Estimated read time: 4-5 minutes
Many people dream of quitting their 9-to-5 jobs and starting their own business, yet a surprisingly small number of them actually do it. According to a Harris Poll survey commissioned by Zapier, three out of five Americans have had an idea for starting a business — but a whopping 92% of them never turned their idea into reality.
Utah is one of the best places in the nation to make your entrepreneurial dreams come true. Here's how the Beehive State can help you create a thriving business.
The state is on your team
When you're undertaking something as big as starting a business, it helps to have someone in your corner offering support, like the Governor's Office of Economic Opportunity (GOEO). Gov. Spencer Cox believes in Utah's entrepreneurs and small businesses. That's why he's instructed the GOEO team to take an in-depth look at the business-building process.
"As a state, we've already put the building blocks in place," Cox said. "Our educational institutions are churning out the next generation of leaders. Our workforce is motivated and highly skilled. And our communities consistently lift each other."
Cox said it's the perfect ecosystem for startups to thrive and it won't just benefit locals.
"This isn't just about Utah," he continued. "It's about setting a new global standard for innovation and entrepreneurship."
Recently, WalletHub voted Utah as the best state to start a business in 2024. The state not only tied with South Dakota for the easiest state for finding business-loan financing, but also had the country's largest year-over-year employment growth.
"Having the necessary capital makes it much easier for a business to get off the ground, and a strong job growth rate indicates that existing businesses are doing well," Adam McCann, a financial writer for WalletHub wrote.
That's great news if starting a business is on your bucket list. And if you don't know where to start, here's even more good news: GOEO is making that easier, too. The office is helping Utahns take the leap into business ownership by breaking down the journey of starting a business into easily digestible steps.
In a recent One Utah Summit in Cedar City, Gov. Cox said, "We're officially declaring Utah the startup capital of the world."
Introducing the Startup State Initiative
New for 2024, the team at GOEO, together with the state's first entrepreneur-in-residence, Brad Bonham, launched the Startup State Initiative, which stands as a commitment to assisting Utah entrepreneurs at every stage of their journey.
"This initiative aims to help startups, small businesses, and entrepreneurs at every stage of business by unifying the state's entrepreneurial ecosystem, simplifying government processes and regulatory burdens, ensuring Utah's economic opportunity is equitably shared, and making impactful investments into access to capital for Utah small businesses," its website states.
In a recent interview, executive director of GOEO Ryan Starks and Utah's entrepreneur-in-residence Brad Bonham said, "We aim to take Utah to the next level, providing strategic investment to help small businesses in all parts of the state thrive in today's global marketplace."
From idea to open
An important component of the Startup State Initiative is the creation of startup.utah.gov, a comprehensive business resource portal. Developed by GOEO with feedback from numerous partner organizations and business owners, this website is a hub for entrepreneurs. You don't have to worry about what comes next in the business-building process; the website gives you a step-by-step journey — from "idea to open."
Your online guide to starting a growing business
At startup.utah.gov, current and future business owners can engage with cutting-edge technology that connects them to resources, opportunities and events tailored to their needs.
Whether it's using the step-by-step business journey guide, filtering resources based on location and industry, generating a free customized business plan, or staying updated with Utah's latest entrepreneur community information, this portal is designed to empower entrepreneurs at every turn.
Utah's entrepreneurial spirit
Cox's claim that Utah is the "Startup Capital of the World" isn't just a catchy phrase; it's a testament to the state's thriving business community. The state boasts a global outlook and economic competitiveness evident in its young, diverse workforce and the many languages spoken in daily business interactions. Cox and the state are committed to helping Utahns understand that opening a business is something anyone can achieve.
For those dreaming of launching their venture in Utah, the Startup State Initiative stands as a guiding light that demystifies the process of starting a business and offers a roadmap to success.
With the wealth of resources available through startup.utah.gov and the state's supportive ecosystem, entrepreneurs can confidently plunge into the vibrant world of Utah's business landscape, knowing they won't be doing it alone.
Utah is a place where anything can happen. Vast opportunities await, and innovation knows no bounds. If you're an aspiring entrepreneur who wants to get your business off the ground, there's no better time — or place — to start than right now in Utah.
For more information, visit startup.utah.gov.
