State Spotlight: Connecticut

Situated in Southern New England within a stone’s throw of New York City, Connecticut is an exciting place to start or acquire a business for motivated entrepreneurs.

Home to insurance companies such as The Hartford and Aetna, and manufacturing firms such as Lockheed Martin, United Technologies Corporation, and General Dynamics, there is no shortage of economic activity in this state.

Why is Connecticut a good place to buy a business?

Every state has its share of economic challenges, and Connecticut is no different. However, when push comes to shove, there are a lot of advantages when it comes to setting up shop in the Constitution State. Connecticut is a great place to buy a business for the following reasons:

1) Proximity to major east coast cities

Sandwiched between Boston and New York, no place in Connecticut is more than a few hours drive from either of these cities’ downtown cores.

Both of these metropolitan areas are home to many millions of consumers, and countless thousands of other businesses.

With a customer base this deep, any hard-working entrepreneur with enough motivation and value to provide the marketplace stands a high chance of succeeding in Connecticut.

2) Deep pool of educated and skilled workers

Another advantage that Connecticut enjoys is its high density of elite post-secondary institutions. The top three colleges in the state are none other than Yale, the University of Connecticut, and Wesleyan University.

This is not meant to disparage the dozens of other schools that graduate scores of highly qualified young people every year; pooled together with the ivy league institutions, there are plenty of innovative bright minds to choose from in this state.

On top of this, labor dynamics in Connecticut are currently favoring employers. With the unemployment rate above 5%, they are presently more candidates available than positions, making it easy to fill roles with talented personnel.

3) Disposable income levels are high

Located within a reasonable commute from Boston and New York City, as well as being home to industries that pay their employee’s considerable salaries and wages, Connecticut boasts some of the highest levels of disposable income in America.

For a small business owner that relies on consumers for their revenues, having a customer base with plenty of money to spend is essential for long-term success.

So long as they are able to find a gap in the market to fill, entrepreneurs should be able to make a decent living in this state without much difficulty.

Conclusion

While start-up costs can be high in Connecticut, and intelligent tax planning will be essential to reduce one’s expenses to the IRS every April, the rewards of setting up in this state are too great to ignore for entrepreneurs that are positioned to make an impact here.