Thinking about starting a business in Westfield, Connecticut? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Westfield.
Will You Be a Good Entrepreneur?
Running your own business is demanding, much more arduous than working as an employee. Are you sure you want to start a business?
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Speak with other entrepreneurs in Westfield. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- You should read The Entrepreneurial Personality. It's a good read for those who are thinking about becoming an entrepreneur.
- Reach out to a trusted acquaintance. Others sometimes know you better than you know yourself.
Choosing the Right Company to Start
Choosing a business that is right for you is very important. We recommend that you read Good Business Ideas.
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.
Don't forget that you are opening your new business in Westfield. Some businesses will do better in Westfield than others. Don't forget to review Westfield demographics to see if there's a market for what you want to sell.
Is a Franchise Opportunity Right For You?
Examine a list of Westfield businesses and it's apparent that franchising has become a very popular way to start a business. Is there a franchise opportunity out there that makes sense for you?
Most business experts recommend that you evaluate the possibility of your buying a franchise opportunity. We have many articles on franchises, such as Evaluating Franchise Opportunities. Gain a solid understanding of franchising by scanning 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 Westfield Franchise Opportunities: To find out if a franchise you are interested in is available in Westfield, you will need to get in direct contact with the franchisor.
Have You Considered Buying an Existing Westfield Business?
If you have some capital to play with, you may want to Buy a Business in Connecticut. Follow that link and you can review several good businesses for sale in Westfield.
For anybody who wants to buy a business, we recommend reading this useful article: Hold Harmless Agreements When Buying Businesses.
Choosing a Company Name
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.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
Numerous company naming issues are discussed in more detail in this article: Naming a Business.
There's one other important factor when naming a business. Since you are planning on starting a business in Westfield, it's critical that you ensure that no other Connecticut company is using the business name you want to use.
Company Formation in Westfield, Connecticut
It's very important that your business is formed as a legal entity that is separate from its owners. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating 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. Just because 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 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's a lot to know about forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Getting an EIN. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Westfield, 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
Creating 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. Not having a business plan
If writing a business plan is on your to-do list, be sure to read Reasons to Write a Business Plan. You should also take advantage of free business counselors available to you through your local SCORE chapter in Connecticut.
Where to Get Money to Start a Company
Getting your Westfield business the capital it needs to succeed is a difficult chore. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Take advantage of our many articles on raising capital, such as Getting a Small Business Loan.
For Westfield entrepreneurs on the hunt for startup funding, we have assembled a List of Connecticut Angel Investors and our List of Connecticut Venture Capital Firms.
Letting the World Know You Exist
To grow your Westfield business, having an excellent marketing plan is fundamental to your business achieving its goals.
There are myriad resources on this site to help you with your marketing plan. Direct Mail Costs 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.
Bring in Revenues
Do you know how to sell? In order to attract customers to your new Westfield business, you need to focus on sales.
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.
Writing Great Proposals is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Improving Your Entrepreneurial Skillset
The best entrepreneurs know that what they know now may not be enough to ensure their future success.
With your business being located in Westfield, Connecticut, you will want to take advantage of the learning programs at local Connecticut educational institutions. It's also worthwhile to see if there are any networking groups or organizations in which Westfield entrepreneurs get together to network and trade their business experiences.
As an entrepreneur in Westfield, you won't be working for the boss anymore. You are the boss.
From this point on, you control your own destiny.
Our goal here is to promote the vitality and growth of small businesses in Westfield and throughout the United States . 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 Westfield, Connecticut
Here are more links that we believe will help you be successful in starting a business in Westfield.