Growing a Business

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

Step 2: REVAMPING YOUR BUSINESS PLAN

Step 3: WHO ARE YOUR CUSTOMERS?

Step 4: REVIEWING YOUR LEGAL & FINANCIAL SITUATION

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:

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.

Step 8: DO YOU NEED TO REGISTER A NEW BUSINESS NAME?

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

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

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:

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.

Lyndonville Family Chiropractic

Chiropractic Health Care Facility offers chiropractic, acupuncture,reflexology & massage therapies to reduce pain and correct spinal & skeletal misalignments. Licensed, bonded & insured. All major credit cards accepted. Open Monday to Friday, -5.


Newsletter signup

Receive information, events and special deals offered in the Northeast Kingdom!