The Q3 2018 Small Business Index found that only 54 percent of companies surveyed said they would increase their social media presence. This is partially because of the declining user rates reported by Snapchat, Twitter and Facebook. However, social media can still be a powerful tool for companies in Colorado and throughout the country. Perhaps the greatest benefit of using social media is that it allows a company to communicate with its customers instantly.
Many small business owners may believe that is it good business sense to pull back their social media efforts to focus on other aspects of their business. However, small business owners in Colorado may be interested to know that experts believe having an online business presence is important. Small business owners are able to increase the visibility of their businesses by having an active social media profile.
For every Twitter, Snapchat and Tesla Motors, there may be two or more promising Colorado startups that fail to take off because they are not adequately positioned for success. In a major tech hub such as Denver, quite a few startups that should have skyrocketed instead languished after dubious efforts to attract venture capital investors.
Colorado entrepreneurs may have great new ideas that they want to capitalize on. However, going into business is not only about having an excellent idea and the commitment to create a profit-making venture. There are a number of legal considerations that should be considered as well. From the type of legal structure that you choose to the contracts that you enter into, the decisions you make can have a major impact on the future of your business.
Entrepreneurs starting a business from scratch have to juggle countless variables simultaneously, which is never an easy task. For instance, someone starting a business in Colorado has to worry about how to optimize their product or service, how to attract top-tier talent and how to market their business as best as possible.
Businesses in Colorado and throughout the nation may use a non-disclosure agreement, or NDA, as a way to protect confidential information. However, in some cases, it is better to not disclose it at all. It is also important to consider which party or parties will be disclosing such information. If only one party is going to be releasing confidential information, a one-way NDA may be appropriate.
Colorado entrepreneurs who are contemplating existing their businesses for retirement have many issues to consider. Business owners who want to move on in a way that will benefit both themselves, their family and the business should have an effective succession plan.
Any entrepreneur who has ever had to raise funds, be it in Silicon Valley or Colorado, is well aware of the importance of offering their investors an exit strategy. After all, an investor can exit through one of two ways: an acquisition deal or an IPO. Unfortunately, most startups can spend their entire lives neither getting acquired nor going public.
Startups, whether in Silicon Valley or Denver, Colorado, are infamous for being extremely lavish with their resources. Although this extravagance is explained as a necessary tool to attract and retain top talent, it often causes startups to experience undue stress and requires them to seek extra funding, which can be problematic in the long term. Moreover, it is worth pointing out that the notion of entrepreneurs being overindulgent with their startups is backed up by data as opposed to being purely anecdotal.
Many new companies in Colorado inevitably run into the need for business loans. An injection of cash can help a growing enterprise keep up with rising demand or acquire new equipment or real estate. While startup companies generally lack the financial track record required to get a bank loan, the Small Business Administration and online lenders could provide access to money. Choosing the right amount to borrow without overextending a youthful business represents the crucial first step when seeking a loan.