What Makes Utah an Exciting Place to Start and Grow a Business

Woman behind a desk reviewing a document

Woman behind a desk reviewing a document

Whether you’re looking to start or grow your business, one of the states you should seriously consider is Utah. The Beehive State has one of the best entrepreneurial climates, considerable government support, and talented and skillful workforce.

Concept Marketing shares some other reasons Utah is a good place for business:

Forbes’ Favorite

Utah has been Forbes’ top state for doing business for the past six years. It placed second in growth prospects, fifth in labor supply, and second in the regulatory environment. The magazine also cited affordable energy costs (one of the lowest in the country), which allow companies to enjoy huge utility savings.

Tax Haven

Businesses dread tax as it can potentially drain their cash flow and profit, more so if the IRS decides to slap penalties for violations. While some states don’t have income or sales tax, Utah has all the common types of taxes. The good news is Utah’s taxes are so low that it earned a spot in the top states with a pleasant tax climate.

Determining your tax is simple as well since the state charges a flat rate of 5 percent for personal and corporate income or $100, whichever is higher. The simplicity helps improve tax collection and lowers the risks of making tax-related mistakes.

Manpower

In 2015, Utah registered 84 percent graduation rate, which is almost 10 percent higher than the rate in 2011. Graduates refer to students who earned at least a high school diploma or adult education secondary diploma. The dropout rate, on the other hand, fell to 13 percent compared to 15 percent in 2014

The state also has a very effective Small Business Administration, which provides a wealth of resources to startups and existing enterprises. These include workshops, loans and other forms of financial assistance, and guides on how to start and run a business.

Simply put, Utah is among the best places to be wealthy. Nevertheless, it also has a robust competition, so if you want to mark your place here, you need to find a marketing research firm that can help you understand your target market and customize your strategies to meet their needs.