Colorado is often cited as one of the best states in the country for people who want to incorporate their business, but it’s also great for people who want to expand their current operations. It has tons of things to offer and is looking more promising by the day.
Many businesses have decided to increase their presence there, such as Slack, RobinHood, and Wix to name just a few. The state seems to be opening its doors to people fleeing from Silicon Valley and the many limitations of doing business there at the moment. Let’s take a look at a few reasons why Colorado could be the perfect location for business expansion.
Proximity to the West Coast
One of the main reasons why Colorado is such a great state if you want to expand your business is the immense talent pool that you’ll have access to. You’ll be near the West Coast and some of the best universities the country has to offer. Not only that, but the West Coast attracts a large percentage of people who want to work in the tech industry, making it a prime destination for any tech entrepreneur looking for top talent.
Vibrant Startup Community
Colorado is not only a great place if you’re looking for employees, however; it also has one of the most vibrant startup communities you’ll find anywhere in the country. People like Kimbal Musk, Elon’s brother and the founder of PayPal, SimpleGeo founder Joe Stump, and serial tech entrepreneur Andrew Hyde all set up shop here. This is the perfect place to be for innovation at the moment, as well as if you want to build a solid network of likeminded people.
This vibrant startup scene also brings another advantage: venture capital. Startups managed to raise over $2.2B billion in funding in 2020, even in the midst of financial turmoil. It has been estimated that investment in the state has grown by more than 85% over the last 5 years, and it’s showing no signs of slowing down.
If you really want to take advantage of the torrent of investment in the state, we would suggest you go where the money is. Places like Boulder are turning into hubs for investors, and if you have a good business idea, finding investors should be a breeze.
Favorable Tax Environment
The tax environment is very favorable for businesses in Colorado, which could be one of the biggest benefits of moving there. Things like payroll tax are much lower than in many states in the country, which is great for anyone thinking of hiring more employees but who have felt limited by taxes in their area.
The state supports low taxes for businesses in general, and the tax code is pretty straightforward, making it a great state for anyone who wants as little trouble as possible with the IRS.
However, while the tax regulations are easy to navigate, you will still need to be careful with things like liability laws. We would also suggest that you start looking for Colorado business coverage now. If you’re looking for a reputable company, there are people that can provide coverage for everything from liability to car accidents. They have flexible plans depending on the industry you’re in and your specific needs and you can complete the whole application process online. You’ll be able to review some of the options they have to offer and get your coverage in under 10 minutes.
Lower Cost of Living
Another point in favor of Colorado is how affordable the cost of living is here. There are tons of hidden gems to be found as far as real estate goes. There are also plenty of places around major cities like Boulder or Denver where property and living costs are much more affordable than in the city. Less money spent on living means more money to be reinvested in your company.
These are all great reasons why Colorado should be on the top of your list if you are thinking of expanding your business. This could be a great decision depending on your line of business and your objectives.