Other Recommended Steps

Consider a business bank account, business insurance, bonding, and more.

Open a Business Bank Account

Why should I open a separate bank account for my business?

There are many reasons why it is important to open a business bank account. Opening a separate account can help protect your personal finances from business-related expenses. In order to get paid by the City, you will need a business bank account. Additionally, many loan applications and other certifications require you to have a business bank account. 

How do I open a business bank account?

The Small Business Administration (SBA) website is a great resource for learning more about opening a business bank account. Visit the SBA’s guide to opening a bank account for more information.

Get Business Insurance

What is Business Insurance?

There are many different kinds of business insurance. Each kind exists to protect your business from unanticipated costs due to accidents, errors, or lawsuits. If you’d like to learn more about the different types of business insurance, the U.S. Small Business Administration has good explanations available online.

Why should you insure your business?

It’s important to carry at least some basic business liability insurance to provide financial protection against lawsuits due to simple accidents like trips and falls in or around your business location. You can also obtain a policy to protect your business from costs related to errors or omissions made while performing services for customers.

How do I get Business Insurance?

The easiest way to determine the insurance needs for your business is to find an insurance broker to work with. They will help you identify areas of risk for your business and provide quotes for insurance policies to cover those risks.

How much does Business Insurance cost?

Insurance costs will vary significantly based on your specific business needs. While starting your search for an insurance broker, you should be sure to obtain estimates from a few places to make sure you get a good price.

Consider Getting Your Business Bonded

What is bonding?

Bonding involves obtaining a financial guarantee (bond) that assures the City of Startup Springs that your business will complete contracted work correctly. Colorado law requires businesses contracting with the city for projects to obtain bonds to guarantee their performance.

Why does it matter?

Bonding ensures the City and its taxpayers that projects will be completed to the required standards. Without bonding, your business may not be eligible for city contracts, resulting in missed opportunities.

How can I determine if bonding is required?

Review the Colorado Revised Statute on bonding or check with the Startup Springs purchasing department. Generally, you’ll need a bond if your business contracts with the city for work or supplies valued at 50% or more of the contract price.

Consider Finding a Bonding Agent

What is a bonding agent?

A Bonding Agent is a licensed professional who helps your business connect with Surety Companies and obtain the necessary bonds for city projects.

Why does it matter?

You must work with a licensed Colorado Bonding Agent to secure bonds for contracts with the City of Startup Springs. They help assess your business’s financial health and bond eligibility.

How can I find a bonding agent?

You can locate a Bonding Agent through the U.S. Small Business Administration, the National Association of Surety Bonding Professionals, or by contacting local bonding agencies. Community partners and our resource library can also help you connect with agents.

Consider Surety Bonding

What is surety bonding?

Surety bonding is an agreement between your business, the City, and a Surety Company. If your business fails to fulfill the contract, the Surety Company compensates the City for any losses.

Why does it matter?

Surety bonding protects the City of Startup Springs and ensures your business completes work as promised. Failing to meet bond requirements can result in legal action and business penalties.

How can I apply for it?

Work with a licensed Colorado Bonding Agent to get preapproved for a surety bond. The agent will gather business information and submit it to the Surety Company for evaluation. If approved, you’ll pay a premium based on the bond amount.

Consider Bid Bonding

What is a bid bond?

A Bid Bond is a type of surety bond submitted with your bid for a city contract. It guarantees that, if your bid is successful, your business will follow through with the contract.

Why does it matter?

A bid bond ensures that the City of Startup Springs is protected from contractors who might back out of a project after winning the bid. This bond is required for bids over $20,000.

How can I apply for it?

Work with a Bonding Agent to secure a Bid Bond. Submit the bond or an alternative, such as a cashier’s check, with your bid.

Consider Performance Bonding

What is a performance bond?

A Performance Bond guarantees that your business will complete the project according to the City’s specifications and within the agreed-upon time.

Why does it matter?

Performance bonds protect the City of Startup Springs from financial loss if your business fails to perform the work as specified. Many city contracts require this bond to ensure project quality.

How can I apply for it?

Contact a Bonding Agent to apply for a Performance Bond. You’ll need to provide project details and financial information to secure the bond.

Consider Payment Bonding

What is a payment bond?

A Payment Bond ensures that all parties involved in the project—subcontractors, suppliers, and employees—receive payment for their services.

Why does it matter?

The Payment Bond protects workers and suppliers from nonpayment, which could lead to legal disputes or work stoppages, ultimately ensuring the City of Startup Springs gets a completed project.

How can I apply for it?

Obtain a Payment Bond through a Bonding Agent. Provide your project’s financial details and list all subcontractors and suppliers involved in the project.

Consider Warranty Bonding

What is a warranty bond?

A Warranty Bond, also known as a maintenance bond, guarantees that your business will correct any defects in materials or workmanship that appear after the project is completed.

Why does it matter?

This bond offers financial protection to the City of Startup Springs, ensuring that any issues in the project are fixed within the warranty period, protecting taxpayers from future repair costs.

How can I apply for it?

Work with a Bonding Agent to apply for a Warranty Bond. Provide details about the contract and the warranty period agreed upon.

Next: Are you Considering A Business Location? Read Our "How To Open A Physical Location" Guide

Doing business in Omaha is easy!

Get a customized checklist of steps to launch your business today.

Get Started