Entrepreneurs Drive Upton’s Success!

Entrepreneurs Drive Upton’s Success! Main Photo

26 Oct 2022

News, Blog

Over the past couple of years, communities across the nation have experienced significant small business growth and entrepreneurship. Upton’s entrepreneurs play a vital role in meeting the community’s needs, resulting in job creation, economic sustainability and growth.

What is an entrepreneur?

A person with an exciting idea who seeks to turn it into a profitable business is an entrepreneur. Dedication and hard-working with the energy needed to design, launch and operate a new business are character traits they typically possess in abundance. Thousands of individuals put their entrepreneurial ideas to the test by starting their own businesses due to the COVID-19 pandemic. Since then, the trend has stabilized at levels far exceeding those prior to 2020. The U.S Small Business Administration (SBA) Office of Advocacy’s 2022 Small Business Profile indicates 72,081 small businesses in Wyoming, accounting for 64.1% of all employees in the state. According to data from the Census Bureau, Weston County saw a 12.7% increase in new business applications in 2021. 

Why are entrepreneurs important?

Entrepreneurs are an essential economic driver for communities of all sizes, with the most significant impact experienced by rural towns like Upton. They are crucial in providing much-needed goods and services, creating jobs, incorporating innovations to improve living standards and fostering community vitality.

Job Creation

When a new business starts in a rural community, the first question is about wages. Most workers who make long commutes for a healthy paycheck will weigh the cost of travel versus local pay and will choose to work locally for a liveable wage. It is the rare person who prefers a lengthy commute to their place of employment. 

Tax base

Entrepreneurs who build successful businesses help increase a local tax base by creating new jobs, purchasing local goods and services and paying property taxes. Workers new to the community often patronize other local businesses like restaurants, cafes, coffee shops and home goods shops, which generates local tax revenue needed to support local schools and public improvements for roads, utilities, trails and parks.

Sense of community

Communities with a small business district or a downtown area, where entrepreneurs can afford to launch a new business, create excitement and interest for residents and visitors. There is always something new happening or developing in these areas. Curiosity drives traffic to the new businesses and creates a unique local vibe in which residents can take pride.

Resources for Entrepreneurs in Upton

The UEDB hosts a calendar of events for entrepreneurs, including webinars given online by local, state and national experts. The Infrastructure Investment & Jobs Act and an Introduction to Trademarks are two webinars in early November. Past webinars include Growing Your Business Remotely, SYOB: Planning for Success and Networking 101 for Small Business Owners. You can register to watch past webinars on demand if you miss one. Please refer back to the calendar for upcoming events.

The Wyoming Small Business Development Center is a partnership between the University of Wyoming, the Wyoming Business Council and the U.S. Small Business Administration to help entrepreneurs start, grow or reinvent a business through the assistance of local experts.  Best of all, their services are free!

Financing is commonly a limiting factor for entrepreneurs. The Wyoming Business Council offers incentives for small businesses and entrepreneurs designed to ease operation costs. New loans recently created are now listed and specifically designed to assist small business - see the Contract Loan and the Succession Loan. Additionally, UEDB awards grants and scholarships to Upton area organizations and students of all ages. 

Celebrate and Support our Entrepreneurs

This November is National Entrepreneurship Month, and National Entrepreneur Day is November 15. Please join the Upton Economic Development Board (UEDB) directors in celebrating Upton’s local entrepreneurs. Thank our entrepreneurs for their work and show your support by utilizing their goods and services this month and all year!