Colorado residents who are starting a small business for the first time should keep a few points in mind. One is that they can start the business even if they do not have much capital at the beginning. People have started businesses in all kinds of financial situations including after losing their jobs. There are a number of low-cost or even free resources available to new business owners.
Working with less funding than desired might mean thinking more creatively. It could also mean starting smaller. For example, rather than opening a restaurant, a new business owner might consider starting with a food truck that has much lower startup and overhead costs. Starting small is also a way of testing a concept, and a business can always grow from those small beginnings. People should not allow themselves to be deterred by fear of failure. Every entrepreneur struggles at times, and failure can also be a learning experience.
One option for new business owners who are concerned about financial security is to keep their regular job initially while working on the business on the side. Freelancing may allow a potential business owners to gauge demand and learn what approaches are most successful.
Whether people are starting a business with a great deal of capital or only a little, they might want to engage an attorney to assist with paperwork, documentation and entity formation. An attorney may be able to advise on federal, state and local regulations and discuss whether the business should be run as a sole proprietorship, a limited liability company or a corporation. As the business grows and becomes more complex, the attorney may also be able to continue advising on matter related to growth, contract disputes and negotiation.