Definition and Characteristics
A small business is generally defined as independently owned and operated with fewer than 100 employees and less than $10 million in annual revenue.
Establishing a Business in Connecticut
Connecticut offers a favorable environment for starting and expanding a business. To establish a proper business, you’ll need to pick a structure and register it with the state.
It’s important to have a proper business plan, especially for beginners. Steps include choosing a business structure and registering it with the state.
Roughly 99.4% of Connecticut businesses are small, privately owned firms with under 1,500 workers that earn less than $40 million in annual sales. Many have fewer than five workers.
Planning and Resources
It’s important to research local requirements and obtain necessary approvals before starting operations. Building a strong financial foundation helps ensure long-term success.
Connecticut’s Department of Economic Development provides resources for small businesses including innovation funds, seed funding, energy assistance, and more. The Connecticut Community Economic Development Fund offers loans to small businesses.