Fri 02 Oct 2015 | By:

5 Mistakes When Starting a Business in Colorado

Mistakes When Starting a Business

There are many mortal sins one can commit when starting a business in Colorado. While all these can be charged to experience and filed for later situations, it’s even better if you can avoid these mistakes altogether.

From the Colorado incorporation process to taking care of tax and license obligations, it’s always best to start your business on the right footing. Here’s the guide to help you avoid the most common startup mistakes.


Mistake 1) Forgetting to Take Care of Colorado Business Tax and License Obligations

Forgetting to take care of your Colorado business taxes and licenses when starting a business is one of the biggest blunders a new business owner can commit.

Always remember that no matter the kind of business you’re in or what structure your business is, look out for your business licenses in Colorado as well as business taxes. You can adhere to these requirements using our Colorado business taxes and business licenses guide.


Mistake 2) Choosing the Wrong Location for Your Colorado Business

Choose the wrong location for your Colorado business, and you will learn early on how it can greatly impact your customer base. Regardless if some people say that location does not affect your business, in a way, it honestly does.

Don’t put your business in jeopardy even before you have started, choose the right Colorado business location. Use this guide when picking the right location when starting a business in Colorado.


Mistake 3) Writing a Terrible Business Plan

When you write a terrible business plan, you are forgetting to do a very important task that will help you foresee future problems.

A business plan is the blueprint for your business operations. If you follow a terrible business plan, then expect your business to end up in a different place than you expected initially. It doesn’t take a genius to learn how to write a business plan. In fact, you can get started on writing a business plan with the use of a business plan software like LivePlan or Business Plan Pro.


Mistake 4) Choosing and Incorporating in Colorado with the Wrong Business Structure

When you start on the wrong foot by choosing the wrong business structure and incorporating in Colorado with it, you are in for some expensive legal fees to correct it.

Several factors in your business depend on the type of structure you choose and incorporate in, so make sure you do this step right the first time. Then, incorporate your business with the right link for you.


Mistake 5) Hiring the Wrong Employees

Hiring the wrong employees when starting a business in Colorado can be a big mistake to your business. You may not be aware of it at first, but it can bring your business down. Always keep in mind to hire an employee that mirrors your passion and hard work in life because that person will help you significantly.


Wrapping Up and Moving Forward

Learning how to start a business in Colorado may be a bit risky, considering that there are always pitfalls you need to watch out for. However, with the help of this guide, you can avoid some of the most common mistakes right from the time of your Colorado incorporation process up to hiring the right people to help you. Make sure to avoid these mistakes, and you should be good to go in your brand new small business!

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.