Start a Business in Lakewood, 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 Lakewood, 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 Lakewood, CO. With an urban population of 155733 (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, Lakewood, 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, Lakewood, CO has a proper business environment for all.
In this article, you will read about how to start a business in Lakewood and why you should choose Lakewood to start and run your business. We recommend you check below the important facts about Lakewood, CO; these might help you.
On this page, you’ll learn about the following:
- Lakewood, CO Household Income Statistics
- Lakewood, CO Education & Labor force Facts
- Lakewood, CO Demographics
- How to Start a Business in Lakewood, CO
- Other Things to do After Starting Your Business
- Important Lakewood Stats for Starting a Business
- Reasons to Start a Business in Lakewood
- FAQ About Lakewood, CO
Lakewood, CO Household Income Statistics
|Lakewood Median household income||71233 USD|
|Lakewood households with dual income earners||58.5 %|
|Lakewood households $150K+ Income||14.8 %|
|Lakewood households $100K+ Income||33.4 %|
|Lakewood households $100-150K Income||18.6 %|
|Lakewood households $75-100K+ Income||14 %|
|Lakewood households $50-75K+ Income||19.4 %|
|Lakewood households $35-50K+ Income||12.7 %|
|Lakewood households $25-35K+ Income||6.3 %|
Lakewood, CO Education & Labor force Facts
|Lakewood residents with a bachelor’s degree (or equivalent)||27.4 %|
|Lakewood residents with at least a 4-year degree||42 %|
|Lakewood residents with a graduate degree||14.6 %|
|Lakewood residents with a high school diploma but no more||22.6 %|
|Lakewood residents with less than high school education||7.7 %|
|Lakewood residents with some college but no more||27.7 %|
|Lakewood residents with a Bachelor’s degree or higher (STEM fields)||47.4 %|
|Lakewood households that own (rather than rent) their residence||59 %|
|Lakewood residents 16 and older in the labor force||68.5 %|
|Lakewood residents unemployed||4 %|
Lakewood, CO Demographics
|Lakewood residents aged 0-9||9.4 %|
|Lakewood residents aged 10-19||10.5 %|
|Lakewood residents aged 20-29||16.5 %|
|Lakewood residents aged 30-39||15.8 %|
|Lakewood residents aged 40-49||11.7 %|
|Lakewood residents aged 50-59||13 %|
|Lakewood residents aged 60-69||11.3 %|
|Lakewood residents aged 70-79||7.3 %|
|Lakewood residents aged over 80||4.6 %|
|The average size of resident families in Lakewood, CO||3.03|
|Estimated population per square kilometer in Lakewood, CO||1383|
|Lakewood, CO urban population (estimate)||155733|
|Lakewood, CO municipal population (estimate)||155733|
Now that you know what makes Lakewood of Colorado good for business, let’s get started with the exact steps on how to start a business in Lakewood.
How to Start a Business in Lakewood, CO
Starting a business in Lakewood, 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 Lakewood.
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 Lakewood. 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 Lakewood, 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 Lakewood 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 Lakewood, 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
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 Lakewood, 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 Lakewood, 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 Lakewood Stats for Starting a Business
Before you start a business in Lakewood, 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
Lakewood 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.
As we talk about the urban population density, the young population percentage in the city is approximately 16.5 (people in their 20s) and 15.8 (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 38.5. 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 Lakewood has approximately 4.6 (people in their 80s and above) percent of old people. Check out the table (Demography) above for more information.
Another important factor to mention about Lakewood is the home value of owned properties. The average value of owned houses is 398560. Also, the percentage of people living in their own houses is 59. This reflects the real estate market of the city. For a metropolitan city, this is a considerable number.
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 Lakewood who still do not have health insurance. The rate of people not having health insurance is 7.6. This depicts the lifestyle and overall health demography of Lakewood. 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 Lakewood, 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.
Similar Read – How to Start Business In Port Arthur, TX
Reasons to Start a Business in Lakewood
Lakewood 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 Lakewood. Here are some of the reasons,
Stable Economic Growth
Lakewood 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 Lakewood, 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 Lakewood 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 Lakewood, 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 Lakewood, 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 68.5 is the percentage of labour participation. Hence, it is clear that having a business in Lakewood will make a lot of difference to the existing labor force.
Demand for New Market and Industry
In Lakewood, 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 Lakewood.
If we follow the US Data, the median value of commute time for the residents to their work is approximately 27.2. 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.
Lakewood (aka ) is ranked at 2 in terms of importance. Apart from the above mentioned reasons, there are some other benefits that businesses enjoy in Lakewood. 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 Lakewood is 15.8. Hence, it would be great to start a business that is related to tech here as you might get a good number of clients.
