How to Open a Business in Colorado: 5 Simple Steps
Are you opening a business in Colorado?
There’s never been a better time to start a business. In fact, the U.S. Small Business Administration now offers a wide variety of COVID-19 relief options for new and existing business owners. This capital can give your new business the extra leverage and runway it needs to scale successfully!
However, funding is only one-half of the equation.
Choosing to open a business in Colorado requires careful planning and preparation. We’ve prepared a simple quick-start guide to help you and your team launch a high-growth and profitable business in Colorado.
How to Open a Business in Colorado in 5 Simple Steps
Before we begin, we’re going to let you in on a secret.
Investing in a point of sale (POS) system is the single most important thing you can do during the early stages of your business. An easy-to-use and affordable POS system helps small business owners and managers improve checkout, launch high-value marketing campaigns, and much more.
POS Nation supports a wide range of businesses in the retail, liquor, tobacco, and apparel industries. The best part is that our system is tailor-made for your unique business. Translation? POS Nation offers the exact features and capabilities you need to launch and manage a successful business.
Beyond investing in a small business POS system, here are the steps you must follow to open a business in Colorado.
1. Create a Business and Financial Plan
Your business is only as strong as your business plan.
The business plan should be used to inform the broad direction of your business. Think of it as the blueprint for business success. Additionally, the business plan is a valuable resource for outside stakeholders, including banks, investors, and potential partners.
We recommend including the following sections in your business plan:
- Executive Summary
- Business Goals and Objectives
- Market Analysis and Competitor Summary
- Product and Service Roadmap
- Management Plan
As a best practice, be sure to include a brief financial plan. The financial plan must describe both your current and future financial needs, as well as any anticipated financial risks. A small business loan is a fantastic way to access quick cash during the vital first few months of your business.
RELATED READING: 5 Amazing Retail Business Loans for New Owners
2. Secure a Business Name
Next, secure a business name.
All for-profit businesses, including sole proprietors, non-reporting entities, reporting entities, and domestic limited partnerships, are required to file a trade name with the state of Colorado. To file a statement of trade name for the aforementioned business types, please click here.
We recommend filing early as it can take weeks to receive final confirmation.
RELATED READING: The Small Business Tax Preparation Checklist
3. Complete Local, State, and Federal Paperwork
There are a few additional documents that you’ll need to complete to establish a new business in the state. Again, filling out these documents early will ensure that your business has everything it needs.
To find the necessary permits, licenses, and documents your business needs, we recommend performing a simple business license search.
For a complete list of required licenses and permits, consult the following:
- U.S. Small Business Administration (SBA)
- Colorado Department of Regulatory Agencies
- Local County Clerk
RELATED READING: 5 Steps for Creating an Effective Daily Sales Report
4. Create a Marketing Plan
Next, create a marketing plan. Your marketing plan is the mechanism used to drive new and repeat business. Unfortunately, marketing is often overlooked. With so many day-to-day and operational responsibilities, it’s easy to push promotional duties to the side.
The good news is that there are plenty of easy ways to drum up business. Try committing to the following marketing strategies:
- Customer loyalty promotions
- Social media marketing campaigns
- Customer survey rewards
- Customer appreciation nights
- Email marketing campaigns
RELATED READING: 5 Top Digital Marketing Solutions for Small Businesses
5. Invest in a Point Business Sale System
Finally, invest in a POS system purpose-built for your unique business/industry. Unfortunately, many of the POS systems currently available on the market overcharge and underdeliver. It’s a problem that costs business owners and managers thousands of dollars per year!
Picture this… you’ve invested in a brand new POS system. You’ve completed system onboarding and you’re ready to launch! But wait… you log into the system and realize that it lacks a few mission-critical features. You contact customer support only to hear a dial tone. You’re left shaking your head and asking yourself, “now what?” There has to be a better way, right?
POS Nation offers a best-in-class point of sale solution built with the end-user in mind. Our feature-rich platform comes with the very latest features and capabilities designed to help you ring in more sales in less time!
RELATED READING: The Best Retail POS Features for Growing Businesses
POS Nation Powers Business in Colorado
How does your current POS system compare?
Regardless of whether you’re replacing a legacy system or investing in a system for the first time, you must prioritize the system providers that understand your unique business needs.
We’ve created a simple guide to help you out.
Download our free guide: The Retail Point of Sale System Buyers’ Guide.
Finding the right POS system for your business should be easy! In this guide, we’ve given you all the information and insights needed to find the best POS software and hardware for your new business.