How to Start a Business in Casper, Wyoming
Wyoming is considered as one of the few states that offer a pro-business environment and Wyoming’s capital Cheyenne along with Casper are the two cities that are known as the best places to start a new business. Entrepreneurs like to start a business in Casper, the second largest city in the state owing to the many benefits and opportunities the city offers. This is your comprehensive guide to opening a business in Casper covering areas from business advantages in Casper to formulating a business plan, registering the business, licenses and permits, and marketing the business among others.
Casper – Best city to start small business in Wyoming
Casper also known as “The Oil City” is famous as the regional petroleum industry center. It has been featured in the Forbes magazine list of “Top 25 Best Small Places for Business” in the nation with several industries within which you can start a business in Casper. The economy of Casper, WY employs over 30,000 people and some of the largest industries include Health Care, Retail Trade, Social Assistance, Accommodation & Food Services, Transportation & Warehousing, and tourism. You can form a business in any industry by applying for and obtaining a Casper WY business license.
Why is Casper the best place to start a business?
The city of Casper has a vibrant economy and is high on entrepreneurial spirit making it one of the best places in Wyoming and the country for a startup. You will need a business license in Casper to operate a business in this truly inspiring destination where innovation and technology combine to create a strong infrastructure. There are several reasons why opening a business in Casper is considered to be one of best options, so let’s look at some of the top reasons.
- No or Low Taxes: One of the greatest benefits of opening a business in Casper is the tax benefits. There are no state taxes like no corporate or inventory taxes. The salient highlight is that neither the City of Casper or nor Wyoming state charges any income taxes. This is one of the primary reasons why entrepreneurs prefer to start a business in Casper. The local sales tax is quite low at 5% as compared to Arkansas at 9.43%, Alabama at 9.14%, and Washington at 9.17%. The local sales tax includes 4% charged by the state and an “Optional One Cent” charged by the City of Casper, which is spent on supporting infrastructure, equipment, and local non-profit organizations.
- Strong Infrastructure: Every business requires a strong infrastructure as it plays a key role in ensuring steady and focused long-term growth. This city offers just that to those who plan to start a business in Casper. There are several key infrastructural and construction projects currently underway in the city to boost overall economic growth. One such project is the “Casper Wind Project” and its objective is to develop renewable energy facilities across potentially contaminated land as well as mine sites. The strong and reliable transportation infrastructure with Interstate Highway, US Routes, and Wyoming State Highways makes it feasible for opening a business in Casper especially in the manufacturing or warehousing & logistics industry.
- Business Incentive Programs: There are several business incentive programs that you can benefit from once you start a business in Casper. Some of the top programs include:
- Opportunity Zone Incentive Program
- Foreign-Trade Zone (FTZ) Program
- Small Business Grants Program
- Film Industry Financial Incentive (FIFI) program
- Federal solar investment tax credit program
Steps to Start a Business in Casper, Wyoming
One of the top places to start an llc in Wyoming is Casper with Natrona County being the most popular for new businesses. A research study has indicated that 3.3 new entities were formed per 1000 people and this is almost 43 percent of the national average. According to the U.S. Census Bureau and the U.S. Bureau of Labor Statistics, there are approximately 2700 small businesses in this city and is considered to have the best business environment thus putting it on the list ahead of Denver, Cheyenne, and Rapid City. You can start a business in Casper just like many other entrepreneurs have formed their new businesses. Some of the top companies situated in Casper include G W Mechanical, Wyoming Medical Center, Wyoming Machinery Company, SST Energy, RMH Franchise, and University of Wyoming among others.
You can start an llc in Wyoming, a business corporation in Casper or any other form of business. However, it is important to note that there are several aspects to consider when forming a business including the requirement of a proper business license in Casper. Let’s take a look at the steps that will help you to register your business in the city and make it fully operational.
Prepare your business idea and plan
The importance of a business plan lies in the fact that it will help you run your business better. The first and the foremost detail not to be missed is a business idea. This simply refers to the type of business activity you want to pursue like what product or service you are going to offer when you start a business in Casper. The business idea will also determine the business plan. It is important to understand that there are no good or bad business plans; instead you need to focus on creating a plan that will answer your specific requirements. There are however two categories of plans to choose from and they are: traditional plans and lean startup plans. Either of these plans will provide you with a comprehensive roadmap of opening a business in Casper, making it operational, and managing it. Some of the areas that you need to include in your business plan are:
- Executive summary: This is the first section and it includes your mission statement, product or service being offered, and basic information related to your firm including employees and location.
- Company description: This section provides detailed information regarding your business including competitive advantages of opening a business in Casper.
- Market analysis: This part of the business plan necessary to start a business in Casper focuses on the industry outlook as well as the target market.
- Services or Product line: This section provides detailed description of the products or services being offered by your company and their benefits to the potential consumers.
