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Businesswoman placing orders on phone

Three Money-Saving Ideas to Help You Start a Business in Utah

Businesswoman placing orders on phoneThe Beehive State continues to live up to its name. With its focus on hard work and innovation, it is one of the top five states to do business. If you’re a startup, though, you need to pay attention to one thing. The costs of starting a company here are getting more expensive. Here is how you can save a lot of cash during your startup phase:

1. Buy Used Furniture

Furniture pieces are not cheap. It’s because you don’t buy a single table or chair. You purchase a lot of them throughout the year. The good news is that you can look for Salt Lake City office furniture that has already been used.

Buying furniture from a reliable store ensures that you’re spending on high-quality, pre-owned pieces. You can still maximize their purpose for at least two years. Hopefully, by then, your business has taken off. You now have the cash flow to invest in newer office furniture.

2. Use the Online One-Stop Shop

In Utah, it can take you about a month before you can have a business license. You can further extend that if you don’t comply with the requirements. These include your Employer Identification Number (EIN) and sales tax number.

You can spend less time and money by registering your business in most agencies online. The state has a one-stop shop. With a single account, you can now deal with the Tax Commission, the Labor Commission, and Workforce Services.

3. Secure Your Financing

You don’t need to wait until you have a lot of money before you start a business and get it going. Financing can help you. All you need is to raise about 15% of the initial costs to increase your chances of receiving a loan. You can also ask for a loan guarantee from the Small Business Administration (SBA). In this program, SBA promises to pay a percentage of the loan in case you default. This level of security can further improve your odds of approval.

Don’t pass up the chance to open a business in Utah. Its environment is excellent for growth. With these tips, you can start your dream company without having to worry about time and money.