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Utah has a high number of small businesses, with approximately 283,000 small businesses in the state as of 2020, representing 99.9% of all businesses in the state. There are a number of factors that may contribute to this high number of small businesses in Utah, including:

  • Strong economy: Utah has a strong and growing economy, with low unemployment rates and a diverse range of industries. This can create a favorable environment for small businesses, with plenty of opportunities for growth and success.
  • Favorable business climate: Utah has a business-friendly environment, with relatively low taxes and a streamlined regulatory process. This can make it easier to start and operate a small business in the state.
  • Skilled workforce: Utah has a highly educated workforce, with a number of top-ranked universities and technical schools in the state. This can be beneficial for small businesses that need access to skilled employees.
  • Supportive community: Utah has a strong sense of community, with many organizations and resources available to support small businesses. For example, the state has a number of business incubators and accelerators, as well as organizations like the Utah Small Business Development Center and SCORE, which offer business development resources and support.
  • Quality of life: In addition to its strong business environment, Utah also offers a high quality of life, with a variety of outdoor recreational opportunities, a thriving arts and culture scene, and a diverse population. This can make it an attractive place for entrepreneurs to live and work.

If you are considering starting a small business in Utah, it may be helpful to research the local market, reach out to local business resources, and speak with other small business owners in the area to get a better understanding of the opportunities and challenges that exist in the state. Work Hive is a great place to network! Work Hive is a flexible coworking space featuring a range of solutions to suit your need: we have private offices, solo work stations, conference rooms for group work, a kitchen area, and all the space, technology and amenities you need to get your team off the ground. We have locations in Downtown Salt Lake City, and Sugar House.

Published in Coworking Blog

As a small business owner, one of the most exciting things you can do is launch a new product or service. This can be a great way to grow your business and reach new customers, but it can also be a daunting task. Here are some tips to help you successfully launch a new product or service.

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1. First, it's important to carefully plan and research your new offering. This means understanding your target market and what they need or want. Conducting market research can help you identify potential customers and gather insights into their preferences and behavior. This can also help you understand the competition and position your product or service in a way that sets it apart.

2. Once you have a clear understanding of your market and product, it's time to develop a launch plan. This should include setting clear goals and objectives for the launch, as well as a timeline for key activities such as product development, marketing, and sales. It's also important to determine how you will measure the success of the launch, so you can make adjustments and improvements as needed.

3. Next, you'll need to create a marketing and sales strategy to reach potential customers and drive demand for your new product or service. This could include a range of activities, such as advertising, public relations, social media marketing, and email marketing. It's also important to build buzz and anticipation for the launch, through things like pre-launch promotions and special offers.

4. Finally, it's essential to manage the launch process carefully, to ensure that everything goes smoothly. This means working closely with your team, suppliers, and other stakeholders to ensure that everything is on track. It's also important to be prepared for potential challenges or issues that may arise, and to be ready to pivot or make changes as needed.

Launching a new product or service can be an exciting and rewarding experience for small business owners. By carefully planning and executing your launch, you can increase your chances of success and grow your business in the process.

If you have other strategies for managing product launch within a small business, share those ideas with your network at Work Hive! As this is an ever-evolving topic, it is never a bad idea to share your latest strategies with your fellow Work Hive community members in Salt Lake City. Work Hive is a great place to grow your network!

Published in Coworking Blog