Start a Business in Durango, CO: When it comes to starting a business, entrepreneurs must look for the place with the most potential. Whether a corporation, sole proprietorship, partnership, or LLC, having a business in Durango, CO, is a plus for any entrepreneur. In general, setting up any form of business in Colorado, US, is the initial step to building an international brand.
Entrepreneurs across the globe are interested in starting and expanding their businesses in Durango, CO. With an urban population of 19413 (estimate), the city has a lot to offer to all emerging entrepreneurs. The main reason for this is the economic environment and flexibility of the business structure in Colorado. Like most places in the US, Durango, CO also offers business structures for all types of entrepreneurs; no matter what business you want to do, there’s a perfect solution for you. If you want to start limited liability company (LLC) or a corporation, or a sole proprietorship, Durango, CO has a proper business environment for all.
In this article, you will read about how to start a business in Durango and why you should choose Durango to start and run your business. We recommend you check below the important facts about Durango, CO; these might help you.
On this page, you’ll learn about the following:
Durango, CO Household Income Statistics
| Durango Median household income | 65424 USD |
| Durango households with dual income earners | 56.6 % |
| Durango households $150K+ Income | 14.1 % |
| Durango households $100K+ Income | 30.9 % |
| Durango households $100-150K Income | 16.8 % |
| Durango households $75-100K+ Income | 14.5 % |
| Durango households $50-75K+ Income | 17.4 % |
| Durango households $35-50K+ Income | 10.6 % |
| Durango households $25-35K+ Income | 11.6 % |
Durango, CO Education & Labor force Facts
| Durango residents with a bachelor’s degree (or equivalent) | 34.1 % |
| Durango residents with at least a 4-year degree | 55.5 % |
| Durango residents with a graduate degree | 21.4 % |
| Durango residents with a high school diploma but no more | 14.8 % |
| Durango residents with less than high school education | 3.3 % |
| Durango residents with some college but no more | 26.5 % |
| Durango residents with a Bachelor’s degree or higher (STEM fields) | 49 % |
| Durango households that own (rather than rent) their residence | 59.2 % |
| Durango residents 16 and older in the labor force | 65.1 % |
| Durango residents unemployed | 3.5 % |
Durango, CO Demographics
| Durango residents aged 0-9 | 8.9 % |
| Durango residents aged 10-19 | 12.5 % |
| Durango residents aged 20-29 | 16.9 % |
| Durango residents aged 30-39 | 16 % |
| Durango residents aged 40-49 | 13.8 % |
| Durango residents aged 50-59 | 12.7 % |
| Durango residents aged 60-69 | 10.8 % |
| Durango residents aged 70-79 | 6 % |
| Durango residents aged over 80 | 2.6 % |
| The average size of resident families in Durango, CO | 2.91 |
| Estimated population per square kilometer in Durango, CO | 509 |
| Durango, CO urban population (estimate) | 19413 |
| Durango, CO municipal population (estimate) | 19413 |
Now that you know what makes Durango of Colorado good for business, let’s get started with the exact steps on how to start a business in Durango.
How to Start a Business in Durango, CO
Starting a business in Durango, CO, needs planning, financial decisions, legal procedures, and a handful of other things. Be it a corporation, sole proprietorship, partnership, or LLC in Colorado, you must go through the following steps. These steps are general steps. They are subject to change depending on the structure of your business.Generally, starting a Limited Liability Company is easy to form. Read our guide on how to start an LLC before you start your own business. Here are the steps to set up your business in Durango.
Step 0: Decide on What Business to Start
This is the first thing you work on, the type of business you want to start in Durango. Depending on that, you need to make your business plan. Apart from the legal documentation and process, you must include the following points in your business plan,
- Through market research on demand trend
- Complete Budget plan – funding your business. If you’re planning to start an LLC, then take a look at the cost of LLC
- What competitors are doing
- SWOT Analysis – check what your Strengths, Weaknesses, Opportunities, and Threats are
- Your targeted buyers
Once you have the entire plan with you, you can continue working on the legal structure of your business. LLCBuddy will guide you through the legal process of forming an LLC for your business. It’s very likely that you have already done this step 0, so that we won’t go deep into this step, let’s move to step 1.
