Thinking about starting a business in Milford, Connecticut? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Milford.
Will You Be a Successful Entrepreneur?
Most startup ventures fail, in part because the founder did not have the tenacity and/or the skills to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Talk to other entrepreneurs in Milford. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
- Have a candid conversation with friends and family. Others sometimes know you better than you know yourself.
Milford, Connecticut Demographic Information
Milford has an active business community that includes small businesses,
mid-sized businesses and large businesses.
To give you a better feel for Milford demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Milford.
| Business Size | # of
Businesses |
| 1-4 Employees |
51927 |
| 5-9 Employees |
21527 |
| 10-19 Employees |
13623 |
| 20-49 Employees |
10659 |
| 50-99 Employees |
3534 |
| 100-249 Employees |
1881 |
| 250-499 Employees |
399 |
| 500-999 Employees |
285 |
| 1000+ Employees |
0 |
| All Milford Businesses |
103835 |
As a new Milford entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Milford 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 |
| Advertising Agencies |
7 |
| Amusement Arcades |
2 |
| Appliance Repair and Maintenance |
3 |
| Architectural Services |
3 |
| Art Dealers |
1 |
| Automobile Driving Schools |
2 |
|
Automotive Exhaust System Repair |
1 |
| Automotive Glass Replacement Shops |
1 |
| Automotive Parts and Accessories Stores |
5 |
| Automotive Transmission Repair |
3 |
| Barber Shops |
3 |
| Beauty Salons |
30 |
| Beer, Wine, and Liquor Stores |
10 |
| Boat Building |
1 |
|
Boat Dealers |
2 |
| Book Publishers |
1 |
| Book Stores |
4 |
| Bottled Water Manufacturing |
1 |
| Bowling Centers |
1 |
| Building Inspection Services |
1 |
| Business Associations |
1 |
| Business to Business Electronic Markets |
1 |
|
Cable and Other Program Distribution |
1 |
| Cafeterias |
1 |
| Canvas and Related Product Mills |
4 |
| Car Washes |
6 |
| Carpet and Upholstery Cleaning Services |
5 |
| Caterers |
5 |
| Cemeteries and Crematories |
1 |
| Child and Youth Services |
3 |
|
Child Day Care Services |
19 |
| Children's and Infants' Clothing Stores |
4 |
| Civic and Social Organizations |
5 |
| Clothing Accessories Stores |
2 |
| Coin-Operated Laundries and Drycleaners |
6 |
| Collection Agencies |
2 |
| Commercial Bakeries |
1 |
| Commercial Lithographic Printing |
3 |
|
Commercial Screen Printing |
2 |
| Computer and Software Stores |
3 |
| Computer Systems Design Services |
13 |
| Computer Training |
1 |
| Concrete Pipe Manufacturing |
1 |
| Confectionery and Nut Stores |
1 |
| Confectionery Merchant Wholesalers |
1 |
| Convenience Stores |
8 |
|
Convention and Trade Show Organizers |
3 |
| Couriers |
2 |
| Credit Card Issuing |
1 |
| Credit Unions |
5 |
| Crown and Closure Manufacturing |
1 |
| Curtain and Drapery Mills |
1 |
| Custom Computer Programming Services |
13 |
| Dental Laboratories |
3 |
|
Diagnostic Imaging Centers |
1 |
| Digital Printing |
1 |
| Direct Life Insurance Carriers |
1 |
| Direct Title Insurance Carriers |
1 |
| Directory and Mailing List Publishers |
2 |
| Discount Department Stores |
2 |
| Document Preparation Services |
1 |
| Drafting Services |
1 |
|
Drinking Places (Alcoholic Beverages) |
12 |
| Drywall and Insulation Contractors |
2 |
| Educational Support Services |
4 |
| Electric Power Distribution |
1 |
| Electrical Contractors |
20 |
| Electronic Shopping |
4 |
| Elementary and Secondary Schools |
4 |
| Emergency and Other Relief Services |
1 |
|
Employment Placement Agencies |
4 |
| Engineering Services |
12 |
| Exam Preparation and Tutoring |
2 |
| Exterminating and Pest Control Services |
2 |
| Family Clothing Stores |
9 |
| Farm Supplies Merchant Wholesalers |
1 |
| Fine Arts Schools |
4 |
| Finish Carpentry Contractors |
6 |
|
Fish and Seafood Markets |
2 |
| Fish and Seafood Merchant Wholesalers |
2 |
| Fitness and Recreational Sports Centers |
9 |
| Floor Covering Stores |
5 |
| Flooring Contractors |
2 |
| Florists |
5 |
| Food (Health) Supplement Stores |
4 |
| Food Service Contractors |
2 |
|
Footwear Merchant Wholesalers |
1 |
| Framing Contractors |
2 |
| Freight Transportation Arrangement |
