In recent years, Utah has seen a substantial surge of enterprises relocating there. Numerous businesses find it attractive due to the inexpensive cost of living, welcoming business climate, and highly educated workforce. This article will examine some of the businesses that have relocated to Utah and their rationales for doing so.
Adobe’s choice to establish a new campus in Lehi is among the most notable recent relocations to Utah. Over 1,200 employees will eventually be housed in the facility, in which the tech giant committed about $90 million. Adobe attributed the decision to the state’s robust economy, talented labor force, and high standard of living.
Pluralsight is another IT startup that relocated to Utah. 2019 saw the headquarters of the online learning platform relocate from Farmington to Draper. The necessity for more office space and the company’s quick expansion were two factors in the decision to relocate. CEO Aaron Skonnard added that the state of Utah’s business-friendly environment and skilled workforce also played a role in the choice.
Utah has drawn corporations from various industries in addition to IT firms. Merit Medical Systems, a maker of medical devices, declared in 2018 that it would move its headquarters from South Jordan to bigger premises in Salt Lake City. The corporation attributed the decision to the necessity for additional space and the state’s favorable economic climate.
Starting a business in Utah has numerous advantages, but there are also some drawbacks to take into account. The state’s relatively expensive LLC registration price, which might be a barrier for certain business owners, is one of the most important. Additionally, a franchise tax that is based on the company’s net income is imposed on LLCs in Utah.
An LLC might still be a great choice for Utahn small business owners despite these difficulties. LLCs can be owned by one person and provide liability protection for personal property. Entrepreneurs in Utah must submit articles of organization to the state and pay the registration cost in order to form an LLC.
Finally, there are still choices accessible if you want to launch a business in Utah but don’t have a lot of money. With the correct talents and marketing tactics, service-based businesses like consulting, marketing, and accounting can be lucrative with little initial expenses. Online retailers, pet grooming businesses, and gardening services are among more low-cost business ventures.
In conclusion, Utah has become a desirable location for many businesses due to its business-friendly atmosphere, skilled workforce, and inexpensive cost of living. Among the companies that have relocated to Utah recently are Adobe, Pluralsight, and Merit Medical Systems. Although there are some drawbacks to opening a business in the state, business owners can still succeed with the appropriate approach and attitude.
There are a number of options you can take into consideration if you want to launch a business but lack the resources or knowledge to do so, such as launching a service-based venture that requires little capital or forming a partnership with someone who has experience in the field and can offer advice and support. Additionally, you might research your possibilities for crowdsourcing and check into government grants and loans for small businesses. Before beginning any endeavor, careful study and the development of a sound business strategy are essential.