Young people are idealistic and visionary. As high school students, they enjoy friends and partying. But as soon as they enter college, life gets a little serious. These are the days when you think about your future. And the main focal point is your future career plans.
When you talk about future plans, it runs in many directions. You can choose to enter the employment force, the political arena, or the arts and sports. There are many other possible careers. But one that requires more work from the ground up is business. And if you live in the rocky mountains of Colorado, you are in the right place to start one.
Denver is one of the booming cities in the U.S. since the pre-pandemic days. Studies have shown that it is among the top 10 places in the entire U.S to start a business. The study focused on three important areas of entrepreneurship: business cost, business environment, and access to resources.
Costing is one of the major considerations especially if you are a new businessman. It is assumed that you are fresh out of college with little or less capital funds. Out of all the things to consider when starting a business, the costs of starting one will make or break all plans. This is where a young businessman will decide how far his or her funds will go.
When starting a business in Denver, you can save your starting capital funds in 3 areas. Real estate, payroll, and construction costs. There is even no shortage of good workers for your business. Denver is known to be a popular choice for families looking for employment.
Denver’s corporate income tax rate of about 4.62% is one of the lowest in the country. Even property taxes are one of the most competitive. It is ranked one of the Top 10 least expensive in America. Commercial property taxes are assessed at 29%, while residential property tax is at 7.96%
Even construction costs have become competitive in Denver. This is due to stable prices in construction materials. Including competition among construction firms. As such, there is a construction boom going on in the city as of late. Also, included are Denver’s very affordable energy and insurance costs. Things that starup businesses need to seriously consider.
When it comes to the business environment, perception matters and weighs more. This is subject to public opinion. And no better person to ask these but business people themselves. When they were surveyed, they graded Denver’s business environment the following:
* Overall Business Friendliness: B+
* Ease of Starting a Business: A-
These are good grades when compared to other cities. In fact, across the country. The State of Colorado is 5th in business friendliness ranking. This is determined by training, and these are training programs that are either private or government-sponsored. Also, included are tax regulations and labor laws. Here you will always get a highly trained and very good business lawyer ready to provide legal assistance.
These are things that matter for young businessmen. The very factors that were given serious attention by the Denver local government. That’s why Denver is known as one of the business capitals in the US. One of the easiest places to get incorporation, assistance, and tax breaks.
Access to Resources
Having access to resources is crucial for new businesses and young business people. It’s like a freshman looking for friends in a big university. It is always helpful to be connected to the right resources during the birth stages of your business. As such, the city of Denver has different organizations, both from government and private companies, that help people to start their own businesses. Being connected to these groups gives you a good head start in the competition.
In these different programs, young business owners can enjoy this training. Here they get all the valuable information that is designed to help and guide you along the way. The goal is not only to start your business but to help you expand in the future. Some notable organizations that provide business financing programs are SBA Loan Programs or Small Business Administration Loan Programs. Another one is Colorado Enterprise Funds and also Rockies Venture Club to name a few. And there are so much more groups that are geared to making the business environment in Denver top-notch.
In conclusion, there is a good report about this posted in Business News Daily. Some small business owners said that “in Colorado, there is a sense that everyone wants every business to succeed. This includes your networks and your competitors”. This kind of environment will attract businesses from all over the world. Investors will flock as the amount of interest reach a higher level. And with the assistance of the City and the State, it will not be a surprise when one day Denver becomes a city of giant businesses.