10 Steps to Starting a Business in Colorado
1. Create a Business Plan
A business plan is imperative not only when asking for capitol from a bank or investor but as a tool for holding themselves accountable, tracking progress and
controlling the business's fate. Still don't see the importance of having a business plan? Read why a business plan is your most powerful tool.
Need more reasons to write a business plan? Learn More
2. Ask for Help
Whether it is a mentor, investor, networking group, Small Business Administration Center in Denver CO or another source, having someone who can offer insightful advise and understands the struggle
of running a business is imperative to your business's success.
3. Location, Location, Location
If you new business involves interaction with the public, picking the correct location is imperative. Potential customers need to be able to find your business and/or the traffic count in front of your business can greatly increase your brand awareness and in turn bring in new clients.
On the other hand if your business sales come mostly from the internet or you mostly interact with clients over the phone your business can save a lot of money by finding a location that is not on a main thoroughfare.
Click here to learn more.
4. Determine Legal Structure
Your business's legal structure determines your federal tax obligations such as income tax, self employment tax, and more.
The IRS is a great resource for researching the tax implications associated with the legal structure of your business.
Not sure what the right legal structure is for you? Hear what a CFO with 30 yrs experience has to say!
5. Pick a Name (D.B.A.)
Get inspired! Your business's name should not only effectively communicate what your business does but also embodies the qualities it identifies with.
Some great resources are Shopify's business name generator and tips on choosing a great business name.
6. Get Funding
Use your business plan as a tool to get funding for your business from lenders and investors. There are many resources to find opportunities for special
financing offers such as the local SBA and this Colorado non-profit lender and community development financial institution,
7. Register for State & Local Taxes
Educate yourself on what your State and Local Tax obligations.
Colorado Department of Revenue is the most direct and accurate source for answers.
8. Obtain Required License and Permits
Every industry has their own regulations so make sure you are complying with Colorado state licensing and permit requirements to run your business.
9. Hiring Employees?
Whether you are using subcontractors or hiring retail workers make sure you are complying with Colorado state labor laws. There are different employer
tax obligation depending on the type of agreement you have with the employee.
Colorado's Department of Revenue has put together an New Employer Checklist which makes it easy to comply with laws and regulations.
10. Protect Your Business!
Congratulations, you are officially a business owner! Now make sure your hard-earned assets are protected - get the correct insurance coverage for your business now.
Not sure what kind of policy you need? We are here to answer any questions and provide you with coverage options that are tailored to your needs.
Contact us at 303-960-5290!