Small businesses in Utah are vitally important for our state economy and our national economy as well. Entrepreneurs provide critical goods and services that change lives and create two out of every three new jobs in Utah as they launch new technology and grow industry-leading innovations. Such corporations are helping maintain their local tax bases, support community groups and employ thousands of people.
The U.S. Small Business Administration (SBA) Utah District Office is ready to assist and support you if you are considering starting a business this year. We honor the entrepreneurial spirit every day as an advocate for entrepreneurs across our state. We assist numerous small businesses by providing financial assistance, counseling and contracting programs, while contributing over $1 billion to Utah’s economy each year.
Finding an ally, advocate or mentor via our SBA Resource Partners should be easy with so many to choose from. Our Resource Partners include:
• Women’s Business Center Utah, offering low- or no-cost one-on-one business counseling sessions, training and networking events.
• Small Business Development Center network of Utah, offering business counseling and training for entrepreneurs.
• SCORE mentors, providing one-on-one business development counseling.
• World Trade Center Utah, administering the Small Business Trade Expansion Program (STEP) grant program to help small-business owners who would like to start exporting.
• Veterans Business Outreach Center, offering training through the Boots to Business and Reboot programs.
Financial assistance is also available through SBA’s loan guaranty programs, such as seeking capital for new buildings, equipment, expansion and international trade.
Across Utah we are expanding outreach to rural areas of the state to ensure small businesses have the resources they need to be successful and we also entered into several strategic partnerships with important community and economic organizations to increase information-sharing and training opportunities.
If you are in the planning stages of building your business, consider these key initial steps:
1. Conduct market research. Are similar businesses already rooted in the community where you’ll be based and does enough demand exist? Conducting a competitive analysis will help you get a sense of whether your business idea is likely to take off in a given market.
2. Write your business plan. Set and track goals with a business plan while convincing investors and lenders that your business is destined for success. Whether you thrive on detail or just want to get the basics down on paper, multiple business planning formats and templates exist. Learn more in the SBA’s online, self-paced "How to Write a Business Plan" course.
3. Find funding. Once you know how much funding you’ll need to get your business off the ground, consider what funding type makes most sense for your business based on terms, rates and risks. There are a wide range of options, including self-funding, venture capital, crowdfunding, small-business loans and more. Do you need an SBA-backed loan? Use the SBA’s Lender Match tool to connect with approved lenders.
4. Pick your business location. When contemplating a location for your business, take into account the costs, benefits and restrictions associated with different states, counties and jurisdictions. Standard salaries, minimum wage laws, property values, rental rates, business insurance rates, utilities and government licenses and fees are just a few costs that vary by location.
5. Choose a business structure. Your business’s legal structure will impact your business registration requirements, tax rates and personal liability. Read up on common business structures, from sole proprietorships to LLCs and more.
Now that you’ve reviewed these initial steps, check out SBA’s comprehensive 10-step guide to starting your own business. For help implementing these steps, and for expert guidance throughout your journey, turn to local SBA Resource Partners, including SCORE, Small Business Development Centers, Women’s Business Centers and Veterans Business Outreach Centers.
Finally, stay up to date on SBA events near you and get valuable Utah business information by following us on Twitter at @SBA_Utah. Register for e-mail updates at https://www.sba.gov/updates.
The Utah District Office, our resources partners, SBA Lenders and collaborating government agencies are here to serve and assist you in your business endeavors. For more information, contact the Utah District Office at (801) 524-3209.
Marla Trollan is the SBA district director in the agency’s Utah District Office.