front porch

When In Williamsburg

When In Williamsburg 

Feb 05

[ARCHIVED] Quick Tips for Starting Your Billionaire Business

The original item was published from February 5, 2021 8:54 AM to February 5, 2021 9:19 AM

This week’s post is from Beyonka Wilson, Director of Business Development. She lists a few first steps that entrepreneurs will need to take to get their businesses up and running. 

Quick Tips for Starting Your Billionaire Business

  • Develop a business plan.

    • Contact your local SBDC or access for assistance with a business plan if needed.

  • Register your new business at

    • Once the name of the business is registered, you will be sent a Certificate of Existence by email or mail.

  • Apply for a Federal Employer Identification Number (Form SS-4) through the IRS or on

  • Apply for a city or county business license at city hall, the county courthouse or administration building.

  • Open a business checking account at your local bank.

    • An EIN number/Certificate of Existence will be needed to open an account.

    • If you need a bank loan, you must have a completed business plan along with a three-year forecast of financials for the bank lender to review as part of the loan application.

  • Contact an insurance broker to obtain fire and accident, liability, theft, worker’s compensation and other types of commercial insurance needed to operate your business.

  • All businesses must adhere to OSHA standards. Please see to learn more.

Adapted from the book “Billionaire In Training (Instant Success Series)” 

by Bradley Sugars