Starting a business may seem like something unattainable at first. You may feel like there’s too much to do and you can’t handle it all on your own. But the truth is, you can do anything with a good plan and a strong dedication.
If you’re thinking about starting a business in Connecticut, but you don’t know where to start or how to do it, don’t despair. This article provides a step-by-step guide on how to put your business idea into motion and start your own business.
Define Your Business Idea
First things first, you need to define the business idea that’s been cooking inside your head for some time. That means that you have to develop the idea further and decide upon the most important segments.
So, make sure you clearly define:
- your business purpose and goals
- your target audience
- your skills and knowledge
- your business offer
You should know exactly what you have to offer, how you plan on doing it, and who you plan on offering it to.
Choose the Legal Structure
Decide what type of business do you plan on registering. Depending on your industry, goals, and ideas, you’ll need to choose between entities such as:
- Limited Liability Company (LLC)
- Sole Proprietorship
- General Partnerships
Each type of entity comes with certain benefits, risks, and specific actions you need to take.
If you’re not sure what’s the best choice for you at this moment, it’s best to seek professional guidance and help. You can ask for legal help or get a piece of advice from an accountant.
Name & Branding
Now that you know how you’re going to register your business, you can go ahead and choose a name for it.
Before you choose the name, make sure to:
- check out your competition in Connecticut
- analyze names and branding
- go for something unique and different
Once you settle for a name, you can deal with branding and decide on:
- brand colors
- brand logo
- brand fonts
- brand identity
You need to have a vision of your business in the eyes of your customers. If you need help with this, you can outsource to a graphic designer or a marketing specialist.
While you don’t necessarily have to write an entire business plan, although it wouldn’t harm you, it’s strongly recommended that you work out a financial plan. A financial plan is essential for starting a business. It gives you guidance, helps you clear out any doubts, and ensures you stay on the right track.
A financial plan breaks down:
- the money you need to invest in equipment, registering the business, adjusting a business space, etc.
- the personal money you plan on investing
- the money you plan on borrowing from a bank or investors
- your financial plan for the first year
In case you plan on finding investors or getting a loan, you’ll need a detailed business plan that includes the financial section as well.
Registration & Legal Requirements
When you’re starting your business, you want to ensure everything is done according to Connecticut state law.
Connecticut’s legal requirements include:
- registering the business name
- applying for a federal tax ID number
- getting permits and licenses for your business
- opening a bank account
- hiring an accountant
With every step you take, it’s best that you consult a professional. There are even agencies that can help you set up the entire business.
Now that you’re done with the technical part of starting your business, it’s time to think about the more fun part. If you want your business to be a success, people need to know about it. This is why you need a detailed marketing strategy.
The best way to kick start your business is to think about your digital marketing strategy, that is, your online presence. You should consider setting up:
- a website
- a blog
- social media accounts on Instagram, Facebook, LinkedIn, Instagram, Pinterest, Twitter, etc.
- an email marketing strategy
You need to ensure you reach out to your target audience using different platforms, types of media, and types of content. Also, don’t forget about your brand identity and stick to it to show your consistency and credibility.
The last thing you should do is think about insuring your business. You may need to gather information about:
- General Liability
- Professional Liability
- Cyber Insurance
Protect your business from different types of undesired situations and events and you’ll save hundreds or thousands of dollars.
Starting a business in Connecticut is not too complicated. You need to do some research, plan your steps, and find professional support where you need it.
About the Author
Daniela McVicker is a blogger and a freelance writer who works closely with B2B and B2C businesses providing blog writing, copywriting, and ghostwriting services. Currently, she contributes to Essayguard.