Colorado is a great place to start a business. It has a strong economy and a highly motivated and supportive entrepreneurial community. It also has a relaxed atmosphere which makes starting a business more appealing. If you are thinking about setting up a business in Colorado, here are some of the things you should know.
Taxes Are Low
One of the primary reasons why entrepreneurs might choose to set up shop in Colorado is the state’s astounding fiscal responsibility. While other states are struggling with higher-than-average property taxes and high utility bills, Coloradans enjoy some of the lowest business taxes in the country. In 2015 alone, the state’s business and individual income taxes totaled only $8.46 million. That’s compared to the national average of $10.64 million and the state’s individual income tax alone, which is one of the lowest in the country.
The Economy
Another important consideration is Colorado’s thriving economy. Thanks to a healthy dose of innovation and technology, as well as the adoption of new business models and processes, the state’s economy is diverse and robust. The state’s economic development organization, Choose Colorado, lists more than 160 industries in the state. The service sector is the largest employer in Colorado with over 500,000 people currently working in a business or organization of some sort. The most in-demand job sectors in the state include computer science, software engineering, and web development, which are all in high demand and offer great opportunities for career growth.
Business Start-Up Costs
One of the biggest attractions of Colorado for business owners is the sheer amount of available space. There are more than 300,000 square feet of unused office and warehouse space in Denver alone. That’s near twice the size of a football field. To put that into perspective, the cost of building a new office space in Denver is around $25,000. It would take around 20,000 square feet to accommodate a small business. If you are looking to rent office space, the cost is around $500 per month.
Ease of Doing Business
One of the main reasons why entrepreneurs might choose to base themselves in Colorado is the state’s incredible business-friendly environment. According to the state’s economic development department, the environment in Colorado is “very welcoming to new businesses.” The state’s general assembly has passed a law making it easier for startups to get funded. Under the new law, known as the Colorado Enterprise Fund, entrepreneurs and business owners can apply for grants to help with the costs of expansion or renovation.
A More Relaxed Work Environment
Another important factor that makes Colorado a good place for a business is the state’s relaxed work environment. In the state, you don’t need to stress about paying for utilities or office space. You also don’t need to follow tight schedules. Instead, you can set your hours and take time off when you need to. The state’s unemployment rate is also extremely low, which means there are plenty of job opportunities if you decide to relocate. If you are looking for a more relaxed work environment, Colorado is a great option.
How Does CO Education Factor In?
If you are concerned about healthily raising your children, there are several schools in the state that you can choose from. Except for Denver Public Schools, which have some of the highest test scores in the country, virtually all school districts in Colorado are safe and sound. The state’s K-12 public education system is quite good, offering students more than 180 different courses to choose from. If you are particularly interested in education, the state is home to several prominent universities, including the University of Colorado, Colorado State University, and Metropolitan State College. There’s even an entrepreneurship program at the University of Colorado, Boulder, which can help guide you through the process of starting a business.
Overall Impression
Taking all of these things into consideration, it is not hard to see why Colorado is a good place for a business. The costs of doing business are low, taxes are nearly nonexistent and the economy is vibrant. If you are thinking about setting up a shop in Colorado, this article will have helped you understand some of the things you might need to know.
