3 Key Advantages of Being a Small Business in Utah
Utah may not be the first state that comes to mind when thinking of the bustling business environment, but the state offers unique advantages for small businesses. Utah is home to approximately 290,000 small businesses that employ almost half of the state’s workforce. In this article, we will take a closer look at three key advantages of being a small business in Utah.
1. Access to a Diverse Talent Pool
Utah has a strong educational system that produces talented graduates with a variety of skills. The state boasts eight universities and colleges and a high graduation rate. Utah is well known for its technology sector, and there is a significant concentration of tech jobs in the Salt Lake City area. However, the talent pool extends beyond technology. There are quality healthcare providers, skilled marketing professionals, and competent financial analysts in the state.
Small businesses in Utah have an opportunity to draw from this diverse talent pool to build a well-rounded team that can take their business to the next level. Additionally, Utah offers employment incentives to encourage businesses to create new jobs, which can help small businesses attract and retain top talent.
2. Low Cost of Living
Utah is a relatively affordable state to live and work in, with a lower cost of living than many other states. The housing market is particularly attractive, with a median home price of $360,000, which is lower than in many major cities on the East and West Coasts. This low cost of living translates into lower business costs, which is good news for small businesses trying to keep overhead costs low.
In addition to lower costs, Utah offers incentives and tax breaks for small businesses that can help them maintain profitability. For instance, Utah waives sales tax on manufacturing equipment, which can lead to significant cost savings for small businesses.
3. Supportive Business Environment
Utah has a pro-business climate that is supportive of small businesses. The state has a strong focus on innovation and technology and has created an infrastructure that supports entrepreneurs. Small businesses have access to funding through the Governor’s Office of Economic Development (GOED), which provides grants and incentives to businesses that meet certain criteria.
Moreover, Utah has a network of business accelerators and incubators that can help small businesses access mentorship, funding, and other resources. Such resources can help them grow and scale their businesses, contributing to the state’s economic growth.
Conclusion
In conclusion, Utah has several advantages that make it an attractive state for small businesses. The diverse talent pool, low cost of living, and supportive business environment are just a few reasons why small businesses can thrive in Utah. If you are a small business owner looking to take advantage of these benefits, Utah should definitely be on your list of places to consider setting up shop.
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