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Step 1: Understand Your Business Needs
Before you dive in, ask yourself:
What’s my 5-year vision?
Will I hire employees?
Who are my customers, and how will I serve them?
Your answers to these questions will shape every next step — from your legal setup to your marketing plan.
Step 2: Name Your Business
Pick a name that’s unique and easy to remember. Then, check that it’s available in Colorado by searching the Colorado Secretary of State Business Database.
Step 3: Choose Your Business Structure
Will you be a sole proprietorship, LLC, corporation or something else? Each comes with different benefits and responsibilities. We recommend connecting with an accountant to help you decide.
Step 4: Get Licensed
Licensing depends on your industry and location. From health permits to sales tax licenses, be sure to research what applies to you. The Colorado Department of Regulatory Agencies is a great place to start.
Step 5: Apply for Your EIN
An employer identification number (EIN) is like your business’s Social Security number — it’s essential for taxes and banking. Apply for free through the IRS website.
Step 6: File with the Secretary of State
Make your business official by registering it with the Colorado Secretary of State. This step is critical to protect your name and get you legally recognized.
Step 7: Open Your Business Bank Account with Westerra
Set aside your first deposit and open your business account with Westerra Credit Union. We offer:
Low fees and no minimum balance requirements
Easy online and mobile access to keep you in control
Business debit cards and payment tools to simplify spending
Local support from bankers who understand Colorado small business
Step 8: Build Your Business Toolbox — and Have Fun!
We don’t just help you bank — we help you thrive. Once your account is open, we can assist you with:
Setting up your online presence
Understanding payment processing options
Managing outgoing expenses
You’re Not Alone — We’re Here to Help
Starting a business is a big step, but you don’t have to take it alone. Check out these helpful resources:
Colorado Small Business Development Center (SBDC): coloradosbdc.org
Local Chambers of Commerce: Connect with your city’s chamber for networking and local insights
Colorado Office of Economic Development and International Trade: choosecolorado.com
Westerra is your financial partner every step of the way. Because with the right support?
You Can Do Money.
We are excited to announce that we will be hosting our annual all staff meeting and afternoon of service, "Volunterra" this Thursday from 12:00-5:00 P.M. MDT. During this meeting staff will work together to build kits to help support our community.
Westerra is reaffirming its dedication to supporting local students and schools through a series of impactful initiatives that include comprehensive financial literacy programs, career development workshops, and more.
We are excited to announce the opening of our new Littleton location! Join us for our Grand Opening Event on October 5th from 10:00 am to 1:00 pm where there will be swag, a raffle for 2 beach cruisers, refreshments and an opportunity to meet Dinger!
Our Belmar branch staff was happy to have joined the celebration with the Sekulich family of Army Sgt. John Sekulich, who turned 106 years young. Click “Read More” for a link to the interview.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States government. National Credit Union Administration, a U.S. government agency. Westerra is only 1 of 3 credit unions recognized on Newsweek's "2024 Best Regional Banks and Credit Unions" annual list.
Equal Housing Opportunity.
Mailing Address:
P.O. Box 9408