Things to consider in starting your own business

By Jody Bouffard & Holly Hatch

Owning a business sounds romantic and exciting — but before you embark on the time-consuming and financially risky endeavor, take a minute to think about all of the logistics involved. Business is all about smarts and responsibility, and your success depends on the time and knowledge you put in!

Be smart about location.

Opening a business in an established area brings automatic publicity from foot traffic alone — a great help given the cost of advertising. Think of high-traffic streets and well-developed areas where the scene matches your envisioned customers: up-and-coming districts like the Colfax business district or Santa Fe Art District are great areas for startups with established neighborhood associations and a sense of community.

 Save for startup costs and start slow on spending.

Rather than taking out a big loan, consider saving in advance and find small investors for initial startup costs. You’ll have more than one chance to remodel and get the interior loftiness you want, so don’t expect your storefront to look perfect on opening day. Instead, spend money as you make money. Think about it: you can feel out the market and develop strategies as you go, but if you take out a loan and don’t start strong enough to make payments, your dream could end up being owned by the bank.

Build strong relationships with the community.

No business is effective in a vacuum or solely because of the owner; it takes a village. Owners of nearby businesses, members of local government and people in your community are your biggest allies getting started — not only for your business reputation but in offering strong and effective knowledge. If you can utilize other leaders in the industry, give back to community, make friendships and establish beneficial working relationships, these connections will be more apt to stick their necks out for you when you need a favor or advice.

Take a small business workshop.

One of the most valuable lessons a new business owner can learn is that you don’t know everything. From marketing, public relations and branding to financial investments, money tracking, accounting, record-keeping and everyday maintenance like budgeting for inventory, there are many areas where being knowledgeable helps. The City and County of Denver offers free workshops and classes for small business owners, and courses are available at local colleges. The money you spend on classes is tax-deductible and a fraction of the success they bring.

Don’t hire your friends! 

Adopt a mindset of principle above personality. You might have many friends with experience in your industry, but your success is about your own leadership, and when the line between friendship and “manager” or “boss” is blurred you may find yourself giving this “friend” more hours or opportunities than you should. Remember: it’s not personal, it’s business.

Jody Bouffard has owned four successful bars in Denver over the past 10 years and Holly Hatch has worked in the bar industry for most of her life. Holly and Jody are co-owners of Blush & Blu, A Distinct Drinkery, at 1526 E. Colfax Avenue. Find out more about Blush & Blu at BlushBluBar.com.