Start a Business in Wyoming Today

1. Create a business plan for your Wyoming company

Business plans are a lot more important than some new entrepreneurs may think. Not only do they help you secure funding (either by attracting investors or helping you qualify for a business loan), they also help you understand whether or not your business is worth launching in the first place. 

The truth is that most businesses fail because there is no market need, but a business plan outlines your product, your market, and the process that happens between the pair. When you’re crafting a business plan, you may want to: 

• Clarify your business idea: What do you aim to do? Are you solving a problem that actually needs solving?
• Look at the financials: How much will your business cost to run, and when do you expect to turn a profit? Do you need outside funding?
• Choose a location: Not all locations are ideal for your business.
• Run a competitive analysis: Who are your competitors? How are you better, and where can you improve? 
• Run a market analysis to determine how best to serve your ideal consumer.
• Search for tax breaks and local grants.

Need help creating a business plan for your Wyoming startup? We put together a comprehensive library of articles and guides on business planning.

2. Choose a business entity structure in Wyoming

After creating a business plan, the next item on your to-do list is to determine your business structure. Wyoming businesses can take several different forms, the most common being sole proprietorship, general partnership, corporation, and limited liability company (LLC). 

Sole Proprietorship

Sole proprietorships and general partnerships are the simplest business structures to create. They aren’t registered with the state and are free to set up. However, they offer no personal liability protection for the business owner. Someone suing the business can go after the personal assets of the owners, such as their savings or home.

Limited Liability Company

LLCs and corporations are registered with the state, cost money to create, and offer liability protection. That usually safeguards the owner’s personal assets (like home and car) if the company is sued or ends up in debt. The primary differences between LLCs and corporations are the way they are taxed and the formalities involved. 

Corporation

Corporations are C corporations by default, and their profits are taxed twice, once at the business level and again when they’re distributed to the shareholders (owners). This is referred to as “double taxation.” Corporations also require more paperwork and have less flexibility in management than other entity types.

By default, an LLC avoids having its profits taxed at the business level before being distributed to the owners (who are called “members”), avoiding the double taxation issue. LLCs also require less paperwork and have much more flexibility in terms of how they’re set up and run.

To set up a Wyoming LLC, you need to file Articles of Organization. These documents include the company name and address, creation date, purpose, title, and name and address of the company’s registered agent. The LLC organizer, who is often a company owner, must sign the document and submit it to the Wyoming Secretary of State for approval. There’s a filing fee that must be paid, as well.

A Wyoming corporation also requires a fee and submitting paperwork to the state in the form of Articles of Incorporation.

If you’d rather have an expert handle forming an LLC or corporation for you, we can file the paperwork to form an LLC or corporation for you with our business formation plans.

3. Determine your Wyoming business startup costs

It’s important to fully understand how much it will cost to open your business. This will help you evaluate your need for funding and set competitive prices. Remember: always add a six-month cushion just in case of an emergency.

Businesses are rocky in the beginning, especially before you’ve landed regular customers. To figure out costs, add up:

• Fixed expenses (like business insurance premiums, rent, and employee salaries)
• Variable expenses (like inventory costs)
• One-time costs (like office furniture and other equipment)

Curious about “how much it costs to start a business in Wyoming?” Look no further. This helpful guide will walk you through business cost calculation and more.

Once you know the costs, you can look at funding options. Smaller, one-time business expenses are easily handled through a low or no-APR business credit card, but you must always be wary of interest.

For everything else, business owners sometimes opt for a business loan. This can be done through the Small Business Administration (SBA) or a local bank that provides business services. Additionally, you may qualify for a grant or other type of government resource.

4. Create a Wyoming business name

Two rules are especially important to consider when coming up with a name for your Wyoming business. First, it should give at least a general idea of the products or services you offer. Second, it must be unique within the state of Wyoming.

Finding a Unique Business Name

So, while Sheridan Enterprises doesn’t say much about your offerings, Sheridan Movers does. To ensure your name choice isn’t already in use by another organization in the state, do a name search on the Wyoming Secretary of State website. We walk you through the search process on our Wyoming business entity search page. This will help prevent legal issues, confusion among customers, and ultimately wasted time and money.

