Colorado is a beautiful place. With its incredible red rocks, snowy mountain landscapes, and friendly people, it is not hard to understand why so many individuals have moved there. The state is in the Southern part of the country, which means that it gets cold in the winter and hot in the summer. However, the temperatures are not extreme, and the climate is generally mild. In fact, according to the U.S. Census Bureau, there are an incredible number of weather stations in the state, recording data on the weather conditions every day.
One of the best places to do this is in Colorado since the state has a lot of vacant lands and a lot of room to expand. In this article, we will discuss the top five reasons why we named Colorado a Good Business Colorado.
1. Opportunity To Grow Your Business
The first and most important reason why Colorado is such a desirable place to start a business is its remarkable opportunity to grow. The state has an incredible number of vacant lots and buildings that could be turned into something productive. This is in stark contrast to many other states, which do not offer quite the same opportunity to grow your business. In fact, according to Mordor Intelligence, there are over a million empty retail spaces in the country, and 90% of these are located in large cities. In smaller towns, vacant retail spaces are less of a problem, but they certainly don't offer much opportunity for growth.
2. Talent Is Available
One of the main reasons why Colorado is such a desirable place to start a business is that there is an abundance of talented individuals who want to get involved in the field. The state is home to numerous universities, colleges, and high schools, which produce skilled and talented individuals on a daily basis. In fact, according to the Babson Survey, 87% of individuals in the state would consider a career in business, with 37% actually setting up a business themselves.
On the other hand, in many other states, there is a lack of talented individuals who want to get into business. A recent report from the Global Business Traveler readership program described how difficult it is to “break into” the industry in Texas. In California, only 2% of all businesses are estimated to be created by women and 1.3% by immigrants. This compares to 24% in Colorado. This is just one example of the significant differences in the country, and it highlights how vital talent is in driving business success.
3. Cost Of Starting A Business In Colorado
One of the reasons why Colorado is so desirable a place to start a business is that the cost of doing so is relatively low. As we mentioned above, in many other states the cost of starting a business is high, and it varies from state to state according to regulations and taxes. In Colorado, however, the cost of starting a business is around 12% of the median household income, which is considerably lower than the national average of 40%. Therefore, if you have the capital, it's well worth considering whether or not to start a business in Colorado.
4. High Real Estate Prices
Another significant reason why Colorado is such a desirable place to start a business is its property prices. In many other states, buying a property, no matter how small, can be extremely costly and can push many would-be entrepreneurs over the edge. In Colorado, however, there is a 7.5% premium on business services—including legal, financial, and real estate services—compared to the national average, which makes a small business owner's investment seem more attractive.
5. Easy Access To The Global Market
The last but not least reason why Colorado is such a desirable place to start a business is its proximity to the global market. The state is landlocked, so goods and services can be transported relatively easily from one location to another. This is in contrast to many other states, which can be difficult to reach by customers due to high transport costs and regulations that make it harder to do business across state lines (which can lead to an increasing number of small businesses operating independently).
These are the main reasons why Colorado is such a desirable place to start a business. Of course, there are other reasons why you might want to start a business in the state, such as easy access to the U.S. border, a pro-business environment, and low taxes. If you're thinking about starting a business in Colorado, the above info is sure to inspire you.