Wyoming: The Next Big Thing in Business
Rich in naturally scenic landscapes and a thriving economy, the state of Wyoming is most certainly the next big thing in the country. Wyoming’s gross state product was $38.4 billion according to a report by the U.S. Bureau of Economic Analysis. The state’s economic climate is getting positively warmer with its primary industries that include mineral extraction as well as travel and tourism among others. Investment in this area would be quite a clever move considering the number of booming businesses for sale.
The Thriving Industries
Wyoming is currently the second fastest growing economy in the United States in terms of state GDP growth. The state is more profitable than ever and is a fertile ground for both setting up and buying an existing business. In the field of agriculture, livestock products generate 86% of Wyoming’s agricultural receipts, 76% of which are produced by beef cattle and calves. These livestock are considered a major source of state revenue. Wheat, barley, and hay are among the other products that are popularly harvested.
The field of mining is very lucrative in Wyoming. It generates the largest gross product in the area compared to other states. It accounts for one quarter of the gross state product as Wyoming is a leading producer of coal, petroleum and natural gas. Moreover, the state is a major source of sodium, carbonate, uranium, gold, iron, glass, clay and wood products.
Tourism in Wyoming is vibrant and exciting. It generates $2 billion in revenue for the state. With over 10 million acres of forestland, the state’s natural beauty is perfect for sightseeing, outdoor activities, and recreation. There are also numerous national parks, historic sites, charming ranches, and the music and arts scene has a lot to offer as well. Other flourishing industries include real estate, finance, and insurance groups that are comprised of thousands of dynamic individuals within a competitive landscape.
Running a Business in Wyoming
All these industries offer great potential for business ventures in Wyoming and this extends to other fields as well such as retail, food, hospitality, entertainment, among others. With a highly organized federal government that prioritizes business growth and opportunities, Wyoming is idyllic for savvy entrepreneurs who chase success. There are several awesome reasons why running a business in Wyoming is advantageous and hassle free:
- The overall cost of Wyoming based businesses is relatively lower compared to other states. This includes labor costs. There are no corporate, personal and inventory taxes imposed.
- Bureaucratic procedures in Wyoming are not very stern and burdensome as officials and staffs in counties are easily accessible and accommodating. This allows business owners and buyers to save a lot of time and effort.
- The fear of regulatory burdens does not have to be dealt with. Wyoming has a stable and efficient government that constantly seeks to protect businesses in the state and keep them on the right track.
- The population of Wyoming, even if it is not exactly large, has high level of purchasing power. It is comprised of quality individuals including the wealthy, the big spending and stable professionals as well as an influx of tourists all year round. Hence, thriving businesses are naturally expected. There are also a lot of businesses for sale that are already profitable as they are and would make great investments. Unemployment rate is very low too.
- Wyoming has hardworking and amiable locals and most of them will make good business employees that will be a substantial part in the success of any business venture.
Businesses for Sale
Business listings in Wyoming abound and come from various industries. For the potential business buyer, the state is a fertile and thrilling ground for entrepreneurial pursuits. Here are a few of the many general business fields in Wyoming that are worth exploring:
- Wyoming refinery related to oil and gas extractions
- Full service oil field trucking company
- Coal deposit powder river
- Powerline Construction & Maintenance
- Family-oriented entertainment complexes
- Drug testing and health centers
- Towing and recovery companies
- RV parks
- Hotels, motels, apartments, lodges, and resorts
- Orthotics and prosthetics fabricators
- Home inspection franchise
- Auto repair shops
- Oil and gas well parts
- Restaurants, cafes, and baking companies
- Consulting firms
- Furniture shops and distributors
- Staffing firms
- Schools and child learning centers
- Retail companies
There are many more types of businesses to get into. Deciding to acquire one must come from a deep passion to lead a team and grow a brand. It should be aligned with the business buyer’s interests, needs, and financial standing. Whether it is choosing to purchase a quaint café or a multi-million dollar consultancy firm, Wyoming has it and the possibilities are endless.