Tuesday 21 May, 2013
If you’re thinking of starting a business in Denver, you’ve made a good choice. Denver is a pro-business community with a great deal of variety in the businesses that call it home. It’s also a technological hub where there’s lots of innovation happening. Here’s a quick guide to starting a business here.
It Starts with a Plan
Starting a business anywhere, the first step is to create a business plan. Your business plan basically sets out everything the company will do. It includes a vision statement, the products or services you’ll offer, a target market, and the delivery method (how you’ll get your products or services to your target market). It should include other details as well, such as projected expenses, ideas for a location, and research on your competition to help set your business apart.
Getting Set up
There are lots of things that need to be registered in order to set up your business, starting with your trade name. You’ll need to find out what kinds of licenses your business needs in order to operate in Colorado (for example, a liquor license for a restaurant, etc.).
You’ll also need to get registered with the Colorado tax office and the IRS for your federal taxes. In addition to sales tax, you also have to pay a business property tax. It can get complicated so you may want to hire legal help or seek free tax help offered by the state of Colorado (one place to look as www.taxcolorado.com.)
If you have any employees, there’s more paperwork to do. The state requires you to have worker’s compensation insurance and to pay worker’s compensation taxes.
Location Is Everything
Spend some time thinking about where your business will be located. One of the nice things about Denver is that there are several areas set aside for new businesses like the Denver Tech Center and Denver Industrial Park at 48th and Pena. One of the things you might want to research as you choose location is traffic patterns. The Colorado Department of Transportation has information on traffic patterns and roads. This can help you choose a high traffic area or an easy commute.
Take Advantage of Incentives
Check with the Office of Economic Development and the Small Business Administration of the state of Colorado because they offer a wide range of incentives for small business owners. These incentives can help you get started with cash or an office space in one of the many commercial centers around the city. They also offer tax breaks and other ways you can cut costs.
You can also find help with local organizations like Denver SCORE, which offers free mentoring and workshops, and Denver’s Small Business Development Center (SBDC), which has resources and step-by-step guides to help you start your business.
It sounds like a lot and it is, but it’s essential for starting a business in Denver. Don’t be afraid to ask for help from local organizations when you need it.