Colorado Business Startup Guides
Open a Business in Westminster, Colorado
Need help starting a business in Westminster, Colorado? We've got the information you need to open a business in Westminster.
Will You Be a Good Entrepreneur?
Being an entrepreneur is difficult, and can be orders of magnitude more strenuous than working as an employee. Are you certain you have the stamina and skills to succeed on your own?
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Talk to other entrepreneurs in Westminster. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Others sometimes know you better than you know yourself.
Westminster, Colorado Demographic Information
Westminster has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Westminster demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Westminster.
Businesses
As a new Westminster entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Westminster 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
What About Franchising Opportunities?
Visit the business district of Westminster and it's apparent that franchising has become a very popular way to start a business. But is franchising the right option for you?
Our advice is to consider franchising as an option. On our site, you can read many articles about franchising, such as Franchising My Business. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Big Boy Restaurants International LLC and Crabby Bob's Seafood. Alternatively, you can browse franchise categories, such as Baby Franchises and Bath Remodeling Franchises.
Note on Westminster Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Westminster.
Selecting a Name For Your Venture
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.
Numerous company naming issues are discussed in more detail in this article: Naming a Business.
As a final piece of advice, remember that because you are starting a business in Westminster, it's critical that you ensure that no other Colorado company is using the business name you want to use.
Company Formation in Westminster, Colorado
It's essential 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 common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Colorado, you don't necessarily have to incorporate in Colorado. In fact, you can incorporate wherever you want. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about 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 Westminster, Colorado, our information on Incorporating in Colorado may be a useful resource if you decide to incorporate in Colorado.
Raising Money for Your Startup
Getting your Westminster business the capital it needs to succeed is not an easy task. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
Take advantage of our many articles on securing funding, such as Attracting Investors.
For Westminster entrepreneurs who want to raise money for a new venture, check out our List of Colorado Angel Investors and our List of Colorado Venture Capital Firms.
What's Next?
As an entrepreneur in Westminster, you won't be working for the boss anymore. You are the boss.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Westminster businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Westminster entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Westminster, Colorado
Here are more links that we believe will help you be successful in starting a business in Westminster.
- Resources for Westminster, Colorado Entrepreneurs - Browse a variety of resources we've collected to assist Westminster 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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