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Business Openings Ramp Up in Connecticut During COVID-19

  • More businesses open during COVID-19 pandemic than during same period in 2019
  • Entrepreneurs take advantage of certain opportunities or go into business for themselves out of necessity
  • Some put business plans on hold, while others adapt them to current reality

While the COVID-19 pandemic has hit several industries hard and caused thousands of businesses to close, some entrepreneurs aren’t deterred from their aspiration to open their own company. In fact, Connecticut saw the establishment of almost 23,000 new businesses between March and September – an increase of nearly 5 percent from the same period in 2019.

Some new business owners started an enterprise after losing their job and deciding that going into business for themselves would be the best way to maintain a revenue stream. Others are capitalizing on certain advantageous trends occasioned by the pandemic, such as lower interest rates or commercial landlords who may be more willing to negotiate a lease to fill empty spaces.

For business owners who were far along in their preparations to start a company when the pandemic struck, it may have made more sense to continue with their plans but update their business services to meet changing customer demand and abide by certain restrictions. Other entrepreneurs have put their plans on hold, expecting that such restrictions will limit their customers and revenue immediately after opening.

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