Why is Salt Lake City a great place to start a business?
Are you a business owner in Salt Lake City? As Utah’s premier business bank, we are proud to offer business checking, business banking, and personal banking services for Utah businesses and residents. And we are just so proud to call the Beehive State Home. And there’s a good reason why. Salt Lake City’s population has been growing steadily over the years. It is now one of the fastest-growing cities in the country. This population growth is fueled in part by the city’s strong job market and affordable cost of living, which makes it an attractive place to live and work.
Salt Lake City is a thriving hub for entrepreneurs and startup businesses. It boasts a unique blend of affordable living, high quality of life, a well-educated workforce, and a business-friendly environment, making it a prime location to start a business. In this blog post, we’ll explore what makes Salt Lake City a great place to start a business, provide some statistics to back it up, and showcase examples of successful businesses in the area.
Why is Salt Lake City so Great?
One of the most significant factors that make Salt Lake City a great place to start a business is the low cost of living. The cost of living in Salt Lake City is 28.59% lower than New York City, making it a more affordable place to live and do business. This lower cost of living also extends to real estate, with the median home price in Salt Lake City coming in considerably lower than many other major cities.
In addition to being affordable, Salt Lake City is also a business-friendly environment. It is ranked as the sixth-best state for business by Forbes, based on factors such as labor supply, regulatory environment, economic climate, growth prospects, and quality of life. The state also offers several tax incentives to businesses, such as corporate tax rates as low as 4.95%, no franchise tax, and no state-level property tax. This creates an environment that is conducive to business growth and success.
Salt Lake City also has a highly educated workforce, with over 38% of the population having a bachelor’s degree or higher. The city is home to several top universities, including the University of Utah and Brigham Young University, which produce a steady stream of highly skilled graduates each year. This means that businesses can draw from a pool of talented and qualified workers, which can be a key factor in the success of any business.
Companies that Call Utah Home
One example of a successful business in Salt Lake City is Qualtrics, a software company that provides experience management solutions to businesses. Qualtrics was founded in 2002 by Ryan Smith, who started the company with his father and brother while they were still in college. Today, Qualtrics is one of the most successful tech companies in Utah, with a valuation of over $15 billion.
Another notable business in Salt Lake City is Womply, a small business software provider that offers tools and solutions to help small businesses succeed. Womply was founded in 2011 and has since grown into a thriving company with over 400 employees. The company recently secured $125 million in funding, which will allow them to continue to grow and expand its offerings.
In addition to being a great place to start a business, Salt Lake City is also a great place for families. The city has a strong sense of community, with a range of activities and events for people of all ages. It also boasts a low crime rate, excellent schools, and plenty of outdoor recreational opportunities, including skiing, hiking, and mountain biking. According to Livability, Salt Lake City is ranked as the fifth-best city for families in the United States.
Community banking services in Utah are also second-to-none. We’re proud to offer business banking services with the ease and charm of a community bank, right here in Salt Lake City. Stop in and see us today!