Why young entrepreneurs start a business in Colorado?
Steps to start your business in Colorado focusing on the young business starters who are talented, dedicated and motivated to do what it takes to live their dream as a successful person in all aspects of life. I encourage your success stories, comments, advice and questions. Add yourself to the entrepreneurial directory of websites in Colorado.
Why start a business in Colorado? 10 interesting facts provided by COIN. The measurement of the overall innovative progress.
- Colorado offers the one of the highest levels of private funding by venture capital investments, loans to small business start-ups and access to bank branches. – In other words, funding is very reachable.
- Colorado supports small business and self employed as they offer many reliable resources that provide you with the tools needed to begin a venture- this is perfect for young entrepreneurs that are starting to understand their talent.
- The number of patents outperforms most states by issuing nearly 500 patents per 1m residents recorded in 2011.
- Entrepreneurship, self-employment and small business hold rankings above the national average.
- Women and minority owned businesses are rapidly increasing across the state and funding is more accessible as lenders are searching for businesses owned by women looking to expand and provide jobs to hire more workers.
- 3rd top state for business( CNBC 2012) Best
- Best State for Business ( Forbes 2011)
- 2nd best state for entrepreneurship and innovation(US Chamber of Commerce, 2012)
- The self-employed population is more dense and continuing to saturate more so than other states while keeping an average entrepreneurial return.
- Our economy is always under research to develop ways for Colorado’s small business to have support and tools for enhancing our workforce to create more jobs in hopes to change the
The next steps are very important to follow correctly, if any mistakes are made or documents are not turned in- get ready for some hefty finds and a possible revoking of your business license in Colorado.
Tip**I highly recommend getting a checklist from your SBA, which usually have one per county, click here to find a SBA office near you.
Step-by-Step from “Concept” to “Cash”. These steps will outline most of the steps needed to start up your business, although, if you are a true entrepreneur you enjoy the reward of finding it out for yourself. So, with that said I wont give everything away, but will include some of the obvious or the really hard to find information. Keep in mind, these are the steps I took, they are not in any order and I do not claim this is the right or only method in starting. Keep an open mind and use this blog post as a resource guide to add to your own library.
1) The Identity:
Tip**A looked frequently looked over identity in business today are SEO keywords and Phrases alongside an online image. Not a requirement, but just as important.
While registering your business name and ownership, make sure there is $50.00 in your account. The SOS website is a quick and effortless way to register, it takes less than 15 minutes. In doing this, you will receive a “Certificate of Good Standing” once you have identified most of the following which can be further explained by local and gov agencies. This list is NOT a full list of requirements, this list is basic.
- Registered Agent (Which is usually the owner, or a trusted person to accept any legal documents to the company)
- Business Mailing Address and Business Physical Location
- Business Name (Visit Yellowpages, GoDaddy or USPTO for availability )
- EIN n/a to SP
- License/Permits – varies by zoning, city, state, and business type.
- Liability Insurance
- Certifying as WOB or MOB- see link
- Register to Solicit Contributions
- Register Trademarks and Copyrights- if needed
Types of Ownership, most popular for someone working from home with no employees is a Sole Proprietorship. I will be using SP as an example due to its simplicity. An SP requires a Business License and only if required to pay sales tax then register with the sate. SP’s can use their SSN and their own name as the Business Identification. That’s It, done.
- Sole Proprietorship Choose your ownership wisely
- Partnership and keep in mind the future of
- Corporation your business.
- Limited Liability Corporation
- Non-Profit
- Franchised
2)The Business Plan:
An overwhelming document that will stress you out. A great idea brought you to this step, many argue you don’t need one for a small business and it may or may not be a necessity business.. If you plan on requesting funds from an investor or credit institution they require this information to determine eligibility in most cases. Look into constructing a Business Model, that is what your trying to prove anyways! Some of the most well known entrepreneurs don’t have one, and they are doing fine. So, its up to you they can be good if its what your company needs to grow, but don’t feel like its the first step and you have to have one because that’s what everyone says- time has changed. Stop stressing out!
Tip**Here is a great tool Business Plan, it’s a FREE source for a basic starting point. I like this tool because it offers a download called Free-Plan to help you develop all pieces of a business plan broken down into detailed instructions. I started a business plan, then the first 20 minutes into it, I decided to stop wasting time and start making money
3)The Tools:
No need to go out and buy printers, computers, ipads, phones etc.. I accumliated all my needed supplies from Garage sales, craigslist, donations, pawnshops. Some items were brand new and unused! Resources! Do you buy you 16 year old a Benz? Well, think of your start up the same way… until you are breaking event and business will continue. What’s important is you started your business, whats not important is your computer and phone have shinny new covers and the website is created by the same designer of google.
Tip**The goal is to start cheap. Not impossible, I stress educating yourself and using resources because everyone can.
4) The Funding: The Paper Stack, Dinero, Cheddar, C-notes.
Funding isn’t as easy as it seems, it’s not just pitching your idea in hope for a bite. While raising capitol, keep in mind the effort needed to raise it. Creating presentations, travel, endless paperwork. Don’t become stuck on the idea you need capitol, in some cases you can get by without it. If your rejected for funding, don’t give up; It shows lack of confidence and motivation to achieve your goals and be successful, that mindset will always throw failure and disappointment in your face.
Tip**Think positive and don’t stop at a grant, get creative. Below is funding which is available in all forms, again, not a full list, just the basics.
- Your Local Credit Institution
- Crowdfunding
- Private Investors
- Grants for business start-ups
- Programs by industry
Tip***The photo to the right is an example of what not to do. When searching for funds, do not seem needy even if you are.Confidence and excitement are the qualities to show when discussing this matter with a lender or investor.
Organizations and Programs worth looking into for actual funding programs and funding information that directs you to actual funding. Be careful searching on google for funding, it is very cluttered with funding advertisements that send you through loops and rings. Stick with sites offered by real people, gov agencies, banks and colleges.
CUBAC GoFundMe Biz2Credit SBA
SCORE GROW-CONNECT INDIEGOGO
SBDC Pawngo EYC
The new way to receive funding in Colorado is crowdfunding, there are 2 sites above which practice the type of funding surrounding donations from unknown persons. Some businesses have raised over $200,000.00 in doing so, try it out it wont hurt.
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-all resources are included in links. for a complete list of resources or more information about entrepreneurship and business startup: email -Qualified.Growth@gmail.com.
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