Start a Business in Summit County the Easy Way

Starting a small business is an exciting journey for those looking to build a life around their passion. 

However, the logistics of getting a new venture off the ground can feel overwhelming at first. If you’re an aspiring entrepreneur in Summit County, Colorado, we’ve created a guide to help you turn your business dream into reality.

Why Start A Business In Summit County?

There’s a reason why so many entrepreneurs are coming to Summit County to build their dream businesses. The growing towns of Breckenridge, Frisco, and Silverthorne offer a unique environment for small businesses to thrive. 

With a vibrant tourism industry and tight-knit local community, you’ll find a loyal customer base that values and supports local businesses. Plus, with the recent influx of remote workers and digital nomads to the area, there’s an increasing demand for goods and services from small businesses.

Steps To Starting A Business In Summit County

 

Step 1: Refine Your Business Idea and Research the Market

What’s your big idea? Before diving into paperwork, take time to flesh out your business concept fully:

• Define your products/services and target customers
• Analyze the local competition and market demand
• Determine your unique value proposition
• Create financial projections and startup cost estimates

The Northwest Colorado Small Business Development Center (SBDC) offers free consulting to help refine your ideas and create a solid business plan. Their expert advisors can provide invaluable guidance as you lay the groundwork for your new venture – helping you start on the right foot with a business idea that will resonate with the region.

Step 2: Choose a Business Structure and Register Your Company

Next, you’ll need to select a legal structure for your business (e.g., sole proprietorship, LLC, corporation) and register with the proper authorities. This can often be the part that scares many small business owners, but it doesn’t have to be challenging.

Here are the key steps to take:

1. Register your business name and structure online with the Colorado Secretary of State’s office.
2. Obtain a federal Employer Identification Number (EIN) from the IRS website. This acts as a “social security number” for your business, helping you track and file taxes and hire employees.
3. Register for state sales tax with the Colorado Department of Revenue.

Step 3: Obtain Necessary Licenses and Permits

Depending on your business, you’ll need particular licenses to open and operate your business. Licensing requirements vary based on your industry and location within Summit County. At a minimum, you’ll need:

• A general business license from your town (Breckenridge, Frisco, Dillon, etc.)
• Any industry-specific licenses or certifications

Check with your local town hall and the Summit County government website for detailed licensing information. Common additional permits include:

• Retail food establishment license
• Liquor license
• Short-term rental license
• Building/signage permits

Don’t hesitate to contact the clerk’s office in your town if you have questions—they’re there to help guide you through the process and help you find the right paperwork to file to get the permits you need.

Step 4: Set Up Your Finances

Passion helps bring your small business idea to life, but revenue and financials keep it thriving. You’ll want to have a plan for managing your finances, including setting up a business bank account and keeping track of expenses and income. It’s also important to familiarize yourself with tax laws and regulations that apply to your specific type of business.

• Open a separate business checking account.
• Set up a bookkeeping system (software like QuickBooks or work with a local accountant)
• Determine your pricing strategy
• Explore funding options if needed (SBA loans, local grants, etc.)

The Summit Chamber of Commerce and SBDC can connect you with financial professionals who are experienced in advising local small businesses.

Step 5: Find a Physical Location (If Needed)

If your business requires a storefront or office space, research available commercial properties in your target area. Work with a local real estate agent familiar with the business landscape. Consider factors like foot traffic, parking, and proximity to complementary businesses.

For home-based businesses, check your town’s zoning laws regarding operating a business from a residence. You may need a home occupation permit, but many situations don’t require one.

Step 6: Build Your Online Presence

Even for brick-and-mortar businesses, a strong digital presence is essential:

• Create a user-friendly website optimized for local SEO
• Claim your Google Business Profile
• Set up social media accounts on relevant platforms
• Consider listing on local business directories

If you aren’t sure how to get started, consider hiring a digital marketing expert with experience helping small businesses build their online presence.

Step 7: Network and Market Your Business

Connection is key to building a thriving business. But here’s the good news – Summit County is a great place to find a close-knit business community:

• Join the Summit Chamber of Commerce and check out the Summit Economic Partnership
• Attend local networking events and workshops
• Partner with complementary businesses for cross-promotion
• Participate in community events and sponsor local causes

Word-of-mouth is powerful in small mountain towns. Building genuine connections within the community can lead to valuable partnerships and loyal customers.

Step 8: Hire Employees (If Necessary)

Need help with your growing business? If you plan to hire staff, you’ll want to familiarize yourself with Colorado’s employment laws. Key steps include:

• Obtain workers’ compensation insurance
• Register with the Colorado Department of Labor and Employment
• Create an employee handbook and clear job descriptions
• Develop a solid onboarding and training process

The Colorado Workforce Center in Frisco can assist with job postings and connect you to potential employees.

Step 9: Grow & Thrive

Once you’ve launched your business and established a strong foundation, it’s time to focus on growing and thriving. 

Keep building relationships with local organizations and networking events, continue providing quality products or services, and always be open to customer feedback. Don’t forget to connect with the Summit County Chamber of Commerce to join the growing community of business owners helping one another succeed.

Remember that growth takes time and effort, so be patient but persistent in your efforts. Most importantly, remember to celebrate your successes along the way!

Embracing the Summit County Business Community

Starting a business anywhere can be challenging, but Summit County’s collaborative spirit and support network gives new entrepreneurs a unique advantage.

Remember, the key is to take it one step at a time. Utilize the abundant local resources available, and don’t be afraid to ask for help along the way. Summit County’s business community is known for its welcoming nature and willingness to support fellow entrepreneurs.

Are you ready to embark on your Summit County business adventure? Visit the Summit Chamber of Commerce online to learn more about business opportunities in the region, resources for entrepreneurs, and upcoming networking events!