license if you want to sell products in Vermont.
Step 8. Business Bank Account & Accounting Software
Apply for a business bank account with your EIN. A separate bank account will make sure that all your transactions remain in a classified manner. Now you need to set up an accounting method for your business. Choose a reliable accounting software so that you can maintain all your business transactions at a single place.
Step 9. Business Insurance
Vermont has no such mandatory insurances applicable. Check with your local government to ensure that you are following all the standard security measures. Buy a professional liability policy in case you sell services and a worker’s compensation insurance for employees.
Step 10. Promoting Your Business
Finally, you need to promote your business once it’s ready. Taking the business to a potential audience is important. You have to market properly to bring in customers and generate business. Hire an agency so that you leave no stone unturned.
Best Places To Start A Business In Vermont
Choosing the right location is going to determine how your business runs. Here are some of the best places in Vermont to start your business:
Vermont has a very diverse economic climate offering a suitable environment for new businesses. In 2019, it’s really easy to start a new business in Vermont. Follow the guidelines carefully and sequentially to start a successful business from scratch.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.