Step 1: Choose Your Business Structure
The very first step after you decide on what type of business you want to start is to choose what type of business structure you want to form. You can form an LLC, a sole proprietorship, a corporation, or a partnership. Each type of structure has different rules and regulations. For example, if you want to start a Colorado LLC, there are different types of tax and fee structures. An LLC formation is similar to forming a sole proprietorship. On the other hand, forming a corporation is much more complicated. The tax and fee structure is completely different in corporation formation.
Step 2: Name Your Business
The next step in forming a business is to give it an appropriate name. Having a business name is not so easy task. You cannot pick a random name for your company. One has to follow proper naming guidelines before they name their company. Besides, before you settle a name, you must check if the name you are looking for is available to use. You can visit the official government site of Colorado to do the Colorado LLC name search before you pick the available name. Below are some of the naming rules you need to follow,
- You cannot name your business that has words or phrases like Bank, University, Government, or anything that can confuse people with a government sector.
- If you are forming an LLC in Colorado, then you must include words like “LLC,” “LC,” “LLC,” “Liability Company,” and “L.L.C.” If it is an LLP, then you must include “LLP” in your business name.
- The name should reflect the nature of your business. Any name that can confuse people should not be picked.
- You can check if the name of your company is available. Through the business name search process, you can search if the desired name is available for use or not.
- You can reserve your business name for a certain time before you form your business in Durango, CO by filing a name reservation application.
The above-mentioned points are basic naming rules that all businesses have to follow while naming their company. As mentioned above, these rules are subjected to change depending on the structure of the business.
Step 3: Get a Registered Agent
A Registered Agent is a person who receives all types of legal and official documents on behalf of the business. Whether a suit against your company or formation-related documents from the state, a Colorado LLC Registered Agent is responsible for receiving these documents at his/her official address. In general, anyone who has the right to conduct business in Durango can be a registered agent. However, there are some requirements to becoming a registered agent.
- The person has to be 18+ years of age.
- Must be a citizen of the Colorado
- Must have a physical street address in the Colorado
- Must have legal rights to conduct business in the Colorado
Anyone who fulfills the requirements can be a registered agent. Also, anyone from the company, your spouse, any relative, or yourself can be a registered agent. But, it is recommended that you hire a professional registered agent to look after your documentation. You can choose from the best LLC services that also offer registered agent for LLCs.
Step 4: Register Your Business
The next step is to register your business under the Secretary of State, Colorado. The Articles of Organization (or certificate of incorporation) of your company should be submitted online, by mail, in person, or by fax to the Colorado SOS. You need to pay the state filing fee either by Credit Card or by check to the SOS while registering your business in the Durango, CO. Your Colorado LLC articles of organization should have the following details about your business
- Company/Business name, address
- Registered Agent Name, address
- Member-managed or manager-managed (in case of LLC)
- Type of business
Depending on the type of business structure, you may have to add some more information to the formation document.
Step 5: Write the Operating Agreement
An operating agreement is a document that has all the structural information of your business. In most states, it is not mandatory to create an operating agreement. However, it is highly recommended to have one as an internal document. This document records information such as,
- About Business
- Members and management
- Capital contribution
- Profit Distribution
- Change of membership
- Dissolution
In future, if any member wants to leave the company or you want to dissolve the business, then the Colorado operating agreement has everything recorded, from clauses to contributions.
Step 6: Obtain EIN
EIN or Employer Identification Number is required to file taxes, open a business bank account, and if your business has employees. EIN can be obtained from IRS. It is a 9-digit number similar to Social Security Number. However, EIN is different from SSN. It is solely used for business purposes, especially for general tax filing. You have to fill out the form and submit it to the IRS website. It does not cost you anything to obtain EIN.
Step 7: Get Business Bank Accounts
Once you obtain the EIN for your business, you are free to open a business account in the US. Having a US business bank account can ease your business transactions in Durango, CO. It increases your business credibility and liquidity. It will also be helpful for business loans.
Step 8: Create Your Business Website
Business websites are as important as your business structure. It is necessary to have a catchy business website with all the information regarding your company. Along with the website, you need some more things. Things such as logos, business cards, business emails, domain names, and social media accounts are needed to promote your business. You can hire a professional business service to get all of these services under one roof.
Other Things to do After Starting Your Business
- Once your company is set in the Durango, Colorado, you need to file your taxes and apply for licenses (if needed).
