Colorado Business Startup Guides
Opening a Business in Monument, Colorado
Contemplating starting a business in Monument, Colorado? We walk you through the process of opening a business in Monument.
What Business Are You Starting?
An important decision is what kind of business you want to start. You might get some good ideas about what kind of business to start by reading Free Business Ideas.
To view an extensive list of business types, complete with startup instructions, spend some time in the Good Businesses to Start section of our site. For example, you might be interested in our How to Start a Golf Driving & Practice Ranges Business guide or our Starting a Legal Information Services Business guide.
Remember that starting a business in Monument has some implications. If Monument already has plenty of the kind of business you want to start, you might want to change your plans. Study Monument demographics and do a competitive analysis as part of your startup planning process.
Monument, Colorado Demographic Information
Monument has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Monument demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Monument.
Businesses
As a new Monument entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Monument for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
Is Franchising a Better Option?
As you drive around Monument, you'll notice that many local entrepreneurs have gone the franchising route. But is franchising the right option for you?
We advise the entrepreneurs we work with to consider franchising as an option. We have many articles on franchises, such as Five Franchise Opportunities To Watch. Get a thorough education on franchising by browsing all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Re-Bath and RSVP Publications. Alternatively, you can browse franchise categories, such as Children's Fitness Franchises and Party Supply Franchises.
Note on Monument Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Monument.
Forming a Company in Monument, Colorado
It's very important that your business is formed as a legal entity that is separate from its owners. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very popular way to form a business. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Colorado, you don't necessarily have to incorporate in Colorado. In fact, you can incorporate in any state you would like to. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Incorporation Advice. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Monument, Colorado, our information on Incorporating in Colorado may be a useful resource if you decide to incorporate in Colorado.
Don't Forget to Create a Business Plan
A business plan is vital to the health of your new business. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Contests. You can also get face-to-face free consulting available from your local SCORE chapter in Colorado.
The Art of Selling
Being able to sell is critical to your business success. Whether you are focused on selling local customers in Monument or are selling to customers throughout Colorado, the United States or even the world, you have to be able to sell.
The key to selling is to set sales goals goals and monitor your progress towards those goals. Fortunately, we've got plenty of good advice to help you improve your selling skills.
How to Build and Motivate a Sales Team is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.
Moving Forward
You have a dream -- starting a business in Monument. To achieve your dream, you have to persevere, even when the odds are against you.
Owning your own business will be a daunting task, but you can do it.
We are here to help Monument businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Monument, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Monument, Colorado
Here are more links that we believe will help you be successful in starting a business in Monument.
- Resources for Monument, Colorado Entrepreneurs - Browse a variety of resources we've collected to assist Monument entrepreneurs.
- Colorado Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Colorado.
- Colorado Small Business Development Center - The Colorado Small Business Development Center (SBDC) Network is dedicated to helping small businesses throughout Colorado achieve their goals by providing free confidential counseling and various training programs.
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