By: Skylar Colclazier
Whether you’re looking to start, sell, buy or grow a small business, Colorado may be the state for you.
The Great Recession caused state revenues to plummet and crippled small business. Small business buyers lacked confidence and banks weren’t lending.
The U.S. Chamber of Commerce Foundation released a report, Enterprising States, that analyzed business climate and painted a different picture for today.
Colorado was ranked number 7 in the top 10 states for business climate. To achieve this ranking, a variety of factors were considered: small business lending rate, potential cost impact of legal reform, state and local tax burden, Overall Business Tax Climate Index, U.S. Business Policy Index and cost of living.
Accordingly, Colorado ranked in the top 10 for small business lending rate—a measure of the number of loans per 1000 employees. It ranked in the top 20 for tax burden—the income paid to state and local taxes. It also ranked in the top 20 for business tax climate, and U.S. Business Policy Index.
Colorado has the right climate to start a business, but what it makes it right to grow your business? One of the top considerations for business owners looking to grow their business is employee workforce. Enterprising States’ “Best Practices for State Job Creation Policy and The Top Performers” ranked Colorado in the top 10 for having an educated talent pool. Additionally, Forbes in “The Best States for Business and Careers” ranked Colorado 1st for labor supply and 9th for quality of life.
In an article, Monica Mendoza, a reporter for the Denver Business Journal, explained why now may be the right time to buy and/or sell a small business in Colorado. Currently, there are 418 small business for sale on BizBuySell.com—the most since 2008. Small business revenues are also higher and, consequently, so are asking prices.
Now is the time and Colorado is the place.