October 15, 2019  
 
  Entrepreneurial Resources - Advice for Connecticut Entrepreneurs  
  Norfolk, Connecticut Resources for Entrepreneurs  
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Starting a Business in Norfolk, Connecticut

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

Is Becoming an Entrepreneur Right for You?

Most new businesses fail, in part because the entrepreneur did not have the tenacity and/or the skills to succeed. So, before you open a 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:

  • Speak with other entrepreneurs in Norfolk. Get their take on what it's really like to be an entrepreneur.
  • You should read Starting a Company. It's a good read for those who are thinking about becoming an entrepreneur.
  • Talk it over with a close friend or partner. That's the best way to get a truly objective assessment as to whether others think you have what it takes.

Choosing the Right Company to Start

There are many businesses that you can start. How do you know which type of business is right for you? If you are struggling with what type of business to start, read Finding Your Niche in Life.

For in-depth how-to guides on how to start specific businesses, browse our 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.

Remember that starting a business in Norfolk has some implications. Some businesses will do better in Norfolk than others. Don't forget to review Norfolk demographics to see if there's a market for what you want to sell.

Norfolk, Connecticut Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 423
5-9 Employees 117
10-19 Employees 27
20-49 Employees 18
50-99 Employees 9
100-249 Employees 0
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Norfolk Businesses 594

As a new Norfolk entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Norfolk 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
Bed-and-Breakfast Inns 1
Beer, Wine, and Liquor Stores 1
Business Associations 1
Cemeteries and Crematories 1
Child Day Care Services 1
Civic and Social Organizations 1
Computer Systems Design Services 1
Engineering Services 1
Finish Carpentry Contractors 1
Freight Transportation Arrangement 1
Full-Service Restaurants 1
Golf Courses and Country Clubs 1
Insurance Agencies and Brokerages 1
Investment Advice 1
Landscape Architectural Services 1
Landscaping Services 7
Libraries and Archives 1
Locksmiths 1
Logging 1
Mail-Order Houses 1
Masonry Contractors 1
Offices of Certified Public Accountants 1
Periodical Publishers 1
Portfolio Management 1
Public Relations Agencies 1
Residential Property Managers 2
Residential Remodelers 1
School and Employee Bus Transportation 1
Snack and Nonalcoholic Beverage Bars 1
Wholesale Trade Agents and Brokers 2
Wineries 1
Wood Window and Door Manufacturing 1

Is a Franchise Opportunity Right For You?

Visit the business district of Norfolk and you may be surprised to see how many franchises there are in the area. Should you be giving franchising serious consideration?

Our advice is to look into purchasing a franchise. We have many articles on franchises, such as Buying a Franchise. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.

You can review hundreds of franchise opportunities by browing 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 Norfolk Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Norfolk.

What About Buying an Existing Norfolk 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 Norfolk.

Before buying a business, be sure to read this article: Hold Harmless Agreements When Buying Businesses.

Naming the Business

A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.

We strongly advocate that you make sure the ".com" domain name is available for your company name. Every business needs a strong Web presence these days, and having a non ".com" domain means somebody else may outrank you in the search results for your own company name.

To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.

On a final note, given that you are starting a business in Norfolk, it's imperative that you check now that no other Connecticut company is using the business name you want to use.

Forming a Company in Norfolk, Connecticut

It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will shield 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.

Incorporation is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Connecticut, you don't necessarily have to incorporate in Connecticut. As it turns out, you can incorporate wherever you want. 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. To learn the fundamentals of company formation, browse articles on our site, such as Piercing the Corporate Veil. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Norfolk, Connecticut, our information on Incorporating in Connecticut may be a useful resource if you decide to incorporate in Connecticut.

Do You Need a Business Plan?

Having a business plan is critical in laying a solid foundation for your business success. Simply put, a business plan is a written description of the future you envision for your business. Starting a business without a business plan makes you more prone to becoming a business failure statistic.

Before you start writing a business plan, we suggest you skim Business Plan Contests. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Connecticut.

Where to Get Money to Start a Company

Getting your Norfolk business the capital it needs to succeed is not an easy task. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.

The good news is this site contains dozens of articles on raising money, including one we recommend entitled Business Credit Evaluation.

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

Marketing Your New Venture

Whether your goal is to attract Norfolk customers or you plan on selling elsewhere, you need a excellent marketing plan.

There are myriad resources on this site to help you with your marketing plan. Advertising on Google discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just one of the many useful articles we have on Marketing a Small Business.

How to Sell

Mastering the art of selling is essential if you want your new Norfolk business to do well.

Why should customers buy from you instead of buying from competitors? Let us help you refine your selling techniques through our many useful sales advice tips.

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

Advancing Your Entrepreneurial Skills

Successful entrepreneurs recognize that what they know now may not be enough to ensure their future success.

As an entrepreneur who lives in Norfolk, Connecticut, you will want to take advantage of the many programs available at nearby Connecticut universities, colleges and community colleges. It's also worthwhile to see if there are any Norfolk networking organizations.

Moving Forward

Most new Norfolk businesses underestimate the number of challenges they will face.

From this point on, you control your own destiny.

We are here to help Norfolk businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Norfolk entrepreneur who is just getting started or you are already up and running with your new venture.

More Entrepreneurial Resources for Starting a Business in Norfolk, Connecticut

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

 

 

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