DENVER, CO
How to Start a Business in Denver, CO
Denver’s booming economy, vibrant entrepreneurial community, and business-friendly environment make it a great city to launch a business. This guide provides essential steps, tasks, and recommendations to help entrepreneurs successfully start a business in Denver, CO.
1. Refine Your Business Idea
- Choose a business idea that aligns with your skills, passions, and the needs of the Denver market.
- Conduct market research to identify your target audience, understand competitors, and define your unique value proposition.
- Use resources like the Denver Metro Chamber of Commerce for insights on local business trends and opportunities.
2. Create a Business Plan
- Develop a comprehensive business plan that includes your business goals, target market, products/services, marketing strategy, and financial projections.
- Access free business planning templates and mentorship from the Denver Small Business Development Center (SBDC) or SCORE Denver.
3. Choose a Business Structure
- Select the appropriate legal structure for your business, such as Sole Proprietorship, Partnership, LLC, or Corporation.
- Understand the implications for liability, taxation, and management. Consider consulting with a business attorney or advisor.
- Register your business entity with the Colorado Secretary of State.
4. Register Your Business Name
- Choose a unique business name and verify its availability using the Colorado Business Entity Search.
- File a “Doing Business As (DBA)” name, also known as a Trade Name, with the Colorado Secretary of State.
5. Obtain Necessary Permits and Licenses
- Determine which licenses and permits are required based on your industry and business location in Denver.
- Apply for a business license through the City and County of Denver’s Business Licensing Center.
- Check zoning regulations with the Denver Department of Community Planning and Development to ensure your business location complies with local codes.
6. Apply for an Employer Identification Number (EIN)
- Obtain an EIN from the IRS for tax purposes, payroll setup, and to open a business bank account.
- Apply online through the IRS EIN application page.
7. Register for Colorado State Taxes
- Register with the Colorado Department of Revenue (DOR) to obtain a Sales Tax License if you plan to sell taxable goods or services.
- Understand your tax obligations, including sales tax, income tax, and employer withholding tax.
8. Find a Business Location
- Choose a location that fits your business type, budget, and zoning regulations.
- Explore commercial real estate options, co-working spaces, or home-based business opportunities depending on your needs.
- Use resources like the Denver Economic Development & Opportunity (DEDO) to identify suitable business locations and get assistance.
9. Set Up Financial Systems
- Open a business bank account separate from your personal accounts.
- Consider local banking options such as FirstBank, KeyBank, or local credit unions for business loans and financial services.
- Use accounting software like QuickBooks or hire a professional accountant to maintain accurate financial records.
10. Market and Promote Your Business
- Create a professional website, set up social media profiles, and list your business on Google My Business.
- Register on local directories like Yelp and join business networking groups such as the Denver Metro Chamber of Commerce.
- Join the FREE Business Advertising Network Denver Facebook Group to promote your business, connect with local entrepreneurs, and gain visibility.
11. Establish Business Insurance
- Protect your business with general liability, professional liability, and workers’ compensation insurance.
- Consult with local insurance providers to determine the appropriate coverage based on your business type and size.
12. Ensure Compliance with Local, State, and Federal Regulations
- Keep track of tax filings, annual reports, and business license renewals to stay compliant.
- Use resources like the Denver SBDC or the Colorado Office of Economic Development and International Trade (OEDIT) for guidance on compliance and business growth strategies.
Key Resources for Entrepreneurs in Denver, CO
- Denver Metro Chamber of Commerce: Offers networking opportunities, business advocacy, and economic development resources.
- Denver Small Business Development Center (SBDC): Provides consulting services, workshops, and resources for small business owners.
- SCORE Denver Chapter: Offers free mentoring, workshops, and business counseling for entrepreneurs.
- City and County of Denver Business Portal: Provides information and assistance with business registration, licensing, and compliance.
This guide is designed to help Denver entrepreneurs navigate the startup process, leverage local resources, and gain visibility. For additional support and to connect with other business owners, join the FREE Business Advertising Network Denver Facebook Group!