- Apart from the license and permits, you need to get insurance for your business. Such as General Liability Insurance, Professional Liability Insurance, and Workers’ Compensation Insurance are some of the insurances you need to get if you are about to start an LLC.
Important Durango Stats for Starting a Business
Before you start a business in Durango, it is required that you know some facts about the city. Following are some of the stats to consider before starting a business.
Education & Employment
Durango has a diverse population that comes from various educational backgrounds. There are students who haven’t finished their high-school education, whereas there are people who are more than just college graduates. Check the table (Education & Labor Force) for detailed data. From the data, it is clear that the city has enough educated and skilled people who can contribute to the labor force.
Demography
As we talk about the urban population density, the young population percentage in the city is approximately 16.9 (people in their 20s) and 16 (people in their 30s). This means that having any business that is new and tech-based might be profitable. The median age of the population in the city is 36.4. On the contrary, if anyone wants to start a business that is related to any old-age service, such as caregiver, primary old-age support, or something of a similar sort, then Durango has approximately 2.6 (people in their 80s and above) percent of old people. Check out the table (Demography) above for more information.
Real Estate
Another important factor to mention about Durango is the home value of owned properties. The average value of owned houses is 465661. Also, the percentage of people living in their own houses is 59.2. This reflects the real estate market of the city. For a metropolitan city, this is a considerable number.
Health
It is inevitable that living in a big city is different from living in a town or a comparatively smaller city. It directly affects lifestyle and health. It is obvious that having health insurance is important, no matter which city or region you are residing in. But there are people in Durango who still do not have health insurance. The rate of people not having health insurance is 8.5. This depicts the lifestyle and overall health demography of Durango. As you plan to start your business in this city, you must consider this stat as well.
Income & Lifestyle
The income pattern of the people in this city is given in the table (Income) above. In Durango, a part of the population has a dual family income that reflects a better standard of living. As in, people have more than one source of income. The table above shows the income percentage of various slabs.
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Reasons to Start a Business in Durango
Durango offers a bunch of business-friendly services for entrepreneurs. A proper business environment, skilled labor, tax advances, deductions, and much more are awaiting if you are interested in starting your business in Durango. Here are some of the reasons,
Stable Economic Growth
Durango or any other city in Colorado has stable economic growth and an environment that helps any business to grow successfully. The economic structure of Colorado shows not only balanced but also a sustainable condition of economic growth, which in turn triggers the businesses to flourish in the state.
Minimize Personal Liabilities of the Entrepreneur
If you’re considering starting an LLC in Durango, then it will be your best choice. An LLC protects your personal assets and minimizes your personal liabilities. This is one of the many reasons why having an LLC in Durango is a wise choice. Also, if you are opting for an LLC, the tax deductions will be more than having a corporation.
Federal and State Tax Relaxation
There is a series of federal taxes that an entrepreneur has to pay when operating a business in the US. Depending on the state your company is located in, the state taxes are being imposed. For an LLC, both of these taxes are much lower compared to other business structures. Along with tax impositions, some tax deductions (state-wise) lower the filing fees and other government charges. Check out the Colorado LLC tax structure to know more about the tax structures for LLCs in the state.
Government Incentives for Entrepreneurs
Federal and state governments in the US ensure that entrepreneurs get a proper business environment in the state or city they are operating their business. The government provides a few incentives to the business holders in Colorado or any other state. That means if you are operating any business in Durango, then Colorado State will provide an incentive for creating jobs, contributing to the state’s GDP, and/or balancing the state’s tax structure.
Low Corporate and Other Business Taxes
Corporations and other business structures (except for an LLC) are liable to pay a corporate tax in Colorado. Also, there is a Sales Tax that all businesses, including LLCs, have to pay. However, the rate of taxes is very low. Besides, as the businesses receive incentives, the tax burden gets lower.
Skilled Labour & Quality Manpower
In Durango, it is easy to hire employees for your business. They are not only skilled but also well-educated to help your business grow. As mentioned above, the 65.1 is the percentage of labour participation. Hence, it is clear that having a business in Durango will make a lot of difference to the existing labor force.
Demand for New Market and Industry
In Durango, Colorado, there is an uprising demand for new industries and new markets. Entrepreneurs who are willing to start a business in any of the cities of any state are given enough opportunities to stay in business. Business licensing, tax deductions, incentives, and relaxation of business taxes are some of the benefits that encourage start-ups and budding entrepreneurs to start their own businesses in Durango.
