Connecticut Business Startup Guides
Starting a Business in Prospect, Connecticut
Thinking about starting a business in Prospect, Connecticut? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Prospect.
Which Business to Choose?
An important decision is what kind of business you want to start. If you are struggling with what type of business to start, read How to Evaluate a Business Idea.
To view an extensive list of business types, complete with startup instructions, spend some time in 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 starting a business in Prospect has some implications. If Prospect already has plenty of the kind of business you want to start, you might want to change your plans. A critical consideration is whether Prospect demographics mesh well with your startup concept.
Prospect, Connecticut Demographic Information
Prospect has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Prospect demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Prospect.
Businesses
As a new Prospect entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Prospect 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.
Businesses
Forming a Company in Prospect, Connecticut
It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will protect 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 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 Corporate Formalities. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Prospect, Connecticut, our information on Incorporating in Connecticut may be a useful resource if you decide to incorporate in Connecticut.
Don't Skip the Business Plan
Having a business plan is critical in maximizing the prospects of your new company. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan makes you more prone to becoming a business failure statistic.
If writing a business plan is on your to-do list, be sure to read Business Plan Outsourcing. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Connecticut.
Getting Money to Start a Business
Finding the funds to fuel the growth of your Prospect business is not an easy task. In fact, financing your new business may be the hardest challenge you ever face.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.
For Prospect entrepreneurs on the hunt for startup funding, you'll want to take a look at our List of Connecticut Angel Investors and our List of Connecticut Venture Capital Firms.
How to Sell
Mastering the art of selling is essential if you want your new Prospect business to do well.
Why should customers buy from you instead of buying from competitors? Fortunately, we've got plenty of good advice to help you improve your selling skills.
Cold Call Selling is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
What's Next?
Most new Prospect 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 Prospect 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 Prospect, Connecticut
Here are more links that we believe will help you be successful in starting a business in Prospect.
- Resources for Prospect, Connecticut Entrepreneurs - Browse a variety of resources we've collected to assist Prospect 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.
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