Entrepreneurship in Salt Lake City

Settled by pioneers in 1847, Salt Lake City has grown to be a thriving metropolis of almost 200,000 people. In fact in 2002 it hosted the world during the Winter Olympics.

Join successful small businesses like Twice Life Wood and Latitude 38.

Nestled by the Great Salt Lake, Utah’s state capital is a great place to start your small business.

Registering Your Business

Registering your business is one of the first steps to success.

And with Utah’s 70 dollar fee for starting an LLC, it's important you get it right.

Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.

Click here to learn more.

Market Analysis

Before you start your business, look around to understand the market in Salt Lake City.

With an abundance of rich natural resources, Salt Lake City has a ton of business potential.

Salt Lake City’s tax rate is 7.6%.

Competitor Analysis

Another good way to understand Salt Lake City’s market is to visit your local Chambers of Commerce.

Chambers of Commerce

You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.

We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.

Labor Statistics

Salt Lake City is full of hard working people that can be amazing assets to your company.

Unemployment rate in Salt Lake City:

1.3%

Information from Salt Lake City.gov

Median household income in Salt Lake City:

56,370 dollars

Information from Zip Recruiter

Education levels for residents of 25 and older:

High school degree or GED:

17%

Associates degree:

25.7%

Bachelor degree or higher:

45.6%

Information from World Population Review

Housing Market

Medium house price: 500,000 dollars

National average house price: 240,500 dollars

General Advice

Salt Lake City is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.

If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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