Also Check – How to Start Business In Jersey City, NJ
How Fast Can You Start Business In Lakewood Colorado
Whether you are looking to open a restaurant in the quaint lakefront neighborhood of Lakewood Colorado or you simply want to take your business to the next level, payment processing solutions are your friend. Fortunately, the good folks at Electronic Merchant Systems (EMS) have put together a comprehensive suite of tools and services that are tailored to your specific retail needs. From secure payment options and easy-to-use point-of-sale (POS) software to low-quantity alerts and mobile payment solutions, EMS has you covered.
As a service-based business, you have a ton of moving parts to keep track of, and an easy-to-use solution to help you do the heavy lifting is a godsend. One such solution, EMSmobile, is a mobile payment software and virtual terminal in one. When compared to other payment solutions, EMSmobile boasts a number of unique features. In addition to delivering a seamless payment experience, EMSmobile is also a convenient way to track your employees’ hours and track your sales.
The most important question is how to get started? Aside from finding a place to do business, you will need to secure a business license from the City of Lakewood. This entails filling out an application and paying the required $11 Business Licensing Service (BLS) renewal processing fee. If your business has several licenses to renew, the renewal process may take up to three to 14 months. To make life easier, you can combine the city and state licensing renewal processes into one.
The most impressive gimmick is the EMS’s EMSmobile, which combines the benefits of a traditional point-of-sale (POS) solution with the convenience of a mobile device. It’s the smartest way to manage your credit card processing, and will be a valuable tool for any retail business in the Denver-metropolitan area. With the ability to handle all major credit cards and accept virtually any payment method, EMSmobile is a good way to streamline your payment processing process.
In the aforementioned survey, a number of respondents said that the most significant item they looked for when shopping for payment solutions was an easy-to-use POS system. To help streamline the process, EMS offers a free demo and has a comprehensive FAQ guide to help answer your questions. The payment solutions are also compatible with the latest technology and feature a number of innovative features, such as a mobile phone payment app. EMS also offers a number of other services and tools to help your business thrive, including customized setups, employee hour tracking, and low-quantity alerts. Considering the amount of time and money that you’ll save by partnering with EMS, it’s worth the time to learn more about their payment solutions. If you’re looking to grow your business, contact EMS today. You may be surprised at how easy it is to get started. EMSmobile is the newest payment solution from the leading provider of retail point-of-sale systems, EMS. EMS has helped tens of thousands of small business owners improve their bottom line.
FAQ About Lakewood, CO
There are over a thousand small enterprises in Lakewood, CO, which has a population of over a million people. In Lakewood, CO, food trucks are among the most well-liked small companies. There are also modest garage sales and enterprises that operate from home that offer baked goods.
Here are some original business ideas for Lakewood, CO entrepreneurs. You may start by selling handcrafted home décor, DIY items, hygiene goods, etc. online. Additionally, you may consider starting a dog-walking or pet-sitting service.
Lakewood, CO has a moderate standard of living. Hence, any income from $40,000-$60,000 would be a good amount to live in Lakewood. Making more money in a city like Lakewood is always a plus, however, on average $50,000 is livable salary in Lakewood, CO.
You need a business license in Lakewood, CO, to launch a company. Depending on the kind of company, several cities demand various kinds of licenses. For additional details, you may contact the Lakewood municipal authorities. Typically, in order to establish a company, you need a general business license.
In Lakewood, CO, if you have an LLC, you are exempt from paying income tax if your LLC does not generate any revenue. In Lakewood, CO, there is no corporate income tax. Paying taxes only applies to individual income.
Food trucks, coffee shops, modest real estate, and internet firms are the types of small businesses that profit the most in Lakewood, CO. These are some nice small company ideas to think about if you want to establish a business in Lakewood and earn some decent money there.
LLCs in Lakewood, CO can write off taxes. The most common one is home office expenses. If you work from home, you might not have to bear the tax burden. However, working from the office can cause you to pay a certain rate of tax.
In Lakewood, CO, operating a company from home is legal. However, some cities demand local licenses to conduct home-based businesses. For that, you should verify with the local government. You can operate your company from home if you’re authorized to.
In Lakewood, CO, launching a small company is not as challenging as it may appear. Lakewood is a tremendously creative city with a plenty of tools to get you going. The city is an excellent spot to launch a company since it provides many options for business owners.
A company may be launched successfully in Lakewood. 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.
LLC in Lakewood, CO is required to pay a certain amount in taxes each year. You must pay sales tax, franchise tax (not in all states), and employment tax if your LLC has workers. However, Lakewood, CO does not impose an income tax on LLCs.
