Colorado is a state that regularly records annual growth rates of well above 3.0%. This makes it very attractive for entrepreneurs that are looking to invest or start new business ventures somewhere in North America.
In 2019, Colorado’s annual real GDP growth rate stood at 3.5%. The largest industries included finances, professional and business services, trade, transportation, and utilities. So, there is no surprise that entrepreneurs from various different industries see Colorado as a place with a promising business landscape.
However, this also means that the competition may be overwhelming for some. Whatever business you decide to start, it’s important that you try to protect it in this competitive market. One of the ways to do so is to get Colorado commercial insurance which provides your business with a safety net and gives you peace of mind. Without further ado, let’s take a look at a few business ideas that may bring you success in Colorado.
1. Laundry and dry cleaning services
It is no news that the citizens of Colorado adore dressing well and looking good. After all, what we wear defines who we are to a good extent.
However, most people in Colorado lead busy lives, and they don’t have much time to do their laundry. Instead, they turn to laundry and dry cleaning services to keep their clothes clean and fresh.
All of this makes this business model a very attractive idea to consider for Colorado. On top of that, people in Colorado are willing to pay well for good laundry services, so there is a good chance of high profit-making in this industry.
2. Pet care
Coloradans are also known as huge animal lovers and there is no surprise that you can see people walking their pets in the streets in almost every place in this state.
They have realized that our furry friends make for great companions, they make us feel safer, and they help to deal with stress.
But what does that mean to entrepreneurs? It means that Coloradans are ready to spend money on pet care services. This covers food, animal care products, veterinary care, grooming, and so on.
3. Fitness center
Fitness facilities are in growing demand in the state where people want to stay fit and have a good level of health awareness. With growing health awareness, a gym and other fitness facilities in Colorado will see huge growth in the days to come.
Definitely consider renting out huge spaces and creating your gyms in Colorado. And if you have the funds, try to be diverse. This means having a few gyms for amateurs and average gym-goers but it also means investing in a few CrossFit facilities and gyms designed for semi-pro and pro weight lifters.
You should not mix different crowds. It makes zero sense to have a gym where ladies go dancing and practice yoga while some buff men lift weights and make loud noises in other corners of the room.
4. Coaching and consulting services
If you’re a professional in your given industry, you should think about starting a business in Colorado to offer coaching and consulting services.
This type of business is great for individuals that have years of experience in a particular field of study. If you have some notable achievements, you should definitely try this business model.
A person in the consulting industry is there to help others who want to grow their business or perfect their skills in the relevant industry. As a business coach, you are there for your clients to help them make good business and career decisions.
Before you jump into this area, know that the most selling fields in Colorado include business, finances, investing, and retail. If you have extensive experience in one of these fields, you should offer your services as a consultant or a business coach.
5. Designated driver services
This is a relatively new form of the transportation business, but it looks promising.
People in Colorado know how to party, and they do that regularly. However, every responsible and reasonable person knows that driving after a couple of drinks is something to avoid at all costs. Safety is what matters the most.
You can either work as a driver yourself and pick up and drop off people at their destination or create a company where you would employ people to work as designated drivers for you.
Hopefully, you are now equipped with a few business ideas that sound interesting and profitable.
Last but not least, know that you need to be patient once you start your business in Colorado. The start may be challenging, but the rewards will be worth the effort.
Thanks to Paul Williamson for consulting on this post.