With COVID-19 causing global economic uncertainty, you may be discouraged from starting a small business. However, the downturn presents some opportunities for entrepreneurs. These may include an increased ability to hire talent as well as the ability to make quick changes that adapt to market demands.
If you are considering starting a new business in Colorado, there are a number of great resources available to you.
Free Business Consulting Services
Colorado Small Business Development Network
The Colorado Small Business Development Network (SBDC) provides free and confidential business consulting as well as no- or low-cost training programs.
The Colorado SBDC network has 14 full-time centers and more than 50 part-time satellite offices across the state. The one-on-one consulting services include everything you need to start a business including:
- business plan writing
- accessing capital
Colorado Business Resource Book
The Colorado SBDC also publishes a comprehensive guide called the Colorado Business Resource Book. This thorough guide provides step-by-step instructions for new owners in order to navigate the regulatory compliance and tax complexities that come with owning a business. Nothing is left out; the guide contains everything from Internet sales tax to Local Enterprise Zones to filing trademarks and patents.
The guide is regularly update and widely circulated (in English as well as Spanish) by municipalities, the Secretary of State, and Chambers of Commerce.
Colorado Secretary of State
The Colorado Secretary of State created an easy way for new businesses to file their registrations and manage employee tax documents — a microsite called MyBizColorado. The site allows you to:
- Register for a sales tax license
- Register employees for wage withholding and unemployment insurance
- Find resources to help plan a new business and obtain professional licenses
Resources for Spanish Speakers
The Women’s Business Center at Mi Casa Resource Center helps “entrepreneurs of all genders through all stages of business development, helping them explore, launch, and grow their business through bilingual consulting, in-depth training, and a variety of business-related workshops and resources.”
Mi Casa has programs for mobile-food businesses, pro-bono legal services, and one-on-one advising available for new business owners.
Existing small businesses should take advantage of new programs established to help with financing during COVID-19.
Colorado’s Office of Economic Development & International Trade has published a database of alternative funding sources for small businesses beyond EIDL, PPP, and other federal loans and programs.
New businesses that use motor vehicles, provide services, operate brick and mortar stores, or have office space will need proper commercial insurance coverage to protect themselves from property and liability damages.
Colorado Farm Bureau Insurance provides comprehensive commercial property and liability coverages for new and existing businesses. To find out what kind of coverage we can offer your business, contact a local agent.