Tips for starting a successful business in Utah

It’s no secret that Silicon Slopes, Utah’s brand new tech industry, is booming. Dozens of businesses are popping up all over the state and encouraging a population increase as we’ve never seen before.

While you might think all of these businesses are major corporations, that isn’t necessarily the case. In fact, according to a 2018 survey by the United States Small Business Administration, 99.3% of businesses in Utah are small businesses. If you want to start a business of your own one day, it’s important to educate yourself about the current political climate and technology sector. Keep reading to learn more.

Come up with a business plan

It may sound obvious, but the most important part of your idea starts with hashing out the details. Before you create your business plan, take time to observe the environment and business climate around you. Use what you see in your community to inspire you and create an innovative business model. If your dream is to start your own business but you need inspiration, schedule appointments to interview and learn from successful entrepreneurs.

Accept failure

It’s true — about half of small businesses fail within the first year. Your first business may not be successful, but it’s important to plan for the worst and come up with a back-up plan.

Stay passionate

The strongest business leaders are extremely passionate about the products and services they offer. Hire talent that is also passionate about your business model and build loyalty. Utilize your resources to expand your business by connecting with technology partners.

If you’re interested in growing your network and connecting with other successful engineers in the industry, visit www.acecutah.org today.