business

Each year Inc Magazine publishes a list of the 500 fastest-growing businesses in the country, this year 48 of the companies listed are based in Virginia.

Sad news for Danville residents, as Beyond Video & Tanning announced it will be closing before the end of the month, according to the Danville Register Bee.

The locally-owned store has been in business for 23 years, and will be missed by residents. Hopefully a new business will move into the empty space soon.

"A locally owned movie rental business and tanning salon will close its doors after 23 years.
Beyond Video & Tanning will close to customers Jan. 21 and will leave Cain Creek Shopping Center across from the airport by the end of the month, owner Robert Bridgforth said.

'I’m going to miss the people,' Bridgforth said. 'I would like to express my enjoyment in the last 23 years to the people I met and providing good entertainment to the public.'

Every year for the past three, business decreased by 10 percent, he added. The 57-year-old attributes the decline in the movie rental business to the culmination of the current economic recession, higher gas prices, the success of Netflix, bootlegging and the Internet and cable delivery of movies on the same dates as DVD releases.

'Netflix has earned my admiration as a well-run and good service,' he added. 'The business model suits the customer’s needs.'

The recession in itself may have been good for business as people stay in instead of going out, but gas prices made renting and returning movies — two trips — more expensive, he said.

The tanning business also decreased with changing demographics and the best customers buying their own beds, Bridgforth said. He added the tanning salon to diversify the business in 1989.

Now, the store’s 5,000 DVDs and VHS cassettes and nine tanning beds are up for grabs as part of the store’s liquidation sale."

Read the full story.

Richmond and Hampton Roads both placed well on a study that compared 50 metropolitan areas across the country for operating costs for a headquarters, according to The Virginian Pilot.

This is good news for homeowners in these areas, because companies greatly desire to have their headquarters in locations with low operating costs. Any major company that moves their headquarters to Richmond or Hampton Roads will bring new jobs, tax revenue and growth to the area - all of which will help protect home values.

"Cheap labor and construction costs have made Hampton Roads an attractive location for corporate headquarters, according to a recently released report.

The study compared 50 metropolitan areas across the country that already are home to at least one major corporation. Of those, Hampton Roads ranked as the third-lowest in annual operating expenses for a headquarters, according to The Boyd Co. Inc., the Princeton, N.J.-based site-selection consulting firm that compiled the report.

The company compared markets looking at both labor costs for operating a headquarters with 325 employees and the cost of maintaining a 70,000-square-foot, top-of-the-line building.

'Labor tends to dominate the equation, and Virginia is a right-to-work state, unlike Maryland, Pennsylvania,' said John Boyd Jr., head of The Boyd Co. 'The labor climate favors management over labor. That tends to calm that inflationary wage pressure.'

Sioux Falls, S.D., and Little Rock, Ark., are the only two cities on Boyd's list that cost less than Hampton Roads. Richmond also made it, as the ninth-least-expensive metro area."

Read the full story.

Some state leaders are working for a bill that would allow telecommuters to get an annual tax credit of up to $1,000 for teleworking, according to the Richmond Times Dispatch.

This tax credit could benefit many homeowners while also alleviating some stress on congested highways.

"Rep. Robert J. Wittman, R-1st, wants telecommuters to get an extra benefit from keeping their cars off the highway.

Local residents who work remotely already get a boost from staying out of the gridlock on such roads as Interstates 95 and 66.

And Wittman, who represents part of southern Prince William County, introduced a bill Wednesday that would provide an annual tax credit of up to $1,000 for teleworking.

Under the bill, an employee who works at least 75 days a year away from his or her office would be eligible for the full credit.

It would be given for qualifying expenses such as furniture or computer equipment the worker needs to facilitate telecommuting.

If an employee telecommuted less than 75 days, he or she would be eligible for a pro-rated credit, Wittman said in a telephone town-hall meeting with constituents Wednesday night.

'So we're trying to provide some tax incentives for folks to work out of their home,' the Republican said.

Wittman's bill says congestion in America's urban areas costs $87 million in 2007 in extra time and fuel used, and that the average commuter spends 8½ days a year in the car.

In addition to the tax credit, Wittman said he wants to make sure that telework centers provide secure facilities for workers dealing with sensitive information.
His bill comes at the same time that lawmakers are looking at 'comprehensive transportation solutions' that deal with roads, transit and even slugging, he said."

Read the full story.

Some local businesses in Richmond have made some changes to keep their business alive and strong during the recession, according to NBC12.

This is great news for area homeowners because strong businesses help support the local economy, provide jobs and contribute to the tax base which helps keep property taxes from increasing.

"The recession has made it rough for local businesses. When businesses struggle, we often hear about layoffs. But many local companies made other strategic changes that have helped them to survive, and some to thrive. Here's a look at some of the changes that paid off.

At Leo Burke Furniture, they cut every expense they could and rented out part of their store to another store, Goodwill's Second Debut.

'We vacated that space,' said Jack Burke, owner of Leo Burke Furniture. 'That certainly helped to reduce our costs.'

And Burke started selling some furniture on consignment. 'People started asking us if we would take some of their pieces on consignment and we've done that. That worked out beautifully for the consumer. It's worked out fine for us,' he said."

Read the full story.