Whether you’re a Denver native or you’re thinking about somewhere new to find your roots as a home-based business owner, the Mile High City most definitely deserves your attention.
There’s a reason why people are flocking to Colorado en masse, with Denver a particularly attractive spot to settle down.
We’re talking about tourists and businesses, by the way.
“It’s no surprise that Denver has become a top-rated tourist destination in the past several years,” notes Outdoorsy, highlighting the city’s outdoor attractions, bustling craft beer scene and laid-back way of life. These positives point to a city that is, aptly enough, very much on the rise.
Between Denver’s economic upturn and relative lack of bureaucratic red tape, opportunity is most certainly here for business owners of all shapes and sizes.
Brick-and-mortar businesses can clearly see the benefits of starting a business in Denver, but what about those who want to do it from the comfort of their own homes? What should you consider if you’re thinking about setting up shop remotely?
We’ve broken down four tips for home-based business owners in Denver looking to maximize their potential and enjoy the most of what the city has to offer.
- Iron Out Your Business’ Legal Needs
As an initial bonus to anyone who starts in a business in Denver, the state of Colorado is relatively lenient in terms of what you need to do from a legal perspective. That said, there are some boxes that need to be ticked to stay within the state’s best practices and to likewise protect your company from the long-term.
Some considerations to make before getting too invested in your company include…
- Deciding on a business structure, whether it be an LLC, S-Corp or otherwise
- Officially file with the Secretary of State for Colorado
- Look into necessary licenses or permits depending on your industry
Likewise, it may make sense to open a separate business bank account to make things easier on you during tax time.
Even if you’re running a business strictly online, taking these steps is a smart move to keep your records straight and finances in order from a legal perspective.
- Enjoy the Change of Scenery
It should come as no surprise that many local companies in Colorado provide benefits to workers which encourage them to enjoy the great outdoors.
From health incentives to business camping trips, you should likewise treat yourself to the same sorts of luxury. Given how easy it is to mix business and pleasure via RV and tech-based camping, there’s no reason not to.
Enjoying the best outdoor activities Denver offers such as rafting the Blue River or some good old-fashioned rock climbing is just an added bonus of living in Colorado.
Furthermore, taking working vacations is a great way to keep your mind fresh and avoid potential burnout. If nothing else, getting out of the house reminds you why it’s worth it to live in Denver in the first place.
- You Can’t Afford to be a Homebody
Piggybacking off the last tip, Denver offers way too much for business in terms of networking events and opportunities for you not to leave home on a regular basis.
For example, the coworking spaces and cafes nestled in downtown Denver are fantastic meeting points for fellow entrepreneurs. Meanwhile, the city is home to a number of the state’s premier business and networking conferences. In 2018 alone Denver is hosting dozens of events related to business and marketing across tons of industries.
The takeaway here is that being a home-based business doesn’t mean that you have to operate exclusively from home.
- Consider Tapping into the State’s Biggest Industries
Local clients can be the bread and butter of your business if you play your cards right. The key is to understand how the local economy can benefit your own company when you target the right prospects. Tech, industry and agriculture are three of the biggest players in Denver’s economy if you’re looking for a place to start.
Also bear in mind the city’s growing hospitality and aforementioned craft beer industry. Not to sound cliché, but pretty much any business has the potential to make it here given the city’s incredibly diverse populace and economy. Meanwhile, Denver’s friendly native want to go out of their way to support local businesses that ultimately support them.
Denver is doing well both socially and economically, spelling good news for anyone who’s considering starting a business here. If you’re looking to create your own home-based empire and are looking for somewhere awesome to do it, look no further than the Colorado’s capital.