How To Start A Business In Wyoming

Entrepreneurship in Wyoming

Wyoming natives have invented many everyday objects, including the automatic garage door and steering systems for modern cars. In fact, the first public library system was implemented here. It's no wonder so many great entrepreneurs have come from Wyoming.

With people like James Penny (Founder of J. C. Penny), and Alexis Garrett (Founder of Alexis Drake) to look up to, the people of Wyoming love to lead entrepreneurial teams that change the world.

Home to the majestic Yellowstone national park, the cowboy state is a great place to start your small business.

Registering Your Business

Registering your business is one of the first steps to success.

And with Wyoming’s 100 dollar fee for starting an LLC, it's important you get it right.

Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.

Click here to learn more.

Market Analysis

Before you start your business, look around to understand the market in Wyoming.

With an abundance of rich natural resources, Wyoming has a ton of business potential.

According to TaxFoundation.org, Wyoming ranks an awesome 1st in the overall business tax climate.

Competitor Analysis

Another good way to understand Wyoming’s market is to visit your local Chambers of Commerce.

Chambers of Commerce

You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.

We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.

Labor Statistics

Wyoming is full of hard working people that can be amazing assets to your company.

Unemployment rate in Wyoming:

3.3%

Information from Wyoming.gov

Average annual salary in Wyoming:

60,682 dollars

29.17 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

High school degree or higher:

93%

Bachelor degree or higher:

27%

Information from World Population Review

Housing Market

Price index yearly growth: 14.4%

Medium house price: 220,500 dollars

National average house price: 269,039 dollars

General Advice

Wyoming is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.

If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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