October 19, 2019  
 
  Entrepreneurial Resources - Advice for Connecticut Entrepreneurs  
  Colchester, Connecticut Resources for Entrepreneurs  
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Starting a Business in Colchester, Connecticut

Thinking about starting a business in Colchester, Connecticut? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Colchester.

Are You Sure You Want to Do This?

Before announcing to the world that you are going to start your own business, assess your entrepreneurial instincts and capabilities.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

  • Talk to other entrepreneurs in Colchester. Ask them candidly what it's like to run a business.
  • We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
  • Seek the advice of somebody who knows you well. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.

What Business to Start

There are many businesses that you can start. How do you know which type of business is right for you? To help you decide on a business type, we encourage you to read Free Business Ideas.

If you still are not sure what type of business to start, peruse the Good Businesses to Start section of our site. For example, you might be interested in our Starting a Dance Club guide or our Starting a Tatoo Parlor guide.

Always keep in mind that you are starting a business in Colchester. Think about what needs are currently being underserved in Colchester. Only by spending some time analyzing Colchester demographics can you decide if there will be strong demand for your business idea.

Colchester, Connecticut Demographic Information

Colchester has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Colchester demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Colchester.

Business Size# of
Businesses
1-4 Employees 545
5-9 Employees 234
10-19 Employees 105
20-49 Employees 66
50-99 Employees 15
100-249 Employees 9
250-499 Employees 6
500-999 Employees 0
1000+ Employees 0
All Colchester Businesses 980

As a new Colchester entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Colchester for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.

Business Type # of
Businesses
Architectural Services 1
Automotive Parts and Accessories Stores 4
Baked Goods Stores 1
Barber Shops 1
Beauty Salons 6
Beer, Wine, and Liquor Stores 4
Boat Dealers 1
Business and Secretarial Schools 1
Car Washes 1
Caterers 1
Child and Youth Services 2
Child Day Care Services 7
Civic and Social Organizations 4
Coin-Operated Laundries and Drycleaners 1
Computer and Software Stores 1
Computer Systems Design Services 1
Computer Training 1
Construction Sand and Gravel Mining 1
Convenience Stores 1
Copper Foundries (except Die-Casting) 1
Curtain and Drapery Mills 1
Custom Computer Programming Services 1
Direct Life Insurance Carriers 1
Direct Mail Advertising 1
Document Preparation Services 1
Drinking Places (Alcoholic Beverages) 3
Drywall and Insulation Contractors 2
Electrical Contractors 6
Electronic Shopping 1
Environmental Consulting Services 1
Fine Arts Schools 1
Finish Carpentry Contractors 1
Fish and Seafood Markets 1
Fitness and Recreational Sports Centers 3
Floor Covering Stores 1
Flooring Contractors 2
Full-Service Restaurants 13
Funeral Homes and Funeral Services 2
General Automotive Repair 5
General Freight Trucking, Local 1
General Rental Centers 1
Gift, Novelty, and Souvenir Stores 1
Golf Courses and Country Clubs 1
Graphic Design Services 1
Hardware Stores 2
Heating Oil Dealers 2
Hobby, Toy, and Game Stores 1
Industrial Mold Manufacturing 1
Insurance Agencies and Brokerages 4
Janitorial Services 3
Jewelry Stores 1
Land Subdivision 2
Landscaping Services 5
Limited-Service Restaurants 9
Machine Shops 1
Mail-Order Houses 1
Marketing Consulting Services 1
Masonry Contractors 1
Mortgage and Nonmortgage Loan Brokers 2
Motorcycle Dealers 1
Musical Instrument and Supplies Stores 1
Nail Salons 1
New Car Dealers 7
New Housing Operative Builders 1
Nursing Care Facilities 4
Offices of Certified Public Accountants 2
Offices of Chiropractors 1
Offices of Dentists 7
Offices of Lawyers 6
Offices of Optometrists 2
Offices of Podiatrists 1
Offices of Real Estate Appraisers 1
Outdoor Power Equipment Stores 2
Pet and Pet Supplies Stores 1
Pet Care (except Veterinary) Services 1
Pharmacies and Drug Stores 2
Portfolio Management 1
Real Estate Credit 1
Repossession Services 1
Residential Property Managers 2
Residential Remodelers 2
Savings Institutions 4
School and Employee Bus Transportation 2
Securities Brokerage 1
Site Preparation Contractors 1
Snack and Nonalcoholic Beverage Bars 7
Sporting Goods Stores 2
Sports and Recreation Instruction 1
Tax Preparation Services 1
Telemarketing Bureaus 1
Telephone Answering Services 1
Travel Agencies 1
Used Merchandise Stores 1
Veterinary Services 2
Video Tape and Disc Rental 1
Wired Telecommunications Carriers 1