3 |
| Fresh and Frozen Seafood Processing |
1 |
| Frozen Specialty Food Manufacturing |
1 |
| Fruit and Vegetable Markets |
1 |
| Full-Service Restaurants |
62 |
| Funeral Homes and Funeral Services |
3 |
|
Furniture Merchant Wholesalers |
2 |
| Furniture Stores |
13 |
| General Automotive Repair |
19 |
| General Freight Trucking, Local |
1 |
| General Medical and Surgical Hospitals |
1 |
| General Warehousing and Storage |
1 |
| Gift, Novelty, and Souvenir Stores |
16 |
| Glass and Glazing Contractors |
1 |
|
Golf Courses and Country Clubs |
3 |
| Hand and Edge Tool Manufacturing |
1 |
| Hardware Manufacturing |
1 |
| Hardware Merchant Wholesalers |
2 |
| Hardware Stores |
1 |
| Hazardous Waste Collection |
1 |
| Heating Oil Dealers |
2 |
| Hobby, Toy, and Game Stores |
4 |
|
Home Furnishing Merchant Wholesalers |
1 |
| Home Health Care Services |
2 |
| Homes for the Elderly |
2 |
| Industrial Mold Manufacturing |
3 |
| Institutional Furniture Manufacturing |
1 |
| Insurance Agencies and Brokerages |
29 |
| Interior Design Services |
1 |
| Internet Service Providers |
1 |
|
Interurban and Rural Bus Transportation |
2 |
| Investigation Services |
2 |
| Investment Advice |
4 |
| Irradiation Apparatus Manufacturing |
1 |
| Janitorial Services |
9 |
| Jewelry Stores |
13 |
| Kidney Dialysis Centers |
2 |
| Land Subdivision |
1 |
|
Landscaping Services |
27 |
| Limited-Service Restaurants |
56 |
| Limousine Service |
2 |
| Linen Supply |
1 |
| Local Messengers and Local Delivery |
1 |
| Locksmiths |
3 |
| Machine Shops |
22 |
| Mail-Order Houses |
1 |
|
Marinas |
5 |
| Marketing Consulting Services |
7 |
| Masonry Contractors |
3 |
| Meat Markets |
3 |
| Men's Clothing Stores |
6 |
| Metal Stamping |
4 |
| Metal Window and Door Manufacturing |
1 |
| Mobile Food Services |
2 |
|
Mortgage and Nonmortgage Loan Brokers |
6 |
| Motion Picture and Video Production |
2 |
| Motor and Generator Manufacturing |
1 |
| Motor Vehicle Towing |
2 |
| Musical Groups and Artists |
1 |
| Nail Salons |
10 |
| Natural Gas Distribution |
1 |
| New Car Dealers |
16 |
|
New Housing Operative Builders |
1 |
| Nonresidential Property Managers |
3 |
| Nursing Care Facilities |
4 |
| Office Administrative Services |
4 |
| Office Equipment Merchant Wholesalers |
7 |
| Office Supplies and Stationery Stores |
2 |
| Offices of Certified Public Accountants |
14 |
| Offices of Chiropractors |
10 |
|
Offices of Dentists |
32 |
| Offices of Lawyers |
40 |
| Offices of Optometrists |
4 |
| Offices of Podiatrists |
3 |
| Offices of Real Estate Appraisers |
1 |
| One-Hour Photofinishing |
1 |
| Ophthalmic Goods Manufacturing |
1 |
| Optical Goods Stores |
6 |
|
Packaging and Labeling Services |
2 |
| Paint and Coating Manufacturing |
1 |
| Paint and Wallpaper Stores |
1 |
| Painting and Wall Covering Contractors |
10 |
| Payroll Services |
4 |
| Pen and Mechanical Pencil Manufacturing |
1 |
| Periodical Publishers |
2 |
| Pet and Pet Supplies Stores |
3 |
|
Pet Care (except Veterinary) Services |
3 |
| Pharmacies and Drug Stores |
11 |
| Photography Studios, Portrait |
4 |
| Pipeline Transportation of Natural Gas |
1 |
| Political Organizations |
1 |
| Portfolio Management |
3 |
| Precision Turned Product Manufacturing |
7 |
| Printing Ink Manufacturing |
1 |
|
Private Mail Centers |
3 |
| Professional Organizations |
2 |
| Public Relations Agencies |
1 |
| Quick Printing |
5 |
| Radio Networks |
1 |
| Radio Stations |
2 |
| Ready-Mix Concrete Manufacturing |
2 |
| Real Estate Credit |
12 |
|
Real Estate Investment Trusts |
1 |
| Recreational Goods Rental |
1 |
| Recreational Vehicle Dealers |
1 |
| Residential Property Managers |
2 |
| Residential Remodelers |
18 |
| Retail Bakeries |
2 |
| Roofing Contractors |
4 |
| Sales Financing |
1 |
|
Savings Institutions |
8 |
| School and Employee Bus Transportation |
2 |
| Securities Brokerage |
5 |
| Security Guards and Patrol Services |
1 |
| Sheet Metal Work Manufacturing |
7 |
| Shellfish Fishing |
2 |
| Shoe Stores |
14 |
| Siding Contractors |
1 |
|
Sign Manufacturing |
1 |
| Site Preparation Contractors |
4 |
| Small Arms Manufacturing |
1 |
| Snack and Nonalcoholic Beverage Bars |
14 |
| Software Publishers |
3 |
| Solid Waste Collection |
1 |
| Sporting Goods Stores |
8 |
| Sports and Recreation Instruction |
