Successful Businesses Originally Launched in Utah
Launching a start-up is a risky business... Get it?
No, but really, new companies have heavy requirements, and unfortunately many of them fail within the first five years. One of the requirements for a business to be successful is the city in which it is founded. Not surprisingly, there have been a number of successful private-sector businesses and products that were initially launched in Utah.
Favorable Startup Conditions
Salt Lake City is among the top 15 best startup locations. In comparison to the national averages, LLC filing fees are favorable for the state of Utah. Utah's filing fees are a mere $72 while many other states cost well over $125 to legalize a business. Favorable monetary requirements aren't the only reason business owners are treading the startup waters in the great state of Utah. Business survival rates are heavily dependent on the support conditions within local communities.
Educated Endeavors
Utah's Universities deserve an honorable mention for their contribution to the supportive small business culture. Brigham Young University and The University of Utah are both noted as being venture capital breeding grounds according to PitchBook. More than $6.25 billion in venture capital was raised by Brigham Young graduates between 2006-2018. It's no shock that there are a number of benefits to having a large pool of social connections. Use it to your advantage that Salt Lake City is ranked number two as the best city for executive networking, and start attending local networking events with other businesses. There is a reason people aren't Googling 'how to start a business' out of Utah... They're learning things with hands-on opportunities.
Successful Businesses Originally Launched in Utah
Kodiak Cakes - Salt Lake City, 1995
Purple Mattress - Utah, 2015
Blendtec - Utah, 2001
Browning Arms - Ogden, 1880
KFC - Murray, 1952
1-800-Contacts - BYU, 1992
Skullcandy - Park City, 2015
Do you recognize any of the businesses listed above? Yours can join that list as well. If you want to start your own business in Utah, you're in luck. Utah is a great place to make a name for yourself and capitalize on the unique idea that you've had bouncing around in your head.
Starting a business in Utah
No matter what state you want to start a business in, it is always best to do things the legal way from the beginning. Research whether your idea exists and if it does then establish a business plan for how you're going to separate yourself from what already exists. Have a professional marketing company help you with your branding, logo, and social media to build excitement for your official launch. You want to make sure you hire help where you can because you'll quickly realize just how pivotal it is to have an extra set of hands. When your business takes off, because Utah is such an awesome state for startups, you will need to find ways to hire help and make sure they're positively representing your namesake without being an overbearing leader. If you're needing a courier management system, we recommend Key Software Systems. Their role of 3pl in supply chain management is making it much easier to achieve sustainability and maximize benefits for your company and your customers.
Build Excitement Around Your Startup
If one of the requirements for a business to be successful has to do with the state and the city in which an organization is founded, Utahns are a lucky bunch. Let The Utah Collective Network help you build excitement around your startup. We pride ourselves on our extensive networking abilities within the community, helping you find low-cost promotional products, fully personalized marketing plans, affordable social media promotions, and fellow business owners to network with.
Let it be this year that you set your dream into a reality by starting your own business!
