Why Denver Is A Great Place For Small Businesses?

Colorado employment is increasing, and Denver is still a top startup and fintech city. According to recent national research, Denver is one of the top cities in the country for entrepreneurs to start their businesses, or at least those who are considering doing so.

Denver came in at No. 10 in the most recent WalletHub assessment of the top big cities for company startups. The study took into account 19 variables, ranging from the five-year firm survival rate to the cost of office space. It examined the 100 largest American cities and condensed these measures into three crucial factors: the business climate, resource accessibility, and business expenses.

Simple Access To Either Coast

In terms of business, many individuals only consider the East and West Coasts. However, to ignore the intermountain area would be a mistake. Due to its proximity to both coasts, Denver’s center location has proved beneficial to emerging entrepreneurs. Flying is relatively affordable in both cases. Along with lower prices, the transit time is also shorter.

More Diversity

Many female and minority entrepreneurs have found success in the city thanks to its open attitude. This stands in stark contrast to the diversity issues that beset the startup ecosystem in locations like Silicon Valley and New York City. Denver was even rated by Business Org as the best location for young female entrepreneurs. To level the playing field, it is beneficial that public authorities actively assist more entrepreneurs from disadvantaged groups.

A feeling of community

Finding assistance and even mentorship is not straightforward given the city’s expanding startup environment. Denver’s neighborhood is less competitive and more cohesive than larger cities. This has made it possible for numerous enterprises across numerous industries to succeed.

There are also startup campuses created to support the development and success of new firms. Many corporations have relied heavily on their willingness to support other companies. By assisting start-up enterprises, these companies in turn contribute back to the neighborhood. The Denver startup scene has grown to be known for this trait. This sense of belonging cannot be easily found elsewhere.

Level of Living

If you enjoy being outdoorsy and active, Denver is a great city to live because there are so many activities to do and places to see. The fact that living expenses are reasonably cheap makes this situation even better. Additionally, some of the top medical facilities and universities are nearby. It is astounding to consider that this area’s cost of living is only slightly more than the median cost nationwide.

Because residents are often happier and less stressed than those in other major American cities, the city is business-friendly. Additionally, because rent and other needs are affordable, firms may stretch their budgets further. Companies can spend the extra money on other things rather than increasing their office space costs.

Tax incentives and low taxes

In keeping with the previous argument, the state’s job growth incentive tax program provides firms with income tax credits for employment they create. In economically disadvantaged areas or enterprise zones, tax credits are available for business relocation, business expansion, new business development, and job creation.

Denver may impose a $4 to $5.75 per employee head tax each month, but businesses benefit from the low corporate tax rate. One of the select few states with the fourth-lowest flat income tax in the US is Colorado.

Talent Availability

The educated workforce has been utilized by businesses as well. With the highest rates of high school and college graduation among American cities, Denver is one of the most educated. The nearby universities include Colorado State University, University of Denver, Colorado School of Mines, and University of Colorado. Since the city has such a large talent pool, startups won’t have any trouble hiring there.

Millennials from across the nation are moving to the Mile High City in addition to the local talent. After all, Fortune 500 firms like Facebook and Amazon now have offices in this region. Denver has seen significant transformation since it was previously unthinkable for investors from the coast to open an office there (https://www.axios.com/local/denver/2022/01/19/vc-funding-denver-startups-skyrockets). Future predictions indicate that this transition will continue.

The End Note:

Denver really merits its reputation as a great location for startup companies. It is a friendly city with a strong feeling of community, government assistance, advantageous tax rules, a low cost of living, a high standard of living, and diversity. For these reasons, the Mile High City is drawing aspiring business owners and bright young individuals.