If we follow the US Data, the median value of commute time for the residents to their work is approximately 15.9. If you are starting a business here, you must keep in mind that commutation can be a point to consider.
Intellectual Property Protection
The US government receives roughly more than 1 million applications for IPR every year. The federal government makes sure that there is no infringement of any patent or property rights. It does not matter which city in which state you are running your business. The rule of Intellectual Property Protection is the same for all. If you have a foreign business in the US, then you might get more benefits under the IPR act.
Other Benefits
Durango (aka ) is ranked at 3 in terms of importance. Apart from the above mentioned reasons, there are some other benefits that businesses enjoy in Durango. For example, technological advancement, a stable political environment, renewable resources, sustainable non-renewable resources, and some more benefits make things easier for entrepreneurs to start and run their businesses. According to US Data, the percentage of young people in Durango is 16. Hence, it would be great to start a business that is related to tech here as you might get a good number of clients.
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Best Time To Start Business In Durango Colorado
Whether you are looking to start a new business in Durango Colorado or you are in the market to upgrade your current operations, there is plenty to do and see in this town. There is no lack of entertainment, history, and outdoor activities. In fact, if you are looking to take your vacation in the direction of the mountains, Durango is the perfect choice.
Durango is home to 13 historic sites and 2,500 preserved archeological sites. One of the city’s most notable features is its status as a home rule municipality. The city has a population of 19,071 at the 2020 census. It is also the county seat of La Plata County. The city has two UNESCO World Heritage Sites and is adjacent to two National Parks. While it’s hard to beat the beauty of Durango’s surroundings, the city has a surprisingly robust arts and culture scene. Its artsy-fartsy credentials can be gauged from the number of public murals and sculptures. Among its best-known attractions are the Durango & Silverton Narrow Gauge Railroad, which carries thousands of tourists through the town’s canyons each year.
In addition to the railroad, Durango also has an impressive list of annual events. The town hosts a number of annual festivals, including the Snowdown Celebration, which is the city’s largest winter event. It’s a five-day event that includes a parade of lights, costume contests, and a plethora of activities and competitions. The town also hosts the Hardrock Hundred Mile Endurance Race, an iron horse event that takes place annually in July.
Durango is also home to two UNESCO World Heritage Sites and four National Monuments. The Four Corners Monument is where Colorado, Utah, Arizona, and New Mexico all meet. The town has one National Park and is also close to Mesa Verde and Chaco Canyon. Aside from the historical sites, the town also has some of the best skiing in the state. There are a number of world class athletes, including Ross Anderson, the fastest skier in American history.
Durango is also a great place to shop for a variety of items, including antiques and art. The town has an eclectic mix of shops and restaurants, and is home to several of the city’s most notable landmarks. In addition to Main Avenue, the city’s best shopping is to be found in the historic downtown. Some of the city’s best-known landmarks include the Strater Hotel, where Louis L’Amour wrote his famous western novels, and the Rochester Hotel, which pays homage to Durango’s motion-picture history. The city also boasts a smattering of museums, art galleries, and historic sites, and is home to the Fort Lewis College, the city’s public library, and several theaters.
The best time to start a business in Durango is not exactly an exact science. While it’s true that this town has a lot of activities and attractions, it’s still a big town. The best time to start a business is a matter of finding out what works for you.
FAQ About Durango, CO
Running a company from your house in Durango, CO is absolutely legal. For your home-based company to operate in Durango, CO, you may need a particular business license from the regional government. For such licenses, get in touch with your neighborhood administration.
The economy of Durango, CO, has significantly matured recently. The key contributor to Durango’s wealth and ongoing expansion is the service industry. The city welcomes ambitious company owners who are eager to launch their own operation.
The price to form an LLC in Durango, CO depends on a number of variables. It may be influenced by the number of members, the nature of the organization, and the yearly fees. In Durango, CO, an LLC generally costs $50.
In Durango, CO, choosing a name, submitting the necessary paperwork to the Secretary of State, and obtaining an EIN are the first three steps in forming an LLC. The next step is opening a bank account and obtaining a business license. You may launch your LLC after they are finished.
