Point of View magazine ranked the Virginia Beach MSA 24th among the “75 Best American Cities to Start a Business” and WalletHub ranked Virginia Beach as one of the top 50 large cities in the U.S. to start a business.
The per capita income in Virginia Beach in 2018 was $39,788, which is upper middle income relative to Virginia, and wealthy relative to the rest of the US. This equates to an annual income of $159,152 for a family of four. A food stall or a small restaurant is a great idea because tourists love to try famous food at the beach.
Inc.com looked at seven metrics to compile the list: rate of entrepreneurship, high-growth company density, population growth, net business creation, wage growth, job creation, and early-stage funding deals. About Virginia Beach, the writers say: Maritime logistics and tourism are big as well, but business leaders are eager to diversify the economy. 757 Angels is a major player in the percolating startup ecosystem, investing in firms like Embody and Psionic.
Financial planning is a crucial aspect of starting a business in Virginia Beach that many entrepreneurs tend to overlook. Take the time to create a comprehensive business plan that includes realistic financial projections, expense management strategies, and contingency plans.
No matter if you are planning to buy or rent a place in Virginia for your business, it is important to set the budget on time and to see how much money you can spend on your commercial space.
Virginia Beach is only a half-hour from the world’s largest naval station in Norfolk. The community is a haven for veterans, including members of the famed SEAL Team 6.
Although Virginia Beach’s total tax rate is lower than Phoenix’s, Phoenix’s rate of new entrepreneurs is over double, which explains why Arizona ranks higher on the list for best places to start a business.
Is Virginia a good place to start a business?
Yes, Virginia is considered a very good place to start a business due to its strong economy, business-friendly policies, and abundance of resources available to entrepreneurs.
- Low unemployment rate of 4.8%
- 193,000+ new jobs created since the 2008 recession
- 1.9% increase in average hourly earnings over the past year
Additionally, Virginia offers plenty of incentives for both startups and existing businesses, such as:
- A state corporate income tax rate of 6%
Aspiring entrepreneurs can benefit from resources such as:
- Small Business Development Center
- Virginia Community Capital
- Venture capital
- Angel investors
With its business-friendly climate, strong economy, and unique investment prospects across industries, Virginia continues to be ranked as one of the top destinations for starting and growing a successful business.
Tourism is the main industry in Virginia Beach, with over 6 million visitors annually. The city’s economy relies heavily on the military, health services, and small businesses. Virginia Beach occupies a significant portion of Hampton Roads metropolitan area.
- Largest employer: NAS Oceana
- Life science hubs between Research Triangle Park in North Carolina and BioHealth Capital Region
- Businesses producing items like furniture and power tools
Virginia Beach is a beautiful coastal city with a thriving economy. The local economy also includes tourism and the military presence from four bases. At 2.5 miles wide, Virginia Beach is part of a metro area with over 3 million residents. The ocean is right there, so close you can feel the sand between your toes and see the clear water.