The Governor’s Office of Economic Opportunity, or GOEO, recognizes the pioneering spirit that continues to drive our state’s growth and innovation. Utah stands as one of the nation’s fastest-growing states, boasting a well-educated workforce, a thriving economy and a strong pioneer ethos that makes it an ideal environment for startups and entrepreneurs to succeed.
Starting a business can be overwhelming, but initiatives like the Startup State Initiative help provide Utahns with the knowledge, expertise and guidance needed to start their pioneering journey. Having access to resources like this makes our state one of the best places to start a business.
The website takes you through a business journey, highlighting the different factors that should guide your launch. After establishing your business idea and developing some important skills like accounting, marketing, sales and operations, here are some things to consider when starting a business:
Customer validation. Make sure the issue you’re trying to solve for customers is real and that your product or service is a good fit. Conduct market research by talking to potential customers, getting their feedback and adjusting your plan based on that feedback. By mastering customer validation, you can ensure you are addressing a genuine market need.
Build your product or service: For a business owner, developing a product or service involves creating and refining offerings to meet the target market’s needs. Identify a market gap or problem, design a solution and continuously improve it based on customer feedback. It’s important to understand customer preferences and be adaptable.
Develop your brand and marketing strategy: Developing a strong brand and effective marketing strategy is pivotal. Your brand encompasses people’s overall perception of your business, including your value and consistent messaging. Your marketing strategy is the roadmap for promoting your brand and products/services. It involves identifying your market, selecting appropriate marketing channels and creating engaging content that resonates with your audience. Pro tip: Don’t forget to reserve your website URL and social media channels.
Write your business plan: Outline your goals, target market and operational strategy. This will help you articulate your business’s unique value proposition, identify products and services, conduct market research, develop a marketing strategy and build business financials. It’s a crucial blueprint that helps attract investors, secure loans and guide your business decisions. GOEO’s free business plan generator can help kick-start this process.
Registration and licensure: Officially establish your business with the state and local governments by filling out necessary forms and paying fees. This process is critical, as it ensures your business operates legally and abides by regulations.
Establish business operations: Establishing business operations involves setting up essential systems like HR, payroll and insurance. Create a business bank account and implement accounting and record-keeping systems. This process is vital to ensure financial stability, legal compliance and overall efficiency in running your business.
Obtain funding: Secure the money you need to grow your business through loans, grants, investors, savings or any combination of funding sources. Research each option to find the most suitable funding method for your business needs. Be aware that you may need a solid business plan, financial statements and a clear understanding of how the funds will be utilized. Visit the Resource List and Events pages on startup.utah.gov for information about growth stage funding, grants and more.
Pay your taxes: Paying taxes in Utah involves working with the Utah State Tax Commission. To determine what you owe, check the state’s tax guidelines and use their online resources or consult a tax professional. Doing this will ensure you’re informed and equipped to fulfill your tax responsibilities in Utah.
One of the driving forces behind Utah’s growing economy is the value that small businesses, startups and entrepreneurs bring. The Governor’s Office of Economic Opportunity is here to help you every step of the way. Learn more about growing your business at startup.utah.gov and join the ranks of Utah’s modern pioneers.
Ryan Starks is the executive director of the Governor’s Office of Economic Opportunity. Previously, he worked for the U.S. Government Accountability Office (GAO) in Washington, D.C., as the executive director of the Heber Valley Chamber of Commerce and as the founding director of the Wasatch Center for Advanced Professional Studies (CAPS). He taught as an adjunct professor of management for 10 years in the BYU Marriott School of Business.