Small businesses have always been an economic engine in the United States, but in recent years entrepreneurship is growing quickly. The number of applications filed to start new businesses has surged over the past half a decade, according to the U.S. Chamber of Commerce. But starting a business is a big investment that comes with […]
In Connecticut, tens of thousands of business owners are on the precipice of retiring — this trend has implications far beyond our state borders. Currently, Baby Boomers own about half of all privately held firms in the U.S., almost 2.9 million businesses. This phenomenon has the potential to be so impactful that it has its […]
We don’t have to tell you that small business owners wear multiple hats. Many entrepreneurs are finding generative AI tools like ChatGPT can help save time on the many tasks that come along with running and promoting a business. Others may feel like learning how to use AI effectively is just another item on their […]
By Mary Kay Della Camera, CTSBDC Business Advisor Connecticut’s Data Privacy Act (CTDPA) went into effect July 1, 2023, and gives Connecticut residents rights over their personal data (in an individual/household context) while imposing specific privacy obligations on businesses that act as “controllers” and their vendors, called “processors.” The CTDPA generally applies if, in the […]
By Steven Semaya, Associate State Director, CTSBDC The key to competing with dozens—or even hundreds—of other businesses to score key contracts can be proving your company is able to meet the demands of the contract. Suppliers often focus exclusively on capability but do not address the question of capacity adequately, particularly the resources required to […]
By Denise Whitford, MBA, CGBP Whether importing or exporting, any company that does business internationally will, at some point, negotiate tariffs. These taxes or duties imposed on specific classes of imports and exports can be used as a protective measure for Made in America goods but also add a level of complexity for small businesses […]
In today’s digital world, keeping your small business safe from cyber threats is very important. Cyberattacks can cause big problems, like stealing your data or money, hurting your reputation, and even shutting down your business. But don’t worry! The NIST Cybersecurity Framework can help you stay safe, and we, at the Connecticut Small Business Development […]
Whether you’re just starting out or have been in business for a while, SEO is an important piece of your marketing strategy. It helps your website rank higher in search engine results pages, driving more traffic and increasing your chances of making sales. In this post, we’ll cover some SEO tips that small business owners […]
The ERC, sometimes called the Employee Retention Tax Credit or ERTC, is a valuable credit for businesses and tax-exempt organizations that qualified for this pandemic-related credit in 2020 and 2021. The Internal Revenue Service (IRS) has recently shared information on the warning signs of aggressive ERC marketing and details on how promoters lure victims. Claiming […]
Self-employment taxes can confuse small business owners, independent contractors, freelancers, and those with ‘side hustles,’ all candidates for estimated quarterly taxes. First, quarterly taxes are due to the Federal IRS and the CT Department of Revenue Services, and they are generally required if you expect to owe $400 or more in taxes for the year […]