Have You Considered Franchising?

As you drive around Colchester, you'll notice that many local entrepreneurs have gone the franchising route. But is franchising the right option for you?

We advise the entrepreneurs we work with to consider franchising as an option. We have many articles on franchises, such as How Franchises Work. Become a franchising expert of sorts by reading more of our Articles on Franchising.

To learn about specific franchise opportunities, check out our Franchise Directory.

Sample franchise opportunities include Subway Franchises and Starbucks Franchises. Alternatively, you can browse franchise categories, such as Accounting Franchises and Moving Franchises.

Note on Colchester Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Colchester.

Have You Considered Buying an Existing Colchester Business?

We've created a handy website page for those who want to Buy a Business in Connecticut. Follow that link and you can review several good businesses for sale in Colchester.

Before buying a business, be sure to read this article: Buying a Business.

Naming the Company

A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.

Company names need to be easy to spell, easy to pronounce, and easy to remember.

For other considerations regarding naming a company, we recommend this article: Naming a Business.

There's one other important factor when naming a business. Since you are starting a business in Colchester, it's very important that you make sure no Connecticut company has already registered the company name you have selected.

Forming a Company in Colchester, Connecticut

A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will separate you from personal liability for business debts and obligations.

When forming a company, you will choose from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.

Incorporating is a very popular way to form a business. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Connecticut, you don't necessarily have to incorporate in Connecticut. In fact, you can incorporate in the state of your choosing. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.

There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Incorporating Online. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Colchester, Connecticut, our web page covering Incorporating in Connecticut may be a useful resource if you decide to incorporate in Connecticut.

Do You Need a Business Plan?

A business plan is essential to the health of your new business. In effect, a business plan is a written description of the future you envision for your business. Not having a business plan is a recipe for disaster.

To learn more about business plans, read Business Plan Software. You can also get face-to-face free consulting available from your local SCORE chapter in Connecticut.

Raising Money for Your New Venture

Obtaining startup financing for your Colchester business is very difficult due to the ongoing business credit crunch. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.

To learn about raising money, we recommend you read the fundraising articles on our site, such as 504 Loans.

For Colchester entrepreneurs who want to raise money for a new venture, check out our List of Connecticut Angel Investors and our List of Connecticut Venture Capital Firms.

Promoting Your New Company

To grow your Colchester business, you need a solid marketing plan.

We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Making the Most of Trade Shows is a good read to get your marketing juices flowing. That's just a taste of the many useful articles we have on Marketing a Small Business.

Building Up Your Sales

Being able to sell is fundamental to your business success. Whether you are focused on selling local customers in Colchester or are selling to customers throughout Connecticut, the United States or even the world, you have to be able to sell.

Good selling involves demonstrating that your wares meet your customer's needs. Fortunately, we've got plenty of good advice to help you improve your selling skills.

Sales Prospecting is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.

Learning More About Entrepreneurship

Successful business owners recognize that they need to continually improve.

Given that you are starting a business in Colchester, Connecticut, you should get information on some of the many programs available at nearby Connecticut universities, colleges and community colleges. Another way to keep up on your learning is to investigate networking groups or organizations in which Colchester entrepreneurs get together to network and trade their business experiences.

Next Steps

You have a dream -- starting a business in Colchester. To achieve your dream, you have to persevere, even when the odds are against you.

If you choose the right business and love what you do, you will greatly increase your odds of success.

We are here to help Colchester businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Colchester, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Colchester, Connecticut

Here are more links that we believe will help you be successful in starting a business in Colchester.

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety