Vermont is in New England in the northeastern corner of the United States.
With an estimated 624,000 residents, it has the second smallest population of all the states in the US. It is a small state, the country’s sixth smallest by area. Burlington is the largest city, with 42,000 inhabitants, and South Burlington, located in Chittenden County, has the second largest population in Vermont. It has a population of 18,000 people. Other large metropolitan areas include Rutland, Barre, and Montpelier, the capital of Vermont.
Lively ski resorts, serene wooded mountains, and real maple syrup are part of Vermont, with one of the main attractions being the Billings Farm and Museum in Woodstock. An outdoor history museum, Billings is one of the best in the country. Another attraction is Hildene – the Lincoln Family Home, a stunning Georgian Revival mansion. It is the family home of President Lincoln’s descendants.
Key Industries in Vermont
The largest employer in Vermont is the US Government, with most public employees working in the fields of education and healthcare. Full-service restaurants are also major employers, but they have one of the lowest average earnings figures. There is a noticeable lack of professional services in Vermont. For example, the state has few technical and professional consultants and lawyers. However, it has an extensive semiconductor and other electronic manufacturing industry.
Manufacturing is Vermont’s leading industry, accounting for approximately 11 percent of state GDP. The state has over 1000 manufacturing firms, and a new generation of market leaders is driving innovation in this sector. Agriculture, tech, and energy are also leading industries, with other vital lines of business being software development, IT, financial services, and insurance. Renewable energy, green companies, and food and beverage also contribute to GDP. Vermont also manufactures consumer goods. Finally, the state has vibrant tourism and outdoor recreation industries. Each industry has strong stories to tell about Vermont as a place to live, work, or start and grow a business.
Highlights and Advantages of Doing Business in Vermont
Entrepreneurs are establishing more startup companies in Vermont than ever before. Why register a new business in Vermont? Here are some of the reasons:
- Zero income tax: you can enjoy the fact that Vermont does not tax S corporations
- Other tax incentives: The state, some cities, and counties like Newport offer several incentive programs. These programs are for startup companies that register as LLCs.
- Capital and incentive programs: These programs range from angel investing to a wide variety of debt sources. The Vermont Economic Development Authority offers many such programs.
- Limited liability protection: Owners of LLCs in Vermont enjoy protection quite like that of corporations.
- Flexible profit distribution: A startup company registered in Vermont can select different ways to distribute profits. This arrangement is unlike partnerships, where the percentage is 50-50
Favorable Business Environment
Vermont offers the option of incorporating businesses as “benefit corporations.” This benefit allows companies to add a social mission to their financial goals. It will enable the benefit corporation to support economic opportunities for communities or individuals. These opportunities can be outside of the norm in the ordinary course of business. They also give underserved or low-income communities and individuals the needed products and services. Benefit corporations may also have an interest in preserving or improving the environment.
About Market Research in Vermont
Quantitative Market Research uses statistical, mathematical, and computational tools to derive results. It involves experiments, surveys, and real-time data gathering, and offers a more subjective overview. For Qualitative research, we use Focus Groups and other tools. We help businesses define their markets and strengthen their competitive advantages. Both types of research are beneficial to companies considering doing business in Vermont.
Strategy Research is also essential. It helps businesses to identify potential opportunities and threats. It minimizes investment risk and helps companies to strengthen their position. It also facilitates strategic planning. It allows businesses to discover their own and their competitors’ weaknesses and strengths. It also helps them to stay ahead of the competition and assists them in spotting emerging trends.