Do you want to start a business in Wyoming? Are you looking for business ideas & opportunities in Wyoming? Find here a list of profitable small business ideas in Wyoming that are trending now.
Livestock farming, agriculture, manufacturing, mining, and the service industries are the major industry in Wyoming. Wyoming is a cattle country. About 86% of the state’s total agricultural receipts are generated by livestock products. 78% of total agricultural receipts can be attributed to beef cattle and calves.
Wyoming is the leading coal-producing state and a leader in the production of petroleum and natural gas. Sodium carbonate-containing trona is used to manufacture glass, soap, and paper. Unlike so many other states, Wyoming’s chief services industry is not the community, business, and personal services group.
The most valuable services in Wyoming are government services (public schools and hospitals, military establishments). Ranking second is the transportation, communication, and utility (oil and gas pipelines, railroads, telephone companies, electric, gas, and water service) group of services.
List of 10 Small Business Ideas in Wyoming
1. Glassware Manufacturing
The Trona is found in abundance in Wyoming. This raw material is used for the manufacturing of glass. Since it is easily available and can be sourced cheaply, making a profit out of the manufacturing glass business is much easy.
2. Youtube Channel
If you are someone who loves to speak in front of a camera or 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.
3. 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.
4. Graphic Designing Services
Companies seek talented graphic designers online. You can offer services related to graphic design as a freelancer. You can also teach graphic designing online and help others learn the art to make designs for ads, websites, digital content, and more.
5. Travel Agency
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.
6. 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 writers and planners to help them with content marketing strategies.
7. 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.
8. Web Design 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 an appealing website so that visitors can easily explore.
9. 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.
10. 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.
Other than starting a business from scratch, people living in Wyoming can also opt for buying a franchise from a reputed company.
Best Franchise Opportunities in Wyoming for Sale
Here is a list of the best low-cost Wyoming franchise businesses:
- Healthy You Vending
- Time to Eat Delivery
- Cruise Planners
If you want to legally start a business in Wyoming, follow the given steps:
10 Steps to Start a Legal Business in Wyoming
Step 1. Choose a Business
Choosing a business is the first step that we have covered above. You can choose any of the ideas mentioned above or find one in which you believe you have confidence.
Step 2. Write a Business Plan
Having a proper business plan is important. It plays a crucial role in shaping your performance. Start with the basics and then chalk out the strengths, possible threats, and 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 an investment in 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 a sole proprietorship, or a corporation. Forming an LLC structure offers added tax benefits with additional legal advantages.
The cost to form an LLC online in Wyoming is $102 and must be paid to the Wyoming Secretary of State.
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 in place helping you to file your annual taxes without any hassle.
Step 9. Business Insurance
Business insurance in Wyoming is 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 worker’s 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:
- Rock Springs
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.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.