Ecwid for Small Business
How to Start a Small Business in Utah (UT)
Starting a business in Utah may be more of an achievable goal than you think. With the best access to funding, fastest population growth, and 3rd rate of new entrepreneurs in the nation, you certainly wouldn’t be alone if it’s your dream to open up a business in Utah.
Best Business Ideas for Utah
It’s okay if the only thing you know about your small business is that you want to create it! Here are some of the best ideas for starting a small business in Utah:
- Nail salon
- Gas station
- Fake relic appraisal
Whatever type of business you decide to open, it’s important to draft up a solid business plan. Not sure where to start? We’ve got you covered!
Drafting a business plan can be daunting, we get it. That’s why we have a
1. Playing the name game
Choose a name for your business that is straightforward and doesn’t leave your customers wondering what you do. While there are some rules and regulations for naming your business, don’t let that discourage you. For example, For What It’s Worth is an excellent name for your fake relic appraisal business.
2. Conducting market research
It’s crucial to get to know your market. Do search engine optimization research. Hold focus groups. Conduct surveys. You may find out some surprising things! For What It’s Worth found out it may not have the market it originally thought it would.
3. Structuring your business
LLC, corporation, nonprofit, partnership, sole proprietorship. Which is best? It depends on what your goal is. Registering as an LLC offers favorable tax treatment, while a nonprofit is funded by donations, as opposed to investors. For What It’s Worth would likely work best as a corporation, LLC, partnership, or sole proprietorship.
Registering in Utah
Get all the info you need about your business. Get your business’ name, the employer identification number (EIN), and the name of your registered agent, then file those formation documents. Depending on the structure you choose, you may need different documents.
Congrats: For What It’s Worth, LLC is now an officially recognized business in the state of Utah!
Best Location for Your Business in Utah
Before you decide on a location, it’s a good idea to think of your business’ goals. Do you anticipate significant growth? Will your business rely heavily on foot traffic? If so, we recommend renting business space in an area with a heavy population, such as Salt Lake City.
For What It’s Worth decided that they wouldn’t need an area that’s heavily populated, so they’re free to open up shop just about anywhere.
Banking and Accounting
It’s never good to mix business and pleasure, and banking is no exception. It’s a wise idea to have your personal accounts and your business accounts separated. This will not only help assist you in monitoring your business expenditures, but it will separate your personal assets from your business’ assets in the event you get sued. It’s also worth opening a credit line in your business’ name, as having established credit will make your business more attractive to potential lenders. We recommend hiring a business accountant since they can help your business save thousands!
Ensure Your Business Is Insured
Business insurance is crucial to growing your small business in Utah. It’s a way to ensure your business avoids any unknown risks, like an employee stubbing their toe on the property, or a Rocky Mountain elk stomping all over your inventory. In Utah, businesses with one or more employees (not including business owners) are required to have worker’s comp insurance.
Permits and Licensing
Depending on what type of business you’re opening and where you’re opening it, you’re going to need different licenses. The best way to determine what your business is going to need to operate legally is to conduct a search at a federal and state level or to call your local clerk’s office and ask them directly. We strongly recommend hiring a professional for this step to ensure you don’t miss anything.
The hiring process can be very exciting for many entrepreneurs. For many, it’s the first time their dreams start to feel real. However, it’s important to make sure the hiring process is being followed legally. This includes registering with the IRS, reporting new hires to the State of Utah, and registering for withholding taxes and unemployment taxes with the State of Utah. Once you’ve employed your dream team, we suggest starting a payroll to not only ensure your employees are paid on time but to help manage your time.
Branding is fun for some, miserable for others. How do you make your business stand out and stay competitive? First, let’s start with the logo. Make sure your logo is representative of the brand and what you offer, and make sure it’s visually pleasing to your customer. For What It’s Worth thinks muted colors and basic font works best to express what they do. You may decide bright, exciting colors work best for your brand. There is plenty of software online that can help you if you’re stumped, too.
Branding also requires you to think about what your values are as a company. Do you believe there aren’t enough people willing to pay for your great aunt’s plastic pearl earrings? Do you believe there is absolutely no need for someone to try and sell their grandmother’s authentic dreamcatcher they bought at a gas station? This might seem like an odd example, but it’s necessary to make it clear to yourself as much as to your customer the values your company holds itself to and what it can offer to your customers.
Do some personal reflection and truly embrace what your company believes in. Making sure these points strike home will ensure that your customers are in it for the long run.
In the day and age of social media, having an online presence for your brand is very important. While this can look like having a website and online store (if applicable), this also means needing Facebook, Instagram, YouTube, and TikTok accounts. One of the best things you can do for your business is following trends on social media. It makes you look hip and
Having an online presence is great, but what about marketing on those platforms? All legitimate businesses have a website. And, if we’re being honest, the less legitimate ones do, too. Unfortunately, social media profiles are not a replacement for a website. Having a professional website makes your brand seem trustworthy and reliable, and it offers more opportunities for successful marketing.
If this seems to be way too much stress, don’t worry! Companies like Ecwid help your store grow and succeed. They can help you create a beautiful, easy to navigate website while allowing you to market your products on other online platforms, like the ones mentioned above. Ecwid even allows you to track your digital sales on a dashboard, where you can monitor your inventory. They’ll help make sure your Utah small business is the best it can be.
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