Looking to start a small business? We’ve got you covered with this go-to guide and helpful resources!
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Starting a Business in CT
Starting a new business in Connecticut can seem like a daunting task. HEDCO is here to help walk you through it with our step-by-step guide. We go into even more detail for each step with tutorials and examples of all the forms and documents you may need to supply. Overwhelmed? Give us a call. We’re here for you!
HEDCO also offers an ecosystem of providers which consists of industry professionals and software subscriptions which can assist you with your small business needs.
Step 1 - Create a Business Plan
- The Small Business Development Center (locations across the state) is a great resource which can help you create a business plan, cash flow projections, and other necessary documents. Their toll-free number is 855-4CT-SBDC.
- Visit SBA.gov for a step-by-step guide on how to create a business plan.
- Utilize HEDCO + LivePlan to craft your business plan and launch your business.
Step 2 - Choose a Business Structure and Get Registered
- Decide whether your business is a sole proprietorship (just yourself) or an LLC ( limited liability corporation – the most common small business type).
- Get federal and state tax ID numbers. An EIN serves as your business’s social security number and is necessary for opening a business bank account, filing taxes, and helps build credit.
- Acquire a business license.
*Learn more about Connecticut’s guidelines here and by watching our video on Business Legal Structures.
Step 3 - Secure Financing and Capitalization
Step 4 - Open a business bank account
Securing a business bank account is an important step in keeping your personal and professional finances separate.
Step 5 - Get Business Insurance
- Business insurance helps protect your small business and personal assets if anything goes wrong.
- Insurance you may need varies depending on your businesses. The most common types include liability, commercial property, commercial auto, workers compensation, malpractice, cyber, etc.
- Is your business properly insured? Learn more here
Step 6 - Software to Help you Manage
Depending on your small business, you will need various tools and software to help you get started! These include:
- Marketing and Advertising: Mailchimp, Welcome Wagon, Local Newspapers, Social Media, Etc.
- Accounting and Human Resources: Utilizing software like QuickBooks can help make business easier.
- Website and Social Media: Wix offers a free website builder or you can hire a social media and website manager or outsource to a larger company.
Step 8 - Marketing
- Building a brand is an important step in being a recognizable business. Choose your logo, color scheme, messaging, and how you want your business to be perceived.
- Create a website and social media channels for your business.
- Learn more about branding by watching this video here.
Step 9 - Financial Planning
- Make sure your business is secure incase of an emergency or when you’re ready to retire!
Step 10 - Launch Your Business
- Hire the employees you need to succeed! Whether you need front of house staff, bookkeeper, marketer, social media manager, customer support, and so much more.