Ecwid for Small Business
How to Start a Small Business in Wyoming (WY)
Doing business in Wyoming is probably easier than you think! Ranking first in both lowest income tax and lowest corporate tax, and coming in sixth in lowest sales tax in the nation, Wyoming offers great potential for
Best Business Ideas for Wyoming
So, you want to start your own business, but you have no idea what you want that business to be. Don’t worry! Here are some of the most successful types of small business in Wyoming to help inspire you:
- Cattle ranch business
- Rock climbing gym
- Medicinal herbs business
- Bottled water business
- Youth choir consultation business
Whatever your decision is as far as the type of business you want, it’s best to ensure you have a solid business plan drafted.
Writing up 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, exactly, you do. While there are some rules and regulations for naming your business, don’t let that discourage you. For example, InChoir is an excellent name for your youth choir consultation business.
2. Conducting market research
Take the time to get to know your market. Do search engine optimization research. Hold focus groups. Conduct surveys. You may find out surprising things! InChoir found out it may not have the broad customer 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. InChoir would likely work best as a corporation, LLC, partnership, or sole proprietorship.
Registering in Wyoming
Get all the info you need about your business: your business’ name, 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.
Congratulations: InChoir, LLC is now a registered business in Wyoming!
Best Location for Your Business in Wyoming
Before you decide on where to set up your business, it’s important to keep certain things in mind. For instance, do you anticipate significant growth? Will your business rely heavily on foot traffic? If so, you may want to consider placing your business headquarters in an area with a large population, such as Cheyenne or Casper. Whatever you decide on, be it your best friend’s basement or a swanky office space downtown, it’s important to ensure you have the proper documentation. InChoir thinks they’ll do best in an office space in Cheyenne.
Banking and Accounting
It’s a good idea to open a separate banking account for your business. This will not only protect your personal assets should your business get sued, but it will also help you to stay on top of your business expenditures. It’s also recommended that you open a credit line in your business’ name, as having established credit can make your business more attractive to potential lenders. We recommend hiring a business accountant or purchasing accounting software, as their services can help save your business thousands every year.
Ensure Your Business Is Insured
Business insurance is crucial to growing your small business in Wyoming. It’s a way to ensure your business avoids any unknown risks, like an employee stubbing their toe on the property or a bison deciding to storm a choir rehearsal. In Wyoming, businesses with one or more employees (excluding business owners) are required to have worker’s comp insurance.
Permits and Licensing
Depending on what kind of business you’re starting and where you’re located, you’re going to need different permits and licenses. The best way to determine what is needed for your business is to search at a federal and state level, then calling your clerk’s office to determine what is needed on a local level. We recommend enlisting the help of a professional for this stage to ensure you don’t skip over anything important.
Hiring can be an exciting time for many new entrepreneurs.
Branding is fun for some, miserable for others. How do you make an impact in a difficult market? First, let’s start with the logo. Make sure your logo is representative of the brand and what you offer, then make sure it’s visually pleasing to your customer. InChoir thinks light hues and a classic font work best to express what they do. You may decide dark, muted colors and graphics 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 should be more children’s choir managers? Do you think the idea of having a professional stage mom is sketchy at best? 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 building a website and online store (if applicable), this also means opening Facebook, Instagram, YouTube, and TikTok accounts. One of the best things you can do for your business is to follow trends on social media. It makes you look hip and in touch, and it will help your business flourish. Get creative!
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 better branding opportunities as well.
If this seems to be way too much, don’t worry! Companies like Ecwid help your store grow and succeed. They can help you create a beautiful,
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