Starting a Small Business in Utah

Welcome to the Small Business Startup Utah Franchise Directory! Here, you’ll find everything you need to begin your journey to business ownership in The Beehive State. If you’re considering starting a small business in Utah, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our Utah Franchise Search Tool.

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the Utah economy’s most significant industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries.

1. Drug, Cosmetic & Toiletry Wholesaling (Revenue: $20.9 billion)
2. E-Commerce & Online Auctions(Revenue: $11.4 billion)
3. New Car Dealers ($11.3 billion)
4. Grocery Wholesaling ($11.1 billion)
5. Petroleum Refining ($11.1 billion)
6. Oil Drilling & Gas Extraction ($10.4 billion)
7. Mail Order ($9.1 billion)
8. Software Publishing ($8.7 billion)
9. Hospitals ($8.4 billion)
10. Warehouse Clubs & Supercenters ($8.3 billion)

Utah Sector Statistics

When starting a small business in Utah, gross domestic product (GDP) is another tool entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means people are spending more money and creating more jobs.

The three sectors contributing most to Utah’s GDP in 2022 were Manufacturing; Real Estate, Rentals, and Leasing; and Professional, Scientific & Technical Services. Combined, these three sectors represented 38.1% of the state’s GDP. In 2022, the sectors that contributed most to Utah’s GDP included:

1. Manufacturing (Value: $27.5 billion* | Annual growth: 9.9%)
2. Real Estate, Rentals & Leasing (Value: $22.6 billion* | Annual growth: 3.5%)
3. Professional, Scientific & Technical Services (Value: $15.6 billion* | Annual growth: 7.4%)
4. Information (Value: $14.7 billion* | Annual growth: 12.7%)
5. Finance & Insurance (Value: $14.7 billion* | Annual growth: 7.1%)
6. Retail Trade (Value: $13.2 billion* | Annual growth: 2.6%)
7. Construction (Value: $11.8 billion* | Annual growth: 6.2%)
8. Healthcare & Social Assistance (Value: $9.8 billion* | Annual growth: 1.3%)
9. Wholesale Trade (Value: $9.5 billion* | Annual growth: 3.6%)
10. Administration, Business Support & Waste Management Services (Value: $5.9 billion* | Annual growth: 6.9%)
11. Transportation & Warehousing (Value: $4.9 billion* | Annual growth: -2.0%)
12. Other Services (except Public Administration) (Value: $4.2 billion* | Annual growth: 1.9%)
13. Accommodation & Food Services (Value: $3.8 billion* | Annual growth: 3.2%)
14. Mining (Value: $3.7 billion* | Annual growth: -5.2%)
15. Management of Companies and Enterprises (Value: $3.0 billion* | Annual growth: 5.1%)

*Approximately

Utah Population Statistics

A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. Doing so lets you decide whether a location is a good match for your target market.

In 2022, counties with the highest populations in Utah included:

1. Salt Lake (Population: 1.2m | Annual growth rate*: 0.8%)
2. Utah (Population: 682,000 | Annual growth rate*: 2.3%)
3. Davis (Population: 367,800 | Annual growth rate*: 1.2%)
4. Weber (Population: 269,900 | Annual growth rate*: 1.4%)
5. Washington (Population: 198,600 | Annual growth rate*: 3.6%)
6. Cache (Population: 133,700 | Annual growth rate*: 1.4%)
7. Tooele (Population: 79,500 | Annual growth rate*: 3.3%)
8. Iron (Population: 60,600 | Annual growth rate*: 3.3%)
9. Box Elder (Population: 59,100 | Annual growth rate*: 1.8%)
10. Summit (Population: 43,300 | Annual growth rate*: 1.0%)
11. Wasatch (Population: 37,700 | Annual growth rate*: 3.3%)
12. Uintah (Population: 36,200 | Annual growth rate*: 0.3%)
13. Sanpete (Population: 32,300 | Annual growth rate*: 1.5%)
14. Sevier (Population: 22,100 | Annual growth rate*: 0.7%)
15. Carbon (Population: 21,200 | Annual growth rate*: 1.0%)

*From 2017 to 2022.

Utah Business Opportunities

We hope this snapshot of the Utah economy helps as you investigate business opportunities in The Beehive State! Starting a small business in Utah is an exciting journey, and we know you’re probably eager to get started. But remember, take your time to explore all your options. While you’ll always have the “opportunity” to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. These are called “Franchise Opportunities,” and they offer several benefits, including the recognition of a well-established brand and a proven track record of success.

To learn more, start by exploring franchise opportunities in Utah below!