Looking To Start A New Business? This Is The Place!
I once gave some consideration to striking out on my own and starting my own business operation. Had that turned out to be the course my life would take, it would seem like I have ended up in exactly the right place.
Wallet Hub released a study that ranked the best and worst small cities to start a business. And for Utah it was real good. And for Southern Utah it was really, really good. In fact, according to the study, the top three small cities to start a business in the U.S. were right here in Iron and Washington counties. According to the study, Washington, Utah was the best small city to start a new business. It was followed by St. George as second best and Cedar City at number three.
Utah dominated the list in general taking 5 of the top ten positions. No other state had more than one city in the top ten. The highest rated non-Utah city in the top ten was Bozeman, Montana. Logan and Lehi were the other two Utah small cities to make the top 10.
Based on the criteria of “Business Environment” St. George was the number one city in the country while Cedar City was fourth and Washington was eighth. Using the metric of startups per capita, Washington, St. George, Bozeman along with Key West, Florida and Cheyenne, Wyoming all tied for the top spot. And on the basis of average growth in the number of small businesses, it was all Utah with Cedar City, St. George, Washington, American Fork and Eagle Mountain all tying for the top position.
So, does all this mean you should start a small business? It seems to be an indication that the environment is right in our region. And with the prospects good that more industry will be coming to the area, the need for support businesses, as well as businesses to provide for growing population, it seems the odds for success in a new business are favorable.
But before you make the plunge there are multiple considerations to be made. How good is your financing, and beyond that how good are you at financial management? Do you understand all the legal and regulatory compliance issues your particular business would face. Do you know how to brand your business, and are you good at branding? (Hint: We can help you with that!) What about time? Get ready to put in more than 40 hours per week in your enterprise. Have a good handle on work-life balance. And customer service skills in these days of instant online reviews will make or break a business in, perhaps, a matter of days. Are you up to the task?
If you are, you may be living in the best area of the country to put your ideas in to reality and pursue the dream of charting your own destiny. And there is help available to you. For example Utah.gov has a whole section devoted to resources and ideas for those starting a new business here in the Beehive state.
If you are on the way to starting a new business here in southern Utah, it seems you will not be alone. Whatever you endeavor is, I hope it is successful beyond your wildest dreams.