No, Durango, CO LLCs are not free. You must pay the state-imposed filing cost establishing an LLC in Durango, CO. In Durango, CO, there are additional taxes that must be paid if one operates an LLC.
If you’re trying to figure out how to generate money in Durango, CO, you may want to think about working as a freelance writer. In Durango, CO, there are numerous methods to earn money as a freelance writer, but you may also do it from home and choose your own hours.
It takes a few days to register a business in Durango, CO. The process is simple, and the city has a helpful website with all the information and forms you need. You can register online, and the process is free.
A registered agent must be appointed when forming a new LLC in Durango, CO. It might be a family member, spouse, boss, or even you. All of your legal and official papers are received on your behalf by a registered agent.
In Durango, CO, several significant companies have been founded. For instance, a business that offers waffles, cookie cutters, or ice cream in the form of a FL.
Any company that can be started for less money is the simplest to run in Durango, CO. However, you also need to consider the pricing and the demand for the product or service. Good alternatives include food trucks, dog walkers, personal trainers, and home bakers.
Durango, CO company owners must do their research. Make sure you have these 5 items on hand before beginning the Durango, CO, company formation process. 1. A business plan; 2. A company name; 3. Money; 4. Permits; and, 5. A promotion strategy.
Contacting the local administration is necessary if you want to license a company in Durango, CO. Your required license and payment details will be sent to you by them. Depending on the sort of enterprise you are running, business license fees in Durango, CO vary.
It’s no surprise that Durango, CO, is one of the best places in the country to launch a startup. The city is home to more than 1,000 startups, and the tech sector is booming, with more than 100,000 jobs in Durango. Durango is also good to live in.
The city’s IT and service industries are the primary drivers of Durango, CO’s rapid growth. The business climate in Durango is fantastic, and there are several advantages for new company owners. It follows that the city’s economy is expanding.
Making $18 in Durango, CO is not that bad for a startup. Though, it would be great if you could make around $40 an hour for a city like Durango. However, as a small business, it is good money.
In Durango, CO, LLCs are quite common. An LLC may be created more easily and has a pass-through tax. This is why many new and small firms in Durango, CO choose LLCs over other corporate forms. Additionally, if you decide against continuing, LLCs are simple to dissolve.
In Durango, CO, if you want to run a business, then you need a few things. First, get a good business plan. Then check what your competitors are doing and who your buyers are. Once you are done with your research, file your business with the state and get started.
In Durango, CO, registering an LLC is a straightforward procedure. To create an LLC, you must first file documentation with the Secretary of State. After that, you must make a trip to the County Clerk to submit documentation (if needed).
In Durango, CO, small businesses may be subject to lower tax rates than the city’s larger corporations. Sales tax and franchise taxes are required to be paid for an LLC in several states. You may have to pay employment taxes if you have workers.
In comparison to a sole proprietorship, an LLC in Durango, CO, must pay more in state taxes. Furthermore, it is not often apparent in Canada what distinguishes an LLC from a corporation. Because of this, a Durango, CO, LLC can be regarded as a company in Canada. Operating LLCs is challenging.
A company may be launched successfully in Durango. Both the cost of launching a company and the cost of living are cheap. Depending on the sort of company you want to establish, it might cost anywhere from $100 to $50 to get off the ground.
If you want to start a company in Durango, CO, then you’re in luck. There are many resources to help you. The first step is to decide the type of business you want. If you’re not sure, you can always start with an LLC; it is easy to start.
Durango, CO, is a great place for businesses of all types. If you are thinking about starting a business in Durango, you may have some questions about what is required. In Durango, is a business license required? Yes, a business license is required in Durango, CO.
Food trucks, coffee shops, modest real estate, and internet firms are the types of small businesses that profit the most in Durango, CO. These are some nice small company ideas to think about if you want to establish a business in Durango and earn some decent money there.
Durango, CO is known best for its flourishing economy. If you are into business and willing to start your own business in this city, then this will be a good idea for you. In Durango, CO, you can start you own business easily.
Houston, Texas is more expensive than Durango, CO for housing. In comparison to Houston, Durango has a cheaper cost of living. Housing is less expensive in Durango than it is in Houston. Houston’s grocery prices are higher than those in Durango.
Businesses are relocating to Durango, CO, mostly due to the city’s robust economy. This is made feasible by the city’s service sectors and current industry. Durango’s economy is expanding daily, and other companies are eager to relocate there.
