Starting Your Colorado Business at Home: A Guide to Successful Homepreneurship 

It’s no secret that Colorado is supportive of entrepreneurs. Indeed, a recent report found it to be the 11th best state to start a business.

A thriving business landscape isn’t just positive for those operating from traditional stores or offices though. It’s more practical than ever to start your small business in Colorado from the comfort of your own home. Indeed, it’s a route that many entrepreneurs in the state are taking.

We’re going to run through a few things you should bear in mind about the rise of homepreneurship and launching your business effectively.

READ: How To Start a Fully Remote Business in 2023

What are the advantages of homepreneurship?

The idea of running a business from home may feel a little amateurish to those used to traditional business spaces. However, there are some distinct advantages to going this route. Recognizing and leaning into these can be key to a successful launch.

Some of the benefits include:

• Reduced overheads: One of the commonly cited advantages of homepreneurship is fewer overheads. You don’t have to pay office, store or warehouse rental rates. Your insurance payments are likely to be lower with no staff or customers in your home, too. 
• Access to a diverse talent pool: Colorado business regulations forbid having employees working from your home. This is great because you can utilize remote staff from across the state, country or even the globe. As a result, you have a diverse talent pool from which to pluck the best people for your business. 

These types of advantages can make homepreneurship a practical long-term prospect for your company. Alternatively, it serves as a great jumping-off point to test your business concept and potentially expand later.

How should you use your space?

As with any business, homepreneurship requires some strategy. One of the aspects you need to plan when preparing to launch your home business is how you should use your space. Your choices here can influence your ability to run a productive, safe and organized business.

Start by considering your needs. Some of these might include:

• The physical space you require: Where can all your essential equipment fit? If you’re producing or dispatching products, what size room do you need for manufacturing, inventory storage and shipping preparation?
• The atmosphere most conducive to work: Do you have a quiet area where you won’t be disturbed or distracted? Also, look for rooms that have natural light and climate control for your comfort.

One effective approach to optimizing your space is to convert your garage into a home office. These spaces are often underused and simply house the family’s clutter. Take a little time to clean the space and ensure it has essentials, such as power outlets, insulation and security. Alongside installing office furniture, make sure you personalize the area. After all, you want it to be a place you feel inspired and positive, as well as productive.

READ: Transform Your Workspace — Feng Shui Strategies to Increase Productivity in Your Home Office

What should you invest in?

Every business requires some form of investment. When you’re operating on a tight homepreneur budget, you need to be selective about where you place your capital. Your priorities should be on the elements that help you get working in earnest and support your growth.

Your permits

Being a homepreneur doesn’t enable you to avoid business licensing. Investing in this paperwork means you can operate legitimately. Alongside filing the usual articles of organization and sales tax licenses, in Colorado you’ll also need to get a home occupation permit. This usually costs around $120.

Your marketing

Your home business doesn’t benefit from foot traffic. Therefore, you need to use digital marketing to build buzz for your launch and beyond. Investing in a digital marketing course will empower you with the skills to promote your business in online spaces. These include the principles of designing and producing your marketing materials, alongside using crucial data tools like Google Analytics to influence campaigns.

READ: Cracking the Code of Business Marketing — 10 Strategies for Success in a Dynamic Landscape

Your staff

If you can’t function entirely on your own, one of your most important investments should be in good remote staff. While you should be mindful of your budget, don’t avoid hiring those with solid skills and experience just because it seems cheaper. From here, commit regular investment not just in paying them, but developing them with training. Your efforts can influence retention, productivity, and innovation.

The bottom line

Homepreneurship in Colorado is an exciting and increasingly popular option for small business owners. To get the most out of the various potential advantages, it’s important to be strategic about choosing and adapting the right space in your home alongside investing in some key resources. Remember, though, that being a homepreneur doesn’t mean you need to feel alone. If you’re uncertain, look for online or in-person business groups for locals. These can be great sources of advice, mentorship and support as you start your journey.

Indiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.