Utah has continuously ranked first by international organizations for being the ‘Best State for Business in the United States.’ Major industries in the state include mining, cattle ranching, salt production, and government services. The healthy business environment has helped several businesses to grow in Utah. Tourism and its sub-industries remain a major contributor to the economy of Utah.
Businesses in the state have globalized over time by several entrepreneurial activities and information technology-driven advancements. Technology and innovation played a major role in transforming the business culture in the state. If you are planning to start a business of your own here in Utah from home, here’s a complete guide on how you can start a successful business.
List of Top 10 Small Business Opportunities In Utah
1. Online Coaching
Do you have any skills that are in god demand? Being a professional, you can start to teach it to others and get paid for it. Online coaching is a hit business worldwide now with a potential global market. Either you can directly charge your students or sell advertisements.
2. Barber Shop
Grooming services in Utah have a massive market. If you want to learn the art, go for a short course and work at any salon before starting your own shop. Trending haircuts and specialized styles are always in demand, and it’s really easy to start a barbershop with minimal investment and very less running costs.
3. Starting A Youtube Channel
Do you love speaking to the camera? Well, YouTube has now become a primary source of income for many individuals. An easy business you can do from home, a YouTube channel on any specific niche or topic can bring thousands of dollars. You get paid as a creator for the ads shown on your videos.
4. Online Reputation Management Agency
News and rumors now spread like wildfires. Thanks to the internet and social media, it’s easier in the present day to spread fake news. Online reputation is an important aspect of any company. You can offer to manage a company’s online reputation by maintaining their image online by promoting the vision and viewpoint.
5. T-Shirt Printing Business
A hit business in Utah, t-shirt printing, and manufacturing remain very popular in the state. You can start to offer customizable t-shirts where customers will be able to choose their own designs. You can also print your own designs for different categories.
6. Cafe/ Coffee Shop
Starting a cafe or coffee shop no more involves extensive investment. It’s easy to finance a cafe now and does not come with any hassle for licenses or permits. If you wish to start a Cafe in Utah, plan for something small and yet creative. This will help you to attract customers to your place in spite of the competition.
7. Bed & Breakfast Business
Utah relies heavily on income from tourists. With so many travelers visiting the state every year, businesses around tourism remain profitable all through the year. If you have an extra room, start a bed and breakfast business with Airbnb to visitors who often look for an alternative to hotels and motels.
8. Online Web Designing Services
Every small business around the world now wants to grow its business on the internet. A website is a key to their online world to make a standing presence. If you are a web designer, you can opt to offer web design services from home. You can even learn the skills online with a small course.
9. Meditation Services
People in Utah often look for options other than the gym or outdoor sports in order to stay fit. Meditation is the most sought-after alternative. While the state lacks professional mediation services, you can offer them in-demand service including different forms of meditation.
10. Digital Marketing Agency
Utah has multiple small and medium scale companies in need of constant digital marketing services. With the internet being the major platform to bring business, companies often ask for specialized digital marketing services. You can opt to offer the services offline and online.
How to Start A Business In Utah
If you want to legally start a business in Utah, follow the given steps:
Step 1. Choose a Business
Choose any of the business ideas from some of the top business opportunities you can start mentioned above
Step 2. Business Plan
You need to start with a well-detailed business plan. It will help you run through the crucial days. Start working on a feasible business plan with all the possible details. Mark out your strengths, threats to your business, fix the objectives and set your goals.
Step 3. Financing A Business In Utah
Utah has a healthy business environment. If your business idea is unique, you will find options to have investment from angel investors or venture capital firms. In case you want to go ahead with your own investment, there are multiple affordable financing options available at attractive rates.
Step 4. Naming Your Business & Domain Registration
You will need an official name to legally register your business. Brainstorm a few ideas, and choose something which has fewer syllables. You can even try a business name generator for some suggestions. Once you finalize, register it with the US Trademark department and make sure you buy a domain with the same name shortly. check this guide on the steps to follow to name a business.
Step 5. Business Registration
Next up, it’s time to choose your business form. You need to pick a business structure: LLC or sole proprietorship or a corporation. Forming an LLC comes with additional tax benefits and legal advantages like double taxation and no individual legal liability.
Step 6. Business Licenses & Permits You Need In Utah
To run a business in Utah, you won’t need any general business license. Though, go through local law and county regulations FAQ for further details. For a certain kind of business, you must register with the state.
Step 7. Federal EIN & Tax Filing
You will need a Federal Employer Identification Number (EIN) to be eligible for taxes. You have to apply to the IRS for an EIN. It acts as a social security number which will allow your business to be legally taxed and have a separate business bank account.
Step 8. Bank Account & Setting Up Business Accounting Method
You can get a business bank account with the EIN, where you can maintain your financials separately. Now you need to set up an accounting system for your business. Having a good accounting software will make your job easy with systematic management of all the transactions.
Step 9. Business Insurance
Business insurances in Utah are regulated at the state level. Apply for general liability insurance once you are done with the EIN. It’s common for most business owners. You may also have to apply for a worker’s compensation insurance to legally hire an employee.
Step 10. Promoting A Business In Utah
Finally, you need to promote your business. It’s time to take the word out. Start with social media, and you can then contact a professional agency for planned promotions. Digital marketing will help your business grow on the internet, while social media can help you explicitly promote on various media.
Best Places To Start A Business In Utah
Choosing the right location is going to determine how your business runs. Here are some of the best places in Utah to start your business:
Salt Lake City
Being an economically progressive state, Utah offers a very comfortable business environment promoting entrepreneurialism. It’s always a good idea to start something on your own. This hands-on step by step guide will help you start a successful business in Utah with a nominal investment.