Overcoming the Fear of Starting a New Business in Evergreen, Colorado

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November 14, 2022

Many people have great ideas for businesses, but they never take the leap because they're afraid of what might happen. They're afraid of failing. They're afraid of not knowing what to do. If you're an aspiring business owner in Evergreen, Colorado, here are some tips on how to overcome that fear and get your business started.

Calculate Your Startup Costs

One of the first things you need to do when starting a business is calculate your startup costs. This will give you a good idea of how much money you need to get your business off the ground. There are a number of ways to calculate startup costs, but one of the simplest is to create a spreadsheet with all of your expected costs listed in one column and your actual costs in another column. This will help you keep track of where your money is going and make adjustments as needed. You can also use an online calculator tool, but you are still wise to record the data in a spreadsheet to refer back to.

The Benefits of a Business Plan

Another important step in starting a business is creating a business plan. A business plan is a roadmap for your business that outlines your goals, strategies, and how you plan on achieving them. Creating a business plan can seem daunting, but there are plenty of resources available to help you get started, including templates and software that can make the process easier. Plus, having a business plan is essential if you're looking for funding from investors or lenders.

The Benefits of an LLC Designation for Your Business

If you're starting a business in Colorado, you may be wondering whether you should form an LLC. An LLC, or limited liability company, is a type of legal structure that offers personal liability protection for its owners. This means that if your LLC is sued, the plaintiffs can only go after the assets of the LLC, not your personal assets. Forming an LLC in Colorado can also help you save on taxes and protect your personal assets from creditors.

The Benefits of a DBA for Your Business

Another option for businesses in Colorado is to file for a DBA, or "doing business as," designation. A DBA allows businesses to operate under a name other than their legal name. For example, if your company’s legal name is John Smith Incorporated and you want to do business as "Smith Plumbing," you would need to file for a Colorado DBA. Filing for a DBA is relatively simple and inexpensive, and it can give your business some flexibility when it comes to marketing and branding.

Working with an Experienced Mentor

Aspiring entrepreneurs often feel like they need to go it alone, but one of the best things you can do when starting a new business is find a mentor who's been there before and who can offer advice and guidance. There are mentorship programs available through organizations like SCORE and the Small Business Administration (SBA), or you can reach out to someone in your network who owns their own business. Attending events through your Evergreen Area Chamber of Commerce membership is also a great way to connect with someone who can impart their wisdom upon you. Having someone to bounce ideas off of and who can offer advice can be invaluable as you're starting out.

Starting a new business can be daunting, but it doesn't have to be. By taking some time to calculate your startup costs, create a solid business plan, choose the right legal structure for your business, and find a mentor, you'll be well on your way to entrepreneurial success here in Evergreen.

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