Reserving a Business Name

Wyoming also gives business owners the ability to reserve a name for 120 days before filing the paperwork to start an entity like an LLC or corporation. This isn’t required, but it can keep another business from taking your desired name before you can get your paperwork together.

Domain Name

Once you’ve decided on your new business’s name, you can register a domain name for your own business website and start creating social media profiles on Facebook, Twitter, LinkedIn, and other platforms. We have a tool to help you do a preliminary domain name search, and our domain name registration service can help you secure the online name that will best serve your small business. 

5. Register your Wyoming business and open a business bank account

Once you’ve chosen your business structure and (if necessary for your business entity type) filed the registration with the Wyoming Secretary of State, you can apply for a federal employer identification number (EIN) with the Internal Revenue Service (IRS). Having this tax ID number will allow you to hire employees and open a business bank account. You can do this yourself or have a partner do it by creating a special document called a banking resolution. 

Dedicated business bank accounts will keep the company’s finances separate from your personal funds. This helps you stay organized at tax time and can also help protect your limited liability status if you have a business entity like an LLC or corporation.

Business License

Next, apply for any permits or licenses required for your business. Permits and licenses vary by industry, and they can be needed at the federal, state, and local levels. There’s no central authority to tell you every license and permit your business requires, so you’ll have to do some research or have someone like us do the research for you with a business license report.

Need more information about licenses and permits in Wyoming? Read all about licenses for different industries and how to apply for them in our Wyoming business licenses guide.

6. Market your business in Wyoming

After determining your target market, write a marketing plan that includes the major social media platforms, online communities, and local or online directories.

Claim a free business profile on Google My Business to engage with Wyoming customers across Google Search and Maps. Also, consider joining the Wyoming Chamber of Commerce or a local chamber that refers prospective customers to members first.

Print material, such as brochures and business cards, can elevate your marketing at Wyoming trade shows. Search engine optimization can help customers find your business website or blog when they use Google and other search engines.

Finally, customize your marketing approach. While it makes sense for a home-based web design company in Casper to market globally, a pet sitter in Riverton will want to limit marketing efforts to a smaller area.

Examples of Good Businesses to Start in Wyoming

Deciding on the right business venture will depend on many variables, such as your own interest and expertise, your location within Wyoming, and the existing competition in that area. However, considering that Wyoming has the world’s largest deposit of trona, which is used for a variety of things (e.g., glass, paper products, laundry detergents, etc.), you may consider some of the following businesses:

• Soap manufacturing
• Water softeners
• Paper manufacturing
• Glassware manufacturing
• Baking soda production and distribution
• Textiles

Looking for more ideas? Check out our list of the best businesses to start in Wyoming.

Bottom Line

Wyoming has a wealth of natural resources and some of the most business-friendly tax policies in the country. In other words, if you want to start a business, Wyoming could be the place to do it.

If you need help getting your dream business off the ground, we have a host of services to help you succeed. Contact us today for more information.

Top Wyoming Cities to Form Businesses

Cheyenne: State capital with a stable economy centered on government services. Growing sectors in technology and transportation. Home to significant tech infrastructure, including a major Microsoft data center.

Casper: Regional center for banking, commerce, and particularly strong in the energy sector. Developing focus on manufacturing and retail. Known for its significant role in the oil and natural gas industry.

Jackson: Thrives on tourism and hospitality due to proximity to Yellowstone and Grand Teton National Parks. Ideal for businesses related to tourism, retail, and hospitality. Supports high-end retail and services due to an affluent demographic.

Laramie: Vibrant community with strengths in education, research, and technology. Home to the University of Wyoming, fostering innovation and startup growth. Focus on sectors like renewable energy and technology.

Gillette: Known as the “Energy Capital of the Nation” with a focus on coal, oil, and natural gas. Efforts toward sustainable practices and economic diversification. Developing sectors in manufacturing and logistics.

These cities offer a mix of industrial strengths, strategic locations, and supportive environments, making them suitable for various types of business ventures in Wyoming.