Thinking about starting a business in Vernon, Connecticut? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Vernon.
Will You Be a Good Entrepreneur?
An entrepreneurial life is demanding, much harder than working as an employee. Are you certain you have the stamina and skills to succeed on your own?
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Talk to other entrepreneurs in Vernon. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Others sometimes know you better than you know yourself.
What Business to Start
Choosing a business that is right for you is very important. We recommend that you read Good 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.
Don't forget that you are opening your new business in Vernon. The business you want to start may already be well-represented in Vernon. Make sure you fully understand Vernon demographics before you lock in on your business idea.
What About Franchising Opportunities?
As you drive around Vernon, you'll see that franchises make up a large percentage of local businesses. But is franchising the right option for you?
We advise the entrepreneurs we work with to investigate buying a franchise. We have many articles on franchises, such as Common Franchisee Mistakes. Get a thorough education on franchising by browsing all 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 Vernon Franchise Opportunities: To find out if a franchise you are interested in is available in Vernon, you will need to get in direct contact with the franchisor.
Have You Considered Buying an Existing Vernon 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 Vernon.
For anybody who wants to buy a business, we recommend reading this useful article: Hold Harmless Agreements When Buying Businesses.
Naming the Company
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.
Pick a company name that isn't too generic. If you do a search engine search for your proposed name and a billion results come up, you may want to reconsider the name. It's much easier to come up in the search engines when your name is fairly unique.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Branding Advice.
There's one other important factor when naming a business. Since you are starting a business in Vernon, it's critical that you ensure that your company name has not already been claimed by another Connecticut business.
Forming a Company in Vernon, Connecticut
It's essential that you form your business as a legal structure. Among other things, forming a legal entity for the business limits your liabilities.
When forming a company, you will pick 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. 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. In fact, you are allowed to 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. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Dissolving a Corporation. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Vernon, Connecticut, our web page covering 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 critical in laying a solid foundation for your business success. In effect, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.
If you want more information on writing business plans, we recommend reading Business Plan Mistakes. You should also take advantage of free counseling sessions provided by your local SCORE chapter in Connecticut.
Raising Money for Your Venture
Raising money to fund your new Vernon business is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
On the bright side, this site contains dozens of articles on raising money, including one we recommend entitled Investor Turnoffs.
For Vernon 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.
Marketing Your New Venture
To grow your Vernon business, you'll need to have a good marketing plan.
We have some great resources on this site for entrepreneurs who are working on marketing plans. Advertising Campaigns is an article that will generate a few thoughts on your marketing plan. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
Building Up Your Sales
Do you know how to sell? In order to attract customers to your new Vernon business, you need to focus on sales.
Good selling involves demonstrating that your wares meet your customer's needs. The good news is we can help you to make selling a big competitve advantage for your new firm.
How to Build and Motivate a Sales Team offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
How to Improve Your Entrepreneurial Abilities
The best business owners recognize that they don't know everything.
With your business being located in Vernon, Connecticut, you should get information on some of the learning programs at local Connecticut educational institutions. You should also check if there are any networking groups or organizations in which Vernon entrepreneurs get together to network and trade their business experiences.
As an entrepreneur in Vernon, you won't be working for the boss anymore. You are the boss.
If you choose the right business and love what you do, you will greatly increase your odds of success.
This site is all about helping entrepreneurs in Vernon and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Vernon 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 Vernon, Connecticut
Here are more links that we believe will help you be successful in starting a business in Vernon.