Motivated by a partition inequality of Bessenrodt and Ono, we obtain analogous inequalities for $k$-colored partition functions $p_{-k}(n)$ for all $kgeq2$. This enables us to extend the $k$-colored partition function multiplicatively to a function on $k$-colored partitions, and characterize when it has a unique maximum. We conclude with one conjectural inequality that strengthens our results.