Entrepreneurship in Colorado

Coloradans have invented everything from the Teddy Bear to the Jolly Rancher. They were even rumored to have invented outdoor Christmas lights in the early 20th century on the 6th street mall. It's no wonder so many great entrepreneurs have come from Colorado.

With people like Curt Richardson (founder of the OtterBox), and Andrew Rees (CEO of Crocs) to look up to, Coloradans love to lead entrepreneurial teams that change the world.

Containing 4 National Parks, and world renowned ski resorts the centennial state is a great place to start your small business.

Registering Your Business

Registering your business is one of the first steps to success.

And with Colorado’s 50 dollar fee for starting an LLC, it's important you get it right.

Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.

Click here to learn more.

Market Analysis

Before you start your business, look around to understand the market in Colorado.

With an abundance of rich natural resources, Colorado has a ton of business potential.

According to TaxFoundation.org, Colorado ranks a medium 21st in the race for the overall best business tax climate.

Competitor Analysis

Another good way to understand Colorado’s market is to visit your local Chambers of Commerce.

Chambers of Commerce

You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.

We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.

Labor Statistics

Colorado is full of hard working people that can be amazing assets to your company.

Unemployment rate in Colorado:

5.1%

Information from Colorado.gov

Average annual salary in Colorado:

63,026 dollars

30.3 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

Associate degree:

8.7%

Bachelor degree

18.8%

Graduate or Professional degree

11.3%

Information from Statista.com

Housing Market

Price index yearly growth: 18.87%

Medium house price: 343,000 dollars

National average house price: 269,039 dollars

General Advice

Colorado is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.

If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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