Connecticut Business Startup Guides
Open a Business in Milford, Connecticut
Need help starting a business in Milford, Connecticut? We've got the information you need to open a 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.
Businesses
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.
Businesses
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.
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