Setting up a business in Salt Lake City, Utah, is a wonderful opportunity. You can take advantage of a growing market and the presence of different kinds of industries. However, any business has its costs. How much will it cost you?
1. Registration / Business License
The total amount you have to pay for registration or licensing depends on the nature of your business. At a glance, as of September 17, 2016, the city charges $114 for home-based businesses and $144 for non-home. You may also be charged with $164 for additional background checks. Note the state may have its different licensing requirements and fees.
2. Office Lease
As a commercial and economic hub, Salt Lake City office spaces are definitely more expensive than those of other cities in Utah. A typical office in Downtown may cost $17.50 per square feet annually for a minimum rented area of 1,290 square feet. To save on rental costs, consider starting your business at home or opting for more flexible offices like Regus.
Annual salaries in the city can range from $50,000 to over $100,000. Under the Affordable Healthcare Act, you also need to provide health insurance to your employees unless you’re a small business with fewer than 50 people. If you run your business with more than one employee, the city charges you $21 per full-time or part-time worker.
Commercial electricity in the city costs around 8.03¢/kWh. This is cheaper than the average price in the state of 8.06 ¢/kWh. However, you can bring the charges down by making sure your ventilation and air-conditioning are working well. Call on a professional commercial air conditioning specialist in Salt Lake City to check your unit regularly.
The list is exhaustive, but hopefully, it gives you a better idea on how much it will cost you to run a business in Salt Lake City. You can then use the information to guide you in developing financial forecasts and setting profits and budget.