6 Benefits of Growing Your Business in Salt Lake City
Salt Lake City is among the top cities with a high growth of companies and job creation rate in Utah. Despite its small population, the city has been experiencing a surge of businesses due to friendly tax policies and growing infrastructure. Salt Lake City has a lot to offer in terms of consumers to start-ups, mid-sized companies, and large conglomerates looking to conquer new markets. The beauty of it all is that entrepreneurs have a chance to make their ideas come to life in a competitive setting while enjoying the rich culture, sports, outdoor living, and the foods that the city has to offer. Whether you are in ICT, real estate development, information services, healthcare care services, or entertainment, Salt Lake City has room to accommodate you. Here are six benefits of growing your business in Salt Lake City:
- Fast-growing Economy
Salt Lake City is business friendly despite being located in one of the fastest growing states in the US. Apart from being known as a hub for young techpreneurs who are providing a stiff competition to innovators in Silicon Valley, the city has a surprisingly affordable market that you can leverage to grow your business. Its enterprise-friendly regulatory market and tax incentives give you room to launch a new business which would otherwise be challenging in other settings in the country. The downtown area leases are flexible compared to other tech hubs such as Portland, Denver, San Francisco, and Los Angeles enabling new business owners to set a strong foundation for their companies. Other than being home for tech start-ups and giants, Salt Lake City is also the place where you set up branches for your company be it in the manufacturing or retail sector.
- Talented labour force
If you are looking for young and aggressive talent, Salt Lake City is the place for you because it harbours top universities such as Brigham Young University, The University of Utah, and Utah State University. These academic institutions on the other hand work in collaboration with the local business community to address workforce gaps. The educated population aged 25 to 34 that dominates Salt Lake City is hungry for success and strives to take up employment in various business sectors. Because of this, entrepreneurs in banking, health care, retail, tech, and educational services have been moving to this city to establish and expand their businesses in recent years. Salt Lake City is also a hub for new business opportunities such as real estate and entertainment because of its elite community. With most people preferring to live downtown to prioritize proximity to work, amenities, and recreation, you could tap into this need to grow or establish your business to cater to people’s needs.
- Scene for socio-economic and cultural diversity
The city is an upcoming socio-economic and cultural centre due to its increased residential living, hotels, and ascending 100 stories of office spaces. Salt Lake City has also become a thriving place for visual and performing arts with numerous organizations producing hundreds of events monthly for its affluent population. Artists from all over the world are being drawn to the city thereby expanding its creative per capita significantly. The city’s economy is also stable and inviting due to its home-grown capital investment and friendly business policies that enable start-ups to boom. Additionally, Salt Lake City also has local and external stewards that set the conditions right for you to conduct your business and live comfortably. Importantly, diversity is on the rise as almost half of the population in city is made up of foreigners seeking to realize their American dream. Lastly, the state has some of the stringent laws that protect vulnerable communities such as the LGBTQ which opens up the city for people of all identities.
- High quality of life
Previously known as the crossroads of the west, Salt Lake City is becoming a home for most people who wish to have a work-life balance. So if you are tired of the crowds and the high cost of living that comes from residing in the coastal cities, Salt Lake City could be your forever home. Despite being located at the foot of Wasatch Mountains and surrounded by seven serene parks, the city is affordable to live in and you can still enjoy the outdoors and the predominance of technology that it has to offer. The city also ranks on top of the list among the best places to live according to infrastructure, access to health care, and fiscal stability. When it comes to public transportation, you have access to bus service, commuter trains, and light rails that make it easy for you to get around from downtown to local universities and surrounding cities including Ogden and Lehi. Moreover, busses in the city are a popular mode of transport connecting you to resorts and other leisure centres where you can relax and take a break from the daily grind.
- Supportive environment
You should consider doing business in Salt Lake City if you want your enterprise to ride on the city’s supportive system. In addition to the flat tax rate that residents enjoy, the city has laws that eliminate unnecessary restrictions to local businesses and people who contribute to growing the local economy. Entrepreneurs are also positioned to benefit from the supportive energy and innovation that stems from the Silicon Slopes, particularly those in Lehi due to proximity to established companies such as Chatbooks, Domo, and Adobe. This means you have to take into account the areas you settle to grow your business depending on the sector that you want to venture into. Downtown Salt Lake City shows promise due to its vibrant transition with cropping office space and restaurants. This area is ideal for young progressive minds looking to put their wild ideas to test.
- Ready access capital
Given that Salt Lake City has a thriving start-up culture, it also attracts numerous investors who are willing to risk their millions to get your idea up and running which means you are guaranteed ready access to capital once you set up your business there. However, since the region has investors with a diverse background and who speak various languages, you need to engage the translation services in Salt Lake City to help you translate your contracts and other documentation so that you are on the same page with your business partners. Additionally, given that you also require your products to reach out to consumers in other parts of the world, you need translators to customize your web content, advertising message, and tailor your products to your target consumers. Salt Lake City is a hub for such service providers which means you will get all your services with ease, growing your business significantly.
Salt Lake City is a growing yet unknown hub for small businesses. If you are looking for an unconventional business friendly environment that is both fast paced and supportive to either establish or grow your business, you will not go wrong with this city. Relocate today to enjoy what the city has to give!