Starting a Business in Lyons

It all started when…

So, you've got a great business idea and you're ready to become an entrepreneur? Starting a business involves planning, making key financial decisions and completing a series of legal activities.

The Lyons Area Chamber has created a resource guide below to help you with steps to start your business here in Lyons. We also highly recommend referencing the Colorado Business Resource Book

There are certain times in a company’s life-cycle when market research can be particularly useful. For example:

To see whether a new business idea is viable
You have an idea for a new business. Is there a market for it? Don’t just guess – use market research to find out.

When moving into new markets
This is especially true when selling abroad. Different countries and cultures have different markets. What works in one might not work in another. Research will help you uncover the differences and adapt to them.

Before launching a new product or service
You might think you have the perfect new product or service – your customers may think otherwise. It pays to get feedback before you launch, so you can make any necessary changes quickly.

When applying for funding
Show potential investors that there’s a gap in the market – and that your company is the one to fill it.

Use analytical sites like ESRI to help you determine the need for your type of business in your area.

https://www.xero.com/us/resources/small-business-guides/business-management/market-research-small-business/

The first step in starting a business is writing a well-considered, comprehensive business plan. There are resources to provide technical assistance to entrepreneurs to guide them in the writing process. The Colorado Small Business Development Centers have regional offices that cover every county in Colorado and provide free, taxpayer-supported assistance to entrepreneurs (see Boulder SBDC).

Other organizations that provide technical assistance include:

• SCORE: https://denver.score.org/

• Colorado Women’s Chamber of Commerce: www.cwcc.org/resources/

In an effort to help grow the Lyons economy from within, and to help develop an entrepreneurial approach to economic development, the Lyons Area Chamber of Commerce is offering business consultations. Formerly known as the Lyons Economic Gardening Group (LEGG), the LACC Board is available to meet with Lyons' current and prospective business owners to assist in growing and nurturing local business. The LACC Board is comprised of several long-time successful Lyons business owners with first-hand knowledge of unique community needs, available resources, as well as assets that can be leveraged outside of the community. If you are interested in meeting with the LACC Board for a business consultation contact Erin to schedule a meeting - admin@lyonschamber.org

Registering your business is a key part of getting up and running. All companies doing business in Colorado need to register with the State and should get a business license with the Town of Lyons

Colorado Secretary of State Checklist for New Businesses
Town of Lyons Business License Application

M/WBE is a certificate issued by the state to identify minority and/or women owned business or enterprises. This certification may help when obtaining contracts with government entities or as subcontractors to a larger government contract.

Certification for M/WBE

It is vital that due diligence is used in evaluating any location for a business. Some locations may require additional “prior approvals” before permits or zoning approvals can be obtained due to environmental or other land use concerns. You may require professional assistance in evaluating and locating the perfect site for your business. For a list of the most up to date and accurate commercial vacancies in the Lyons area we recommend reaching out to one of Lyons’ qualified real estate brokers.

List of Lyons real estate companies that are LACC members

Apply to get your federal tax ID number. Your Employer Identification Number (EIN) is your federal tax ID - you will need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits.

You will also need to be prepared to pay Colorado income & property tax as well as file for a Colorado Sales Tax License depending on the type of business you are starting.

We highly recommend seeking the assistance of an accountant to help you navigate business set-up and moving forward with taxes, payroll and bookkeeping.

List of Lyons accountants that are LACC members

Most business bank accounts offer perks that don’t come with a standard personal bank account.

Protection - Business banking offers limited personal liability protection by keeping your business funds separate from your personal funds. Merchant services also offer purchase protection for your customers and ensures that their personal information is secure.

Professionalism - Customers will be able to pay you with credit cards and make checks out to your business instead of directly to you. Plus, you’ll be able to authorize employees to handle day-to-day banking tasks on behalf of the business.

Preparedness - Business banking usually comes with the option for a line of credit for the company. This can be used in the event of an emergency, or if your business needs new equipment.

Purchasing power - Credit card accounts can help your business make large startup purchases and help establish a credit history for your business.

https://www.sba.gov/business-guide/launch-your-business/open-business-bank-account