Definition of Small Business
Small businesses are independently owned companies with fewer than 100 employees and under $10 million in yearly revenue.
Supportive Environment in Connecticut
Connecticut has a supportive environment for launching and growing businesses. Roughly 99.4% of state companies are small firms with under 1,500 workers earning below $40 million in sales. Many have under 5 employees. It’s vital to research local necessities and obtain required approvals before beginning operations.
Resources for Entrepreneurs
The state provides structures for all entrepreneur kinds. Steps include picking a structure and registering with the state. Building financial stability assists long-term success. The Department of Economic Development gives resources like innovation finances, seed funding, and energy aid. The Community Economic Development Fund provides small business loans.
If considering starting a business, it’s important to have a proper business plan, especially for beginners.