Colorado Ranks High On List Of Best States For SMEs

Small BusinessColorado ranks as the eighth best state for business in 2018 based on analysis that included factors such as costs, taxes, labor market and access to capital.

If you’re planning to embark on a new business or expand your start-up firm this year, consider a marketing strategy through print and online media channels. In Denver, a video editing business may help you with your new product launch or sales conference event.

Business Formation

While promotional strategies are important, aspiring business owners should first think about the type of start-up company that they want to establish in the state. New corporations and limited liability companies in Colorado need to choose a unique name during the entity filing application. New LLCs and corporations usually pay $50 for the filing fee.

Singe proprietors no longer need to file for an entity name if they operate under their first and last names. However, you should file for a statement trade name for businesses that will operate under specific names such as John Doe’s Supermarket or Denver’s Best Auto Parts Service.

Predominant Livelihood

The number of businesses in some cities of Colorado partly indicate why it’s among the best states for running a small enterprise. In Denver, different businesses serve as the main source of livelihood for almost 72% of entrepreneurs.

However, the biggest challenge for new companies involves their ability to survive within the first five years. Most companies fail to reach their first anniversary, so it’s important to focus on the right business plan for sustained growth.

A start-up business is quite common in Colorado, so expect to encounter some form of competition especially in industries with many different players. You could stand out from the rest by knowing how to integrate different advertising and marketing tools, without favouring one over the other.

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