For many women, the idea of starting a business begins with a question: Where do I start? A growing network of programs, advisors and financial resources is helping women turn ambition into opportunity.
Not sure what type of venture fits your skills, career ownership coaching can be a useful first step. Firms like The Entrepreneur's Source can evaluate your professional strengths, financial goals and lifestyle priorities.
Once a concept is identified, there are several basic steps to legally establish a business. In Connecticut, that typically includes getting a federal Employer Identification Number through the IRS and registering with the state. Depending on the business type, you may need to register with the departments of revenue and labor.
Opening a business bank account and establishing an operating agreement — even for a single-member limited liability company — are also considered essential steps. Advisors recommend working with a CPA to help navigate tax obligations and financial planning.
Financing plays a critical role. In Connecticut, programs such as the Boost Fund can provide capital. In some cases, the program can offer loans of up to $500,000 to help companies grow. The Women’s Business Development Council also offers grants of up to $10,000 to qualified women-owned small businesses in Connecticut.
Inite is designed to help women-owned businesses grow! Grants between $2,500 and $10,000
The U.S. Small Business Administration provides planning tools, educational resources and access to lending programs. Local advisors at the Connecticut Small Business Development Center help craft professional business plans and financial projections that can be presented to banks, venture capital firms or other investors.
Some entrepreneurs also explore programs that allow them to invest retirement savings into a new venture through structures commonly known as Rollovers for Business Startups.
Finally, women entrepreneurs may benefit from pursuing women-owned business certifications, which can open doors to government contracts and programs that specifically work with women-led companies.
Additional steps include:
Know your strengths.
Take time to evaluate your skills, interests and risk tolerance.
Seek professional guidance.
Sources include business coaches, accountants and legal advisors
Create a solid business plan.
Lenders and investors expect clear financial projections.
Open a business bank account
Keep detailed financial records
Explore funding options.
Look into state programs, loans and community lending initiatives.
Consider Women-owned business certifications
They can open doors to government and corporate contracts.
For more information
twbdc.org
entrepreneurssource.com
irs.gov
business.ct.gov
ctsmallbusinessboostfund.org
Jaye Subramanian, Consult Vera
office@consultvera.com
860-994-2791