There’s a lot to consider when you’re moving somewhere new, especially if you own a business or plan on opening one soon. Your new community must be able to support the needs of both your business and your family. If you’re still looking for that perfect location, you’re in luck! Salt Lake City is home to numerous entrepreneurs who enjoy the city’s thriving small business community, low cost of living, and relaxed lifestyle. You won’t regret opening a business in Salt Lake City. Here’s everything you need to know, courtesy of Salt Lake HBA!
Home to a Thriving Small Business Community
Small business owners in Salt Lake City will find no shortage of support from community members, local organizations, and other entrepreneurs. In the city, you’ll find restaurateurs, farmers, insurance brokers, lawyers, real estate agents, mechanics, barbers, boutique owners, construction services, and more. Residents are eager to shop local and support the small businesses that enrich our city. And new businesses are always welcome!
It’s Affordable – For Both Your Family and Your Business
The cost of living in Salt Lake City is low compared to the rest of the country. Housing, utilities, and groceries are all affordable on a modest income, meaning labor is inexpensive and overhead business costs are generally low. In fact, Utah is one of the best places to start a business, due to the state’s diverse and growing economy, supportive regulatory environment, and high quality of life.
As for living accommodations, research the average rent and median home prices in Salt Lake City. However, keep in mind that these prices are always in flux, so stay on top of current costs. Down payment assistance may also be available to make homeownership even more affordable. For example, look into VA loans, mortgage credit certificates, first-time buyer loans, and the Energy Efficient Mortgage program to reduce the cost of your down payment.
High Standard of Living
Despite the area’s low cost of living, residents of Salt Lake City enjoy a high quality of life, surrounded by plenty of attractions and natural beauty. An elevated standard of living is great for business, especially when people have money to spend and the motivation to work. Everything from good educational opportunities to engaging cultural events contributes to a high standard of living, and Salt Lake City has all that and more.
Small Town Charm
Opening a business in Salt Lake City means joining a tight-knit community of residents who support and value local companies. With a population of around 200,000, Salt Lake City offers the convenience of city life with the close-knit friendliness of a smaller community. Not only will your business thrive in Salt Lake City, but your family will be able to relax in the quiet, friendly setting, surrounded by breathtaking nature.
People in Salt Lake City want to work, and new businesses have no trouble finding dedicated employees. If your business requires educated workers, you will definitely be able to find qualified candidates in our talent pool. According to World Population Review, a whopping 71% of the adult population has completed some college education, including over 25% with a bachelor’s degree and almost 20% with a graduate degree. Some of the local colleges include:
Resources for New Salt Lake City Business Owners
Are you ready to open a business in Salt Lake City? Before launching your company, consider forming a corporation for personal protection and financial benefits. To form a corporation in Utah, you will need to File a Certificate of Formation with the Secretary of State. Fortunately, online resources like ZenBusiness can walk you through the process.
Additionally, the Salt Lake Chamber is motivated and enthusiastic to help new businesses find their place in our community-driven economy. You can also seek assistance from the Small Business Association.
Running a business in Salt Lake City is a great way to embrace small community living. Whether you’re relocating an existing business or launching one from scratch, consider making Salt Lake City your home base!
Salt Lake HBA is a non-profit organization; our member's give of their time knowing that through their efforts every resident can achieve the American Dream of homeownership should they desire. If you have any questions, let us know!
Beautiful pictures showing off the talents of our builder/trade members. As you enjoy, know our members are happy to fulfill your dreams of building or remodeling.
Our mission is to see that every person has an opportunity to enjoy a home, and operate their business in a supportive free market. Members give of their time to advocate locally.