There are some things you cannot do on a typical Windows 8.1 installation such as view a web site externally when running IIS Express. But also if you want to run full IIS on a Windows Pro 8.1 machine and have Visual Studio run your web application through it then you need to run Visual Studio with administrator privileges. In Windows 7 there is a compatibility tab in the program properties where you can specify this, but that is not available in Windows 8 or Windows 8.1 installations. So find the location of the devenv.exe application file. This is usually somewhere like C:\Program Files (x86)\Microsoft Visual Studio 12.0\Common7\IDE.
Right click it and instead of choosing properties, choose troubleshoot compatibility.
Select Troubleshoot program for the options
Then check the box for additional permissions (this usually means administrator privileges).
Now test the program by running Visual Studio
Once Visual Studio has opened, at the top it should specify that it is running as administrator
Back to the wizard, choose 'Yes, save these settings for this program'
It will do its thing and look for any other issues.
You should see the next image when it has finished off.
Simply close it and you should be OK with running IIS Express as well as a local installation of IIS.