Utah offers plenty of excellent pieces of news to those who seek jobs. The state has a low unemployment rate, while work is not only abundant but also highly diversified. But why contain yourself to a 9 to 5 job when you can be an entrepreneur?
Here are the four best businesses to open in the Beehive State:
- Home Rentals
Utah has one of the fastest-growing populations in the country. The pandemic only accelerated it when those who lived in big cities moved to less-crowded areas like Salt Lake City.
The increase in the number of people now makes homes, including rentals, more in demand. Statistics show that in only 9 years, the median rent growth already reached nearly 85%. The average rent in the state is over a thousand dollars in 2019 — almost double that in 2000.
If you have a spare home, then you’re lucky. Spruce it up, and it’s ready to welcome a new tenant. However, if you don’t, consider applying for a multifamily FHA loan, which helps you afford multiple units in an apartment complex.
Note, though, that not all lenders that offer an FHA-backed mortgage can also provide a multifamily loan. Moreover, if you want to hasten the process, look for a lender approved for multifamily accelerated processing (MAP).
- Vet Clinics
Utah has one of the biggest groups of millennials in the country, accounting for over 20% of the population. Meanwhile, baby boomers make up around 22%. Although these generations are years apart, they have one thing in common: high pet ownership.
According to Packaged Facts, millennials or the Y generation compose nearly 30% of all pet owners. The rate of pet ownership also rose among the 55-year-olds and above between 50% and 54% in 10 years since 2008.
In fact, a 2017 report revealed that millennials consider their dogs or cats when choosing a home. Most prefer big yards so their furry companions have plenty of room to move around.
Owners seem to spare no expense for their pets. The American Pet Products Association (APPA) shared that, in 2018, they spent a staggering $72.56 billion from pet supplies to grooming and vet care. This figure was over $3 billion more than the previous year.
- Aged Care
While Utah doesn’t have the oldest populations, many are also growing older but living longer, according to the state’s health department. Several of these baby boomers prefer to age in place.
This decision, however, doesn’t mean they won’t need help at some point. You can, therefore, consider a business that fills this need.
One of the popular options is on-demand senior care, where a professional caregiver or healthcare provider visits these homes regularly to check the well-being of the old residents. Since this demographic is prone to depression, your business may also extend companionship.
You can start your business from scratch or opt for a franchise. Usually, the latter gives you access to financing, so you can spread out your repayments and manage your cash flow more effectively.
Utah has one of the most flourishing information technology (IT) industries in the country some already dub it as the next Silicon Valley.
In ten years, it already provided over 47,000 jobs, according to the Cyberstates 2020 report. It won’t be long before they account for about 10% of the workforce.
The industry also has a lot of potential for growth, but it needs support, including cybersecurity. The risks are intensifying in the United States.
The US Government Accountability Office revealed that at least 28,000 incidents had been reported to Homeland Security in 2019. These problems ranged from violations or improper usage of IT, email phishing, loss or theft of equipment, spoofing, and multiple attack vectors.
If you have excellent knowledge in cybersecurity and maintains a good team and high-quality equipment, it can be a lucrative business for you in Utah.
Being in Utah is already a great opportunity for entrepreneurs like you. It ranks high in ease of business. Moreover, you have excellent choices for a start-up, beginning with these ideas.