5 |
|
Sports Teams and Clubs |
1 |
| Spring (Light Gauge) Manufacturing |
1 |
| Tax Preparation Services |
7 |
| Telecommunications Resellers |
1 |
| Telemarketing Bureaus |
2 |
| Temporary Help Services |
5 |
| Temporary Shelters |
1 |
| Testing Laboratories |
4 |
|
Tile and Terrazzo Contractors |
3 |
| Tire Dealers |
4 |
| Title Abstract and Settlement Offices |
3 |
| Tobacco Stores |
2 |
| Toilet Preparation Manufacturing |
1 |
| Tradebinding and Related Work |
1 |
| Travel Agencies |
4 |
| Used Car Dealers |
6 |
|
Used Household and Office Goods Moving |
2 |
| Used Merchandise Stores |
2 |
| Vending Machine Operators |
1 |
| Veterinary Services |
6 |
| Video Tape and Disc Rental |
6 |
| Vocational Rehabilitation Services |
3 |
| Voluntary Health Organizations |
1 |
| Warehouse Clubs and Supercenters |
1 |
|
Wholesale Trade Agents and Brokers |
8 |
| Window Treatment Stores |
1 |
| Wired Telecommunications Carriers |
4 |
| Women's Clothing Stores |
15 |
| Wood Preservation |
1 |
Should You Buy an Existing Milford Business?
An excellent way to get started in business is to Buy a Business in Connecticut. Follow that link and you may find several good businesses for sale in Milford.
Before buying a business, be sure to read this article: How to Buy a Business.
Forming a Company in Milford, Connecticut
It's very important that your business is formed as a legal entity that is separate from its owners. Doing so will insulate you from personal liability for business debts and obligations.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Connecticut, it doesn't mean you are required to incorporate in Connecticut. As it turns out, you can incorporate in any state you would like to. 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 LLC Advantages. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Milford, Connecticut, our information on Incorporating in Connecticut may be a useful resource if you decide to incorporate in Connecticut.
The Role of the Business Plan
A business plan is essential in maximizing the prospects of your new company. Indeed, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Contests. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Connecticut.
Raising Money for Your New Venture
Getting your Milford business the capital it needs to succeed is not an easy task. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Business Incubators.
For Milford entrepreneurs with great ambition but a shortage of investment capital, check out our List of Connecticut Angel Investors and our List of Connecticut Venture Capital Firms.
What's Next?
Most new Milford businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Milford businesses to be successful. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.
More Entrepreneurial Resources for Starting a Business in Milford, Connecticut
Here are more links that we believe will help you be successful in starting a business in Milford.
- Resources for Milford, Connecticut Entrepreneurs - Browse a variety of resources we've collected to assist Milford entrepreneurs.
- Connecticut Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Connecticut.
- Connecticut Small Business Development Center - Central Connecticut State University's Institute of Technology and Business Development (ITBD) supports Connecticut businesses and business-related organizations with training, technology assistance, conferencing services, procurement services and business incubation.
- Milford, Connecticut Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Milford, Connecticut newspapers, including ad costs for newspapers serving the Milford area.
- Milford, Connecticut Radio Advertising Prices - To help you in your marketing efforts, we've gathered radio advertising rates for Milford, Connecticut area radio stations.
- Milford, Connecticut Payroll Services - This list includes Milford, Connecticut payroll services, national payroll services for Milford, and helpful information on choosing a Milford payroll service.
- Milford, Connecticut Businesses for Sale - This list includes resources for buying a business in Milford, Connecticut, such as business brokers in Milford and other helpful information on how to buy a Milford business.
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