Starting a Small Business in Wyoming

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

Wyoming Industry Trends

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the Wyoming economy’s most prominent 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. Oil Drilling & Gas Extraction (Revenue: $18.0 billion)
2. Petroleum Refining (Revenue: $12.9 billion)
3. Gasoline & Petroleum Bulk Stations (Revenue $3.2 billion)
4. Coal Mining (Revenue $3.2 billion)
5. Gasoline & Petroleum Wholesaling (Revenue $3.0 billion)
6. SUV & Light Truck Manufacturing (Revenue $2.6 billion)
7. Hospitals (Revenue $2.4 billion)
8. Gas Stations with Convenience Stores (Revenue $2.0 billion)
9. Mineral & Phosphate Mining (Revenue $1.9 billion)
10. New Car Dealers (Revenue $1.8 billion)

Wyoming Sector Statistics

When starting a small business in Wyoming, 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 that contributed most to Wyoming’s GDP in 2022 were Mining; Real Estate, Rentals & Leasing; and Manufacturing. Combined, these three sectors represented 50.2% of the state’s GDP. In 2022, the sectors that contributed most to Wyoming’s GDP included:

1. Mining (Value: $7.1 billion* | Annual growth: -5.4%)
2. Real Estate, Rentals & Leasing(Value: $3.6 billion* | Annual growth: -1.0%)
3. Manufacturing (Value: $3.5 billion* | Annual growth: 4.4%)
4. Transportation & Warehousing (Value: $2.3 billion* | Annual growth: -5.7%)
5. Retail Trade (Value: $1.9 billion* | Annual growth: -1.0%)
6. Healthcare & Social Assistance (Value: $1.6 billion* | Annual growth: -0.9%)
7. Construction (Value: $1.5 billion* | Annual growth: -2.6%)
8. Professional, Scientific & Technical Services (Value: $1.3 billion* | Annual growth: 3.3%)
9. Finance & Insurance (Value: $1.2 billion* | Annual growth: 12.5%)
10. Wholesale Trade (Value: $1.1 billion* | Annual growth: -4.6%)
11. Accommodation & Food Services (Value: $1.1 billion* | Annual growth: 2.7%)
12. Information (Value: $752 million* | Annual growth: 2.3%)
13. Administration, Business Support & Waste Management Services (Value: $502 million* | Annual growth: -15.8%)
14. Other Services (except Public Administration) (Value: $472 million* | Annual growth: -2.2%)
15. Arts, Entertainment & Recreation (Value: $205 million* | Annual growth: -18.5%)

*Approximately

Wyoming 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 Wyoming included:

1. Laramie (Population: 102,000 | Annual growth rate*: 0.7%)
2. Natrona (Population: 81,900 | Annual growth rate*: 0.6%)
3. Campbell (Population: 46,700 | Annual growth rate*: N/A)
4. Sweetwater (Population: 42,100 | Annual growth rate*: -0.7%)
5. Albany (Population: 39,200 | Annual growth rate*: 0.3%)
6. Fremont (Population: 39,000 | Annual growth rate*: -0.4%)
7. Sheridan (Population: 31,300 | Annual growth rate*: 0.8%)
8. Park (Population: 29,400 | Annual growth rate*: 0.2%)
9. Teton (Population: 23,700 | Annual growth rate*: 0.4%)
10. Lincoln (Population: 20,900 | Annual growth rate*: 1.6%)
11. Uinta (Population: 20,100 | Annual growth rate*: -0.3%)
12. Carbon (Population: 14,400 | Annual growth rate*: -0.9%)
13. Converse (Population: 13,800 | Annual growth rate*: -0.1%)
14. Goshen (Population: 13,200 | Annual growth rate*: -0.2%)
15. Big Horn (Population: 11,300 | Annual growth rate*: -1.1%)

*From 2017 to 2022.

Wyoming Business Opportunities

We hope this snapshot of the Wyoming economy helps as you investigate business opportunities in The Cowboy State! Starting a small business in Wyoming 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 Wyoming below!