extraction and tourism sector are the primary drivers of Wyoming’s economy. Being an agrarian state, the primary commodities include livestock hay, sugar beets, grain, and wool. With a healthy economic environment, Wyoming offers a business-friendly platform for small and growing businesses.
Mineral extraction, oil, natural gas, and tourism are the primary contributors to the state’s economy. Technology and the internet have helped individuals work from home. If you are planning to start a business in Wyoming from home, here’s a complete guide on how you can start a successful business.
List of Small Businesses you can start in Wyoming with Low Money
Online Copywriting Services
Different companies need part-time copywriters online. With specific subjects for marketing projects, copywriting remains a lucrative business opportunity. You can choose to work as a freelancer to offer copywriting services through blogs, social media posts, PRs and more.
Starting A Youtube Channel
If you are someone who loves to speak in front of the camera or to shoot something, YouTube can help you showcase your talent. You can make money at the same time by starting a YouTube channel. YouTube pays you as a creator for the ads shown on your videos.
Online Streaming Services
Start something online which can offer viewers some entertainment value. You can have your streaming service on platforms like Vigo, Twitch or Azubu. You will be paid for the advertisements or you can charge your subscribers a fixed fee.
Graphic Designing Services
Companies seek for talented graphic designers online. You can offer services related to graphic designing as a freelancer. You can also teach graphic designing online and to help others learn the art to make designs for ads, websites, digital content and more.
Tourism is a major industry in Wyoming. With a huge number of tourists coming to the state every year, you can opt to offer different services. You can start a travel agency to offer customized tour services, international ticketing, foreign exchange, hotel booking and more.
Content Marketing Services
Companies around the globe are finding ways to market their products. While content marketing remains a major medium for companies, they need specialized writer and planners to help them with content marketing strategies.
Instagram Marketing Services
A widely popular social media platform, Instagram currently has a massive reach worldwide. Businesses are trying to promote their products and services via Instagram, and they need experts. If you are an avid Instagram user, you can use your skills to help businesses promote their offerings effectively.
Online Web Designing Services
While most businesses have websites now, they are not able to make a standing presence due to dull designs. If you are a web designer, you can help companies have a better-looking website so that visitors can easily explore.
Custom Phone Case Printing Business
The custom phone case printing business has a major market now. You can start to produce custom phone cases with a little investment. Start with a few latest designs, register them and you can now take orders. You can also sell your cases online via Amazon or eBay.
If you want to legally start a business in Wyoming, follow the given steps:
Here is a Stepwise Guide on Starting a Business In Wyoming
Step 1. Choose a Business
Choosing a business is the first step which we have covered above. You can choose any of the ideas mentioned above or find one which you believe you have confidence.
Step 2. Business Plan
Having a proper business plan is important. It plays a crucial role in shaping up your performance. Start with the basics and then chalk out the strengths, possible threats, objectives, set your goals and write down how to wish to proceed.
Step 3. Financing A Business In Wyoming
You have a few options to have investment for your new business in Wyoming. While the market is relatively competitive, you can choose to self finance your business. There are multiple financing options available at attractive payback rates.
Step 4. Naming Your Business
Now you need an official business name. You have to register your business name with the US Trademark before forming a business structure. Once you are done, buy a domain with the same name, preferably with a .com extension.
Step 5. Business Registration
Now form a business in Wyoming by choosing a business structure. To be legally operational in Wyoming, you can choose between an LLC or sole proprietorship or a corporation. Forming an LLC structure offers added tax benefits with additional legal advantages.
Step 6. Business Licenses & Permits You Need In Wyoming
You don’t require any general business license in Wyoming. Though for certain businesses, you will need specific permits and licenses. Taking professional legal help is recommended. You may also have to register your business with the State’s Corporation Division.
Step 7. Federal EIN & Tax Filing
Next up, apply for a Federal Employer Identification Number (EIN) at the IRS. The EIN will act as a social security number for your business. It will also allow your business to be legally taxed and have a separate business bank account.
Step 8. Bank Account & Setting Up Business Accounting Method
A business bank account will make sure all your financials are maintained separately. Now set up an accounting system for your business. It will help you to keep all the business transactions at a place helping you to file your annual taxes without any hassle.
Step 9. Business Insurance
The business insurance in Wyoming regulated at the state level. You may have to get general liability insurance to sell services in the state. This is general for most business owners, while you should get a workers compensation insurance to hire an employee legally.
Step 10. Promoting A Business In Wyoming
Now it’s time to take the word out. You can start with social media initiatives, but hiring a professional agency for promotions will help you to promote your new business extensively via different channels.
Best Places To Start A Business In Wyoming
Choosing the right location is going to determine how your business runs. Here are some of the best places in Wyoming to start your business:
Wyoming is one of the fastest economically growing states in the country. While it’s easy to start a business, following the steps sequentially will help you establish a successful business in Wyoming.