It’s challenging, but not impossible, to make money quickly in Durango, CO, or any other city. In Durango, CO, you may increase your income more quickly by operating a well-liked and in-demand company. For instance, a few solid alternatives are real estate, dining establishments, personal trainers, and construction companies.
The best course of action is to get Durango, CO small business insurance. No matter whether it is required or not, insurance may safeguard your company from mishaps and unfavorable situations. The conclusion is that small company insurance is recommended.
Tax ID numbers are needed for many different things, but what does it cost to get one? It’s free to get a tax ID number in Durango, CO. You can get a tax ID number from the IRS website for free.
State residents love Durango, CO very much. The reason for this is that the city’s tertiary sector and industry have both recently seen significant growth. For business chances, both aspiring and established businesses desire to relocate to Durango.
If you want to start a business in Durango, CO, then the first thing you must do is to get a business idea. A draft or a business plan should be made which will have the details of what kind of business you want to start in Durango, CO.
Yes, Durango, CO’s LLC requires insurance. If your LLC has employees, you are required by federal law to obtain workers’ compensation. However, there are certain states with differing laws. To find out whether insurance is required in Colorado for LLCs or not, you may visit the Colorado Secretary of State site.
In all honesty, neither Durango, CO, nor any other city, has a business that can run itself. Every company requires work to function successfully. If you create a small company in Durango, CO, and focus on a certain neighborhood or area, you can find yourself with some spare time.
If you’re looking to set up your own LLC in Durango, CO, you’ll need to do a few things. First, you’ll need to register your business with the state of Colorado. You’ll also need to appoint a registered agent. You can do this by filing formation documents.
How Fast Can You Start Business in Durango, CO
The answer lies within the perfect blend of factors that contribute to Durango’s entrepreneurial landscape. First and foremost is the spirit and determination of its residents. The people of Durango are renowned for their hard work, resilience, and can-do attitude, making them invaluable assets to any business venture. Local communities here are tight-knit, supportive, and invested in the success of their members, fostering a collaborative environment that not only accelerates business growth but also cultivates a sense of belonging.
Another factor that fosters the quick establishment of businesses in Durango is its diverse economy. With a range of industries driving the local economy, opportunities abound, and entrepreneurs can tap into existing networks and resources to bring their innovative ideas to life. Whether it’s the tourism sector, outdoor recreation, healthcare, or education, Durango offers a dynamic marketplace that encourages business development across various sectors.
Furthermore, Durango boasts an infrastructure built for success. The city is equipped with top-notch utilities, reliable transportation systems, and modern technology, creating a solid foundation for business operations. Whether one envisions an office-based startup or an online venture, the necessary resources and services are readily available, ensuring a quick and smooth business launch.
In addition to its conducive business environment, Durango also benefits from its strategic location. Situated in the heart of the Four Corners region, not only is it a gateway to the picturesque landscapes of Southwestern Colorado, but it also serves as a hub that enables entrepreneurs to access markets beyond. Proximity to economic giants like Denver and Albuquerque adds traction to the acceleration of commerce and business growth, making Durango an attractive choice for enterprising individuals.
An often underestimated factor that contributes to the speed of starting a new business in Durango is the local government’s commitment to fostering an entrepreneurial ecosystem. The city and county authorities have implemented policies and initiatives that stimulate business development, investing in resources, mentorship programs, and incubators that offer invaluable support to entrepreneurs. Moreover, the Durango Area Chamber of Commerce plays a critical role in connecting, educating, and advocating for local businesses, providing a platform for networking and collaboration.
Ultimately, the question of how fast one can start a business in Durango can be boiled down to the drive, resilience, and ideas of the aspiring entrepreneur. While external factors significantly impact the speed of starting a business, it is the individual’s passion, creativity, and dedication that unleash the true potential of an enterprise. With a community like Durango ready to embrace and support new businesses, the opportunities for entrepreneurial success are as limitless as the captivating horizons of Southwestern Colorado.
In Conclusion
Starting a business in Durango is not only easy but also profitable. A large portion of the US and even people from other countries are registering their business in the US for intercontinental brand building. Besides, Colorado has a sustainable economic atmosphere that is enough to encourage newbies to start and run their businesses in Durango, CO.