How much will it cost to license a company in Lakewood, CO, if you’re planning to launch a new venture there? The price to license a company in Lakewood, CO varies according on the kind of enterprise you intend to launch.
A Lakewood, CO LLC is not totally free. Everyone is required to pay the State a minimum filing fee. The state filing fee may be tax deductible in certain states. As a result, an LLC is free.
Starting an LLC in Lakewood, CO is definitely a better idea than other types of business. However, if you start a sole proprietorship it would be better than having an LLC. The reason is, sole proprietorships are similar to LLC but they have less tax burdens.
When you want to launch a business in Lakewood, CO, you need to have these 5 things ready: a. a strong business plan; b. a name for your company; c. funding; d. any necessary permits and licenses; and e. a marketing strategy or plan.
In comparison to a sole proprietorship, an LLC in Lakewood, 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 Lakewood, CO, LLC can be regarded as a company in Canada. Operating LLCs is challenging.
Lakewood, CO has been so famous because of its diverse people, culture, and artistic scene. Lakewood is a commercial metropolis, but visitors are drawn here by the rich culture, people, and educational opportunities.
All of your paperwork will be received on your behalf by a registered agent for your firm in Lakewood, CO. The registered agent must receive official papers, legal documents, and several other paperwork at their office in Lakewood, CO. Your own registered agent is an option.
The city’s IT and service industries are the primary drivers of Lakewood, CO’s rapid growth. The business climate in Lakewood is fantastic, and there are several advantages for new company owners. It follows that the city’s economy is expanding.
If you have an LLC in Lakewood, CO, then you can start any business. Make a good marketing plan, get the funding to set up your business, and run your business in Lakewood, CO.
You’re in luck if you want to launch a business in Lakewood, CO. There are several resources available to you. Choosing the sort of company you desire is the first step. If you’re unsure, you may always create an LLC since it is simple to do so.
You may want to think about working as a freelance writer if you’re searching for a method to generate money in Lakewood, CO. In Lakewood, 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.
Which city is the best to live in has been a topic of discussion for a long time. The thriving economy and ethnically diversified population of Lakewood are well recognized. Houston is renowned for having a lower cost of living. There are several things to take into account while determining which is less expensive.
A few employee-related regulations are required if you run a small company in Lakewood, CO with a small staff. Workplace health and safety, employee behaviour guidelines, leave policies, equal opportunity policies, and others are a few of them. The most typical one is a health and safety policy.
If you’re wondering why LLCs are so common in Lakewood, CO, the reason is very obvious. LLCs are affordable, simple to set up, and provide several tax benefits. In Lakewood, CO, startups and small enterprises like forming an LLC.
In Lakewood, CO, forming an LLC will set you back $50. The SOS has received this state filing fee. Name reserve, DBA registration, and registered agent fees round out the remaining expenses. Since each state has a varied tax rate, so does the overall cost.
The world is filled with unicorns. Of course there are a lot of unicorns in Lakewood, CO. There may be more than ten unicorns in Lakewood, but not all of them are equally well-liked.
You may simply generate money by selling your goods or services if your LLC is registered in Lakewood, CO. Find prospective buyers and advertise your LLC to attract additional customers from throughout the state or the nation.
If your product is in demand, selling it in Lakewood, CO, can be an excellent alternative. Make sure you have the following before trying to sell your product: 1. A solid sales strategy, 2. A clear understanding of your rivals, 3. A thorough understanding of prospective customers, and 4. Product promotion.
Depending on the kind of enterprise and its particular requirements, launching a small company in Lakewood, CO may cost a variety of amounts. If you’re creating an LLC, Lakewood, CO’s most typical startup fee for small businesses is $50.
A few things need to be considered before you move to Lakewood, CO. Apart from the cost of living, you must know whether you have opportunities to earn. If you want to set up your business in Lakewood, then know about target clients before moving to Lakewood.
Absolutely, Lakewood, CO’s LLC requires insurance. The federal government mandates that you have workers’ compensation if your LLC employs people. Different laws apply in various states, however. If you’re unsure if Colorado requires insurance for LLCs, you may check the Colorado Secretary of State website.
Any company that is easier to start in Lakewood, CO is one that costs less to do so. 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.
Yes, some companies in Lakewood, CO, must pay taxes. You may be required to pay taxes to both the state and the federal government, depending on the nature of your firm. Depending on the kind of company you run.
It depends on the type of business you want to start. In Lakewood, CO, there might be government fees, license fees, and some other state taxes that you must be paid to start your business in the Lakewood, CO.
Starting a business in Lakewood 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 Lakewood, CO.