Starting a Small Business in Connecticut

Welcome to the Small Business Startup Connecticut Franchise Directory! Here, you'll find everything you need to begin your journey to business ownership in the Constitution State. If you're considering starting a small business in Connecticut, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our Connecticut Franchise Search Tool.

Connecticut Industry Trends

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the Connecticut economy's most prominent industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries. 

1. Health & Medical Insurance (Revenue: $81.6 billion)
2. Life Insurance & Annuities (Revenue: $68.4 billion)
3. Aircraft, Engine & Parts Manufacturing (Revenue: $52.7 billion)
4. Drug, Cosmetic & Toiletry Wholesaling (Revenue: $50.2 billion)
5. Property, Casualty & Direct Insurance (Revenue: $25.8 billion)
6. Public Schools (Revenue: $19.0 billion)
7. Colleges & Universities (Revenue: $18.0 billion)
8. E-commerce & Online Auctions (Revenue: $15.4 billion)
9. Portfolio Management (Revenue: $14.7 billion)
10. New Car Dealers (Revenue: $14.3 billion)

Connecticut Sector Statistics

When starting a small business in Connecticut, gross domestic product (GDP) is another tool entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means that people are spending more money and creating more jobs.

The three sectors that contributed most to Connecticut's GDP in 2022 were Finance & Insurance; Real Estate, Rentals & Leasing; and Manufacturing. Combined, these three sectors represented 41.6% of the state's GDP. In 2022, the sectors that contributed most to Connecticut's GDP included:

1. Finance & Insurance (Value: $34.7 billion* | Annual growth: 0.5%)
2. Real Estate, Rentals & Leasing (Value: $32.1 billion* | Annual growth: -0.3%)
3. Manufacturing (Value: $27.4 billion* | Annual growth: -0.6%)
4. Healthcare and Social Assistance (Value: $21.1 billion* | Annual growth: 1.8%)
5. Information (Value: $20.7 billion* | Annual growth: 6.6%)
6. Professional, Scientific & Technical Services (Value: $19.5 billion* | Annual growth: 3.4%)
7. Wholesale Trade (Value: $13.5 billion* | Annual growth: 2.0%)
8. Retail Trade (Value: $13.2 billion* | Annual growth: 0.3%)
9. Administration, Business Support & Waste Management Services (Value: $7.4 billion* | Annual growth: 5.5%)
10. Management of Companies & Enterprises (Value: $6.9 billion* | Annual growth: -0.2%)
11. Construction (Value: $5.7 billion* | Annual growth: 0.8%)
12. Accommodation & Food Services (Value: $5.4 billion* | Annual growth: 5.4%)
13. Educational Services (Value: $5.1 billion* | Annual growth: -1.5%)
14. Transportation & Warehousing (Value: $4.4 billion* | Annual growth: -0.1%)
15. Other Services (except Public Administration (Value: $3.7 billion* | Annual growth: -2.2%)

*Approximately

Connecticut Population Statistics

A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. Doing so lets you decide whether a location is a good match for your target market. 

In 2022, counties with the highest populations in Connecticut included:

1. Fairfield (Population: 940,100 | Annual growth rate*: -0.1%)
2. Hartford (Population: 886,000 | Annual growth rate*: -0.2%)
3. New Haven (Population: 848,100 | Annual growth rate*: -0.2%)
4. New London (Population: 263,200 | Annual growth rate*: -0.3%)
5. Litchfield (Population: 178,100 | Annual growth rate*: -0.4%)
6. Middlesex (Population: 160,400 | Annual growth rate*: -0.4%)
7. Tolland (Population: 150,200 | Annual growth rate*: -0.1%)
8. Windham (Population: 116,200 | Annual growth rate*: -0.1%)

*From 2017 to 2022.

Connecticut Business Opportunities

We hope this snapshot of the Connecticut economy helps as you investigate business opportunities in the Constitution State! Starting a small business in Connecticut is an exciting journey, and we know you're probably eager to get started. But remember, take your time to explore all your options. While you'll always have the "opportunity" to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. These are called "Franchise Opportunities," and they offer several benefits, including the recognition of a well-established brand and a proven track record of success. 

To learn more, start by exploring franchise opportunities in Connecticut below!