Ecwid for Small Business
How to Start a Small Business in Colorado (CO)
Starting a business is a huge step for anyone, but it doesn’t have to be scary. There are some amazing tools and resources out there to get your business set up and make the process run smoothly.
Opening a business in Colorado also comes with its fair share of benefits as well. They are ranked 6th in the rate of new entrepreneurs and 3rd in fastest population growth. Colorado is also ranked 2nd in terms of the economic climate. With these facts in mind, Colorado could be the perfect place to start your business.
Colorado’s Most Popular Businesses
Every new entrepreneur is going to develop their own business ideas and plans for their future. Even businesses selling similar items will have drastic differences because each owner is unique in their creative sensibilities and business outlook. Even so, Colorado does have some popular business ventures. Private investigator firms, liquor stores, and campgrounds are especially popular around the state.
Planning is a way of life when it comes to big decisions. That goes for creating a business as well. There are proper steps and rules to follow. Here are some of the most important ones:
1. Pick a name
Naming your business can be one of the most exciting parts of creating your store. When you go about choosing a name, you are also giving a face to your business. You want that face to show off the business’ values and the experience that the customers can expect while shopping with you. Select a name that demonstrates values while also standing out from the crowd.
To choose a business name in Colorado, there are rules and regulations to remember, but don’t let those stop your creative juices from flowing.
2. Conduct market research
While you are figuring out your business and all it entails, one of the key steps is to get to know your audience more closely. This means figuring out their needs and pain points, and possibly even seeing what they are getting from your competitors so you can think up ways to overperform in your field.
3. Choose a structure
In order to start your business, you will need to pick a proper structure. You have the opportunity to pick from either an LLC, sole proprietorship, partnership, corporation, or
Registering in Colorado
If you have chosen a business structure for your store, you have to move to register your business in the state. This will make it legal for you to run your store and formalize its structure. By this point, you should have your business’ name, a registered agent who will cover the taxes, your employer identification number, and formation documents to file. Depending on what structure you choose for your business, Colorado may ask for more information or documents to register.
It’s All About Location
If you are hoping to start a business in Colorado, you will want to pay close attention to where you locate it. The towns of Boulder and Denver can be considered popular places to open your store. Of course, this is all different if you are looking into owning a fully online store. You could be located virtually anywhere in the state.
Focus on Banking
When you begin creating your business, you will create a separate bank account and credit card. This will help keep your personal affairs and transactions separated from any business ones.
A business credit card will also help keep track of every transaction and help build up your business’ credit.
On top of that, setting up business accounting could be extremely beneficial. Downloading proper accounting software or hiring an accountant can make tracking your finances so much easier. You will be able to monitor transactions, your credit, and tax documents much quicker as well.
Insure Your Business
A growing business will be more susceptible to risks or liabilities. To help against any issues in the future, it could be wise to get insurance set up through your store. It doesn’t need to be extravagant. Anything from Workers’ Compensation Insurance, General Liability Insurance, or Professional Liability Insurance can do just fine.
In the state of Colorado, if your business has one or more employees, you will need to get Workers’ Compensation
If your business is getting too big for your two hands to handle, hiring employees may be the next step in the right direction. It can be important to pick the right people that you believe will represent your brand and business the best. On top of that, you will also have to hire them legally. This just means making sure you are registered in the IRS for Employee Taxes and reporting new hires to the Colorado state government.
This is one of the most crucial aspects of creating a business that stands out. Branding allows you to show customers your goals and reasoning for selling the products you choose. It will also give them a distinct experience while shopping.
What do you want your brand to represent?
How do you want to be seen by your customers?
Questions like these could help you narrow down what you want your business’s brand to be.
Next to branding, figuring out a perfect logo can also be extremely beneficial. Your logo is a unique stamp and trademark that you can design to represent your business. It will go on bags, price tags, and your website, too.
Maintaining an online presence can make all the difference for your business. One of the first things you may want to do is create a website. This will showcase your products, brand, and business to an online audience.
Whether you have a
A website can also help you sell online as well. Online stores have taken the world by storm in the past few years. There are companies like Ecwid out there to lend a helping hand, providing resources to people like you with strong goals and aspirations for their online businesses.
They can help create your website and sell your products
Ecwid gives you a simple dashboard control panel to track sales from each platform and see how you are faring. This dashboard can also help keep track of inventory, so you know when to buy new products or supplies. Ecwid can be an online store owner’s best friend.
Existing online can only do so much, but marketing along with that can help your business grow. How much money you choose to put into your marketing budget can depend on how large you are and what your goals may be. On average, marketing costs could range from $250 to $1,500 a month. These investments can go toward both physical and virtual marketing.
Marketing includes business cards, signage, pamphlets, or billboards. You can also pay for ad space on sites like Facebook, Instagram, or Youtube to promote your products. Email subscriptions can also be a great tool to send discounts and promos. Google My Business, meanwhile, can also be an excellent, free resource to reach out to locals as you can fill in your contact info and a summary of your store.
Are You From Another U.S. State?
Learn the basics
Starting an Online Store Business is Easy.
We’ll Show You.
So you’re ready to start selling online. Now the
Need Legal Advice?
We Have It Here
- 25 Places to Find
Low-CostLegal Advice For Your Business
- Registering Your
E-CommerceBusiness: Sole Proprietorship, LLC or Corporation?
- Protecting the Brand: How To Register a Trademark For Your Online Store
- Legal Docs for Online Stores: Protection and Trust [with Templates]