Starting a Business

Thinking of starting a business? Important points to consider before opening your doors:

• Understand why you are starting your own business. Do you have expertise in this business? How is your business different from similar businesses? What will you do that is different from your competition?

 

• Identify your business's target market. Ask yourself, who is your customer?

 

• Identify where you intend to locate your business. Take time to research the landlord or leasing company. Speicifically ask other businesses in that area, how is business? Be aware of a great deal of turnover in the area?

 

• Create a five-year plan, listing your goals and objectives over the next two years and five years. Identify how you will measure whether you have met your goals and objectives.

 

• Conduct a financial analysis of your business. Consider how much money it will take to pay vendors, utilities, leases, and how much money do you need to make a profit in your business in year one. Find a financial planner or accountant to help set up your bookkeeping and tax planning.

 

• Determine how you will structure your business. Will it be a sole proprietorship, a partnership, LLC or a corporation?

 

• Register your company name with the secretary of state. Register your business with the appropriate local, state, and federal agencies.

 

• Register for an Employee Identification Number. Make sure you understand which license(s) you’ll need for your business, and complete the necessary applications for each.

 

• Research which banks offer the best services for businesses and open a checking and savings account for your business.

 

• Seek legal counsel to ensure your business has the proper trademarks and that your intellectual property is protected.

 

If you need additional assistance, contact AEDA staff directly at 720.898.7010 or bizinfo@arvada.org.