If you’re thinking about starting a business, there are several things you need to know before you open your doors (or website for online businesses). Even if you’ve already started a business in Denver, there are strategies for success that you should be aware of. If you’ve started a business or are thinking about starting a business in Denver, here are five tips you should consider.
#1: Conduct Market Research
Market research will let you know if your current business idea will be profitable. You can also research which types of businesses will be the most profitable in your area. For example, some of the most profitable businesses in Denver include:
- Food production
- Industrial and commercial real estate
- Entertainment and the arts
Once you’ve chosen an industry sector, you’ll have to research the other businesses in the area operating within your chosen industry. This will help you gain a competitive edge, and you can also begin working on your company name and logo.
#2: Write a Business Plan, Obtain Financing, and Choose Your Location
Next comes the basic steps that everyone takes when they start their business. You need money to start your business, and writing a business plan will help you obtain that financing. You’ll need to determine how much money it’s going to take to start your business. It’s also a guide that details how you plan to structure and grow your business, and all of the market research you’ve previously done will also be a part of your business plan.
One thing you’ll need to decide early on is if you’re going to run a brick-and-mortar (physical) business or an e-commerce (online) business. Both are very profitable in Denver, so it depends on your preferences and what makes the most sense for your industry.
#3: Take Care of All the Legal Aspects
Before you can open your business, there are various legal aspects that you must take care of. First, you have to choose a business structure such as an LLC (limited liability corporation), sole proprietorship, corporation, etc. Next, you’ll need to register your business with the state of Colorado and the federal government. This also involves getting state and federal tax IDs and applying for necessary licenses and permits.
You’ll also need various types of business insurance. General liability insurance (GLI) is the most common type of insurance held by businesses. You’ll also need workers’ compensation insurance if you plan on hiring help.
#4: Invest in Business Software and Try Outsourcing
Business software is essentially computer programs and even smartphone applications that help you make the daily tasks of running a business much easier. Some of the most common types of business software include time-tracking software, project management software, customer relationship management (CRM) software, and accounting software. You can even benefit from communication and project management software apps such as Trello and Slack.
Sometimes software may still be too much to handle, and you’ll need to outsource some functions of your business. This is giving total control over one part of your business to a company that specializes in that task. Examples of the most outsourced business functions include IT (information technology), HR (human resources), and accounting.
#5: Establish Your Online Presence
Once you’ve successfully started your business, your next and continuous goal will be to grow the business. Start by creating a business website and social media profiles for your business. This will help establish your online presence and help you with digital marketing techniques such as SEO (search engine optimization), social media marketing, content marketing, and even affiliate marketing.
An online presence is necessary for both e-commerce and brick-and-mortar businesses because millions of people use the internet every day, and this can help you reach more people. It’s also important to protect sensitive information about your business, employees, and even customers that will be stored online. All Denver businesses can benefit from having a security operations center to protect from cyber-attacks.
Businesses in Denver, all of Colorado, and all over the country can benefit from these tips. It’s important to understand your target market (all the people interested in your products/services) to effectively market to your target audience. It’s also important to ensure that you’re running your business in the most efficient way possible. Finally, you must make sure that your business isn’t an easy target for cyber-attacks because an attack can damage your reputation and cost you hundreds of thousands of dollars.