Last Updated: Creating a Utah business of your own can be challenging. You will need adequate funding, time, personal support, and professional support in order to move forward successfully with your entrepreneurial dreams. To see if you're prepared to take the leap, check out our Entrepreneurship Quiz.
The first step toward business ownership is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals, and your natural abilities. This will help you stay motivated when the going gets tough and will greatly improve your odds of success. We have assembled a comprehensive list of small business ideas to help you get started. Need inspiration?
Here were the most popular ideas among our Utah visitors in Our free Business Ideas Generator will help you identify great businesses that match your interests and lifestyle. Business Ideas Generator. Successful businesses are built through careful planning. Before committing a ificant amount of money and other resources toward your business in Utah, critically analyze your idea, and create a game plan. At a minimum, you should complete the following:.
What will you name your business? Use our Business Name Generator to find the perfect brand name and website.
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Do you know where your business will be located? Have you gotten to know your market?
Before you write your Just Utah up looking for a hook up plan, conducting thorough market research is crucial. This can involve conducting surveys, doing search engine optimization SEO research, or holding focus groups. The goal of market research is to better understand your target market and competitors in order to craft an effective business plan. Have you written a business plan? Business plans are used to obtain business funding and help you reach important milestones. Calculate your business costs before seeking outside funding.
Next, be smart with your spending and get organized by creating a detailed financial plan. Learn how to plan, raise, and manage your funds by visiting our guide to Small Business Finance. Registering your Utah company as a legal business entity — such as an LLC, corporation, or nonprofit — has two major advantages:. Find out which business structure is right for your new business in Utah. A partnershiplike a sole proprietorship, is an informal unincorporated business structure but with multiple owners. Similarly, partnerships do not have liability protection that you find with a formal business structure.
A limited liability company LLC combines the personal asset protection of a corporation with the flexibility of a partnership or sole proprietorship. Most small businesses prefer the LLC structure due to its easy maintenance and favorable tax treatment.
Find out if you should start an LLC for your small business. A corporation is a separate legal entity that is owned by its shareholders. Corporations have more formal regulations than LLCs and tend to be more attractive to investors. Most large companies like Apple fall under the corporate category. A nonprofit organization is one that is funded by donations instead of investors.
Nonprofits are typically created to further a social cause and are exempt from paying taxes. The Red Cross is an example of such an organization. If you choose not to register your company as a business entity, you will be held personally responsible for the debts and liabilities of your business. In addition, partnership and sole proprietorship business owners may need to file a DBAknown in Utah as an assumed name. A DBA is not a business structure and does not give you and your personal belongings the protection like an LLC would.
Find out more about how to file a DBA in Utah by visiting our guide. No matter what formal business structure you choose, there are a few common steps, including:. In addition to these steps, each business structure has its own requirements that are unique to that business structure.
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LLCs are the simplest formal business structure to form and maintain. With less paperwork than other business structures, you can easily form an LLC in five easy steps. If you think starting a corporation is right for your business, there are five steps to starting your business as a corporation. Read our full guide on How to Start a Corporation in Utah. Choosing to form a nonprofit involves many of the same steps as a corporation or LLC; however, with this business structure, you can apply for tax exemption, otherwise known as c 3 status, through the IRS. Read our full guide on How to Form a Nonprofit in Utah or have a professional service form a nonprofit for you.
When your personal and business s are mixed, your personal assets your home, car, and other valuables are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil. Recommended: Learn about the best small business credit cards here. An ing system helps you track the performance of your business and simplifies annual tax filings. Quality ing software lets you download your bank and credit card transactions, making ing fast and easy. Learn more about the importance of ing and how to get started with ing today. Or, hire a business ant to help you navigate all your business ing and tax needs from payroll to sales tax.
Recommended: An ing service could be saving your business thousands of dollars a year. Schedule a consultation with a business ant today. Business insurance helps you manage risks and focus on growing your business in Utah. The most common types of business insurance you should consider are:.
We recommend that all small businesses, including home-based businesses, purchase a general liability policy. Businesses selling professional advice or services, such as consulting and ing firms, should also consider a professional liability policy. In Utah, businesses with one or more employees, excluding business owners, are required to obtain workers' compensation insurance.
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You can also read our review of the best small business insurance companies. To operate your new business legally, you will need to comply with federal, state, and local government regulations.
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For example, a restaurant will likely need health permits, building permits, age permits, etc. Find out the licensing your business needs by performing a business search or by utilizing the following resources:. Recommended: Use a professional service to help you obtain required s.
This includes ensuring that you are registered with the IRS for employee taxes and reporting new hires to the State of Utah. Withholding Tax Unemployment Insurance Tax. The strongest and most memorable businesses are built on a solid brand. When developing your brand, you should consider:. Your business name is the cornerstone of good branding and a successful business. To learn more about creating the best name for your business, read our How to Name a Business guide. Last but not least, try our Free Logo Generator to get a unique logo for your business in Utah.
Our logo maker is free no -ups or address needed and it comes in all social media sizes. Or, if you want to explore your options, you can also use this free logo maker by Tailor Brands. After defining your brand and creating your logo the next step is to create a website for your business.
While this may have been a reasonable fear back inweb technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler. Recommended: Get started today using our recommended website builder or check out our review of the Best Website Builders. There are many different methods to promote your business in Utah, but the most effective methods are:.
Press releases are a great way to promote your brand and are one of the most cost-effective strategies as they:. A Facebook is a great, free way to interact with your customers. But, it does require ongoing effort to be successful. With billions of global YouTube users, there is a giant customer base looking for content your business could be producing.
A YouTube channel for your business can be used to:. To help you start your business, we have identified the best resources across the state of Utah that can support you in your entrepreneurial endeavors.