If you are moving to Utah and planning to start a business there, you are on the right track. Utah is one of the best states to do business in the United States. It has a welcoming business climate for young entrepreneurs. In 2018, Forbes ranked it second on the 2018 Best States for Business list. Aside from its strong business climate, Utah also boasts of stunning landscape, low population density, and access to an educated workforce.
Low Cost of Doing Business
Doing business in Utah is 2.2% below the national average. If you contact any of the ads that say that they sell a business, you’ll realize that taking over another business is also more economical in this state than in any other city. Research says that Utah is also the third among 48 states for energy efficiency, which means that operating costs will be lower here.
The 2019 Tax Climate Index ranked Utah eighth in business taxes. This means that its well-structured tax system is a haven for entrepreneurs. Although they put taxes in almost all major categories, they impose a flat 5% tax rate on personal and corporate income.
Utah has one of the most diversified and strong public education systems in the United States. It ranks 11th in educational attainment and eighth in the quality of education. It is ranked 11th as the most educated state in the country. This shows the strong, educated, and qualified workforce available for businesses in Utah. What else matters to a business than hiring the best candidates?
Most of Utah’s public and private schools partner with companies and business leaders. The aim is to connect the students to these companies and fill in the gaps in the workforce. Utah also has a Talent Ready Utah program for high school students who cannot go to college. The initiative arms them with technical know-how in different fields.
Utah incentivizes small businesses. That’s the key to why small businesses thrive in the state. At least two programs give support to existing businesses in Utah: the Business Expansion and Retention (BEAR) and the Utah Science, Technology and Research (USTAR). BEAR provides grants to small businesses in rural areas, while USTAR gives support to tech startups.
The state aims to be home to tech companies in the country. There’s even a region between Salt Lake City and Provo that is now referred to as Silicon Slopes. This is also home to Brigham Young University. The Utah Engineering Initiative launched in 2001 aimed to double the number of slots of engineering students in Utah universities and colleges. In 2016 and 2017, tech-related jobs in Utah increased by 42%, which is a reflection of the initiative’s success.
Utah is the unofficial hub and center for small businesses in the country. If you plan to do business in the state, you’re in luck because this is one of the most welcoming communities you can hope for your small business. The business-friendly atmosphere in Utah will bring out your entrepreneurial skills.