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A new start-up is typically pursued when you have a unique idea that requires special equipment, specialized talents or a new way of doing things. A new venture may also be pursued when there is a customer base you can serve, or you are aware of an unfilled market need (e.g., there is not a dry cleaner within 12 square miles).
The principal advantage of starting a new business is that you are in control of how you want your business to operate. There will be no negative history or track record to overcome, and you will be able to provide your product or service the way you think it should be provided. The principal disadvantage is the need to start from scratch. Factors you need to consider when forming a new venture include legal structure, location, marketing and advertising, facilities, equipment, employees, taxes, a records system and capital.
Colorado Business Development Foundation
info@coloradobdf.org
www.coloradobdf.org
Small Business Navigator Hotline: 303-592-5920
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