Why Utah is Ripe With Small Business Success

Why Utah is Ripe With Small Business Success

Small Business Success in Utah

May marks the annual celebration of National Small Business Month. Small businesses are crucial to the American Economy and are especially important to Utah. According to data delivered by Lendio.com, 96.7% of Utah businesses are small businesses. This number is among the highest in the nation. Small businesses are a staple of our economy and are a sector that we need to support and celebrate.

Utah: A Small Business Market

Utah’s economy has been rapidly increasing within the past fifteen years and shows no signs of slowing down. Many successful companies have started and thrived here. Due to this success, the greater Salt Lake area has earned the nickname “Silicon Slopes”; an homage to Silicon Valley (an area in the northern coast of California where tech giants like Apple, Google, and Facebook are housed.) This business success is because of several key aspects of Utah’s work climate. The most commonly referenced reasons are the abundance of affordable business land, skilled and educated workers, tax structures, and more.

This business climate is helpful for housing large corporations but also contributes to vast small business growth. One local example is Pluralsight. Pluralsight is a Utah founded and based former small business that has seen significant growth. They create and distribute training courses on a wide range of varying topics and skills. Pluralsight was founded in Utah in 2004 and has exploded to over 800 employees, launched their IPO on Thursday, May 21st, and are now valued at over $2.4 billion. One large reason for their success is because of the Utah climate.

Image sourced from www.forbes.com/utah-pluralsight-ipo on 5/22/18

 

Utah is home to many prestigious Universities. Due to the abundance of job opportunities in Utah, many graduates of Utah schools are staying local. This helps to create a continuous stream of educated workers entering the local workforce. This abundance of educated workers is one aspect of the Utah Business Climate that many experts cite as a reason for Utah’s growth.

Small Businesses Working Together

The small business community is a tight-knit group. Small businesses look out for each other and strive to help one another. At Executech we are a small business looking out for other small businesses. We provide managed IT services based in South Jordan, Utah. We understand that as a small business, budgets are tight and carefully managed. Therefore, our plans and product offerings are customizable to you and your budget. Also, we offer free consultations to help give you an outside look at your network and IT needs.

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Small Business Haven

Utah is home to roughly 260,000 small businesses, and that number is on the rise. Utah is an ideal location for nearly any small business because of the fertile Utah business Climate. These small businesses are adding strength and diversity to the Utah economy and population. We need to support and celebrate the small business sector of Utah.

By supporting and celebrating our small businesses, Utah will continue to be a haven for small businesses for years to come.

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