Are there challenges to creating a Connecticut business and ensuring its success over time, as marked by bottom-line profitability and sustained growth?
Of course, there are.
Are those obstacles insurmountable?
Of course, they’re not.
If they were, the state would be a wasteland of broken dreams and lost opportunities rather than a consistently recognized venue spotlighted for its comparatively high quality of life across a wide spectrum of factors.
Like every other state, Connecticut gets its share of both kudos and dings from research efforts that profess to accurately assess its performance in various categories vis a vis other states.
One such study was recently released by the personal financial website WalletHub. Its bottom line from findings culled relevant to business cultivation and growth is that Connecticut is currently in an unenviable position nationally. WalletHub points to several factors that allegedly act as drags on business creation/expansion within the state. They include things like this:
- Less than exceptional growth for many start-up enterprises
- Comparatively high labor costs
- Higher cost of living than most other states
- Work week that is longer than average
To the extent that those factors are indeed operative in Connecticut as distinct business realities, they do obviously pose challenges for both entrepreneurs and established business principals.
It must also be stated, though, that all other states must similarly deal with such issues, with many of them doing so absent some marked advantages that Connecticut clearly has.
One of those is a workforce that is flatly enviable from virtually every perspective. One commentator on the WalletHub research duly notes that “a highly skilled talent pool” is a must-have precondition for any would-be employer seeking to establish a new business. Adjudged by this yardstick, Connecticut fares well; the state is widely known for its diverse and highly educated labor sphere.
The New Haven commercial law firm of Berdon, Young & Margolis sees consistent opportunities all across Connecticut for business players who do their homework and choose the right legal format for their companies.
We work closely with them to promote both their immediate and long-term goals. We welcome contacts to the firm to discuss our demonstrated legal advocacy on behalf of diverse business clients.