- Marketing and sales: This is integral to start a business in Casper and there are no perfect marketing or sales strategies. The strategy has to take into account several factors like target audience, location, competition, budget, and the USP of the product or services.
- Financial projections: This section should provide a financial outlook of the company for a minimum period of 5 years. This section should include forecasted income statements, funds to buy materials or equipment, balance sheets, capital expenditure budget, cash flow statement, and utility bills among others.
Choose your business entity
If you are planning to start a business in Casper then it is important to choose the type of business entity. In the state of Wyoming, you can choose from a variety of business entities but the most popular forms are limited-liability companies and corporations. Most often than not, entrepreneurs choose to start an llc in Wyoming as it offers them limited personal liability and flexibility of management and ownership.
Entrepreneurs also start a business in Casper as a business or private corporation because of the personal liability protection, security and perpetuity, easy to transfer ownership, tax benefits, and quick access to capital. The type of business you choose will be driven by several factors like the advantages of each entity type, the cost of formation, the tax benefits, the overall cost of maintenance annually etc.
Register your business
Once you have chosen the type of business entity; you need to register the business with the office of the secretary of state. This step will help you to start a business in Casper. Along with registration, you need to also identify a business name, check its availability, and then file the “Application for Reservation of Name”. The chosen name has to be provided on the application for business formation or Articles of Organization or Articles of Incorporation. The process of registration or opening a business in Casper can involve extensive documentation but IncParadise as your Wyoming registered agent can help you to register your business in Casper quickly and efficiently.
Obtain necessary licenses and permits
Once you have registered your business, the next step is to make it operational. A business can begin operations only after you apply for and obtain a business license in Casper. The license or permit required for your business will be determined by the business activity and in some cases you may require more than one license or permit or both. The type of business activity will also determine whether inspections are necessary prior to issuance of the Casper WY business license.
Most licenses are issued by the office of the city clerk but some licenses are issued by state departments. For instance, a Temporary Food License is issued by Casper-Natrona County Health Department. A business license in Casper is issued once the applicant submits the license or permit application along with the prescribed fee. It is important to note that all types of Casper WY business licenses or permits will expire on 31st December of the calendar year and have to be renewed. You can check the Casper, WY official website to get more information on the local licensing requirements and laws.
Do you want to know what licenses your Wyoming business requires?
Register for Taxes
Apart from fulfilling the requirements for a business license in Casper; you will also be required to register for sales tax. If your business has a physical presence or meets Wyoming economic nexus requirements, then obtaining a sales tax permit is necessary. The sales tax permit issued in the state is also known as the Sales and Use Tax License. In order to obtain or register for a sales tax permit, you may require the following depending on the type of business:
- Personal identification info like address, SSN etc
- Business identification info like physical address, EIN etc
- Date of first sale in Wyoming
- Information on products or services you are planning to sell
You can register for the taxes after opening a business in Casper and have to pay a one-time fee of $60 when submitting the Sales/Use Tax License Application. The tax permit or license is issued by the Wyoming Department of Revenue within 10 days of receipt of the application.
Obtain an EIN
One of the foremost requirements to start a business in Casper or any other city or state for that matter is an Employer Identification Number (EIN). This is a unique nine-digit tax ID number that is often known as the Federal Employer Identification Number (FEIN). This unique number is issued by the Internal Revenue Service (IRS) to specific business entities. If you start an llc in Wyoming with employees or a business corporation then you will need to apply for and obtain an EIN. We at IncParadise are an experienced and reputable registered agent that can help you to obtain an Employer Identification Number (EIN) so that you are able to file your return conveniently and can conduct your business in the state.
Market your business
In order to market your business successfully, you will need to create a marketing plan. Often, the marketing plan is an integral part of the business plan. When you start a business in Casper, your marketing strategy or plan will vary according to the products or services the business is offering. There are several key elements for marketing your business and they are:
- Website: One of the most important elements of marketing after you start an llc in Wyoming is creating a website showcasing your products or services. You can take professional help for creating a website or use ready to use templates.
- Online Presence: One of the ways to create high visibility and brand awareness is through a strong social media presence. Some of the top social media platforms include Facebook, Twitter, Instagram, LinkedIn, Snapchat, Pinterest etc.
- Local Events: Once you have obtained a business license in Casper then it is time to attend local business related events. There is a wide variety of events that take place in Wyoming and are organized by state and private organizations. These events are targeted at first time entrepreneurs as well as established business owners and provide a platform for you to market your brand to your target audience and other businesses.
Casper Business Resources and Agencies
Every business has its own unique product or services but lack of resources or help can make it difficult to start a business in Casper. Resources can be in the form of information as well as funding opportunities. Every business needs resources in some form to elevate their business to the next level. Let’s take a look at some of the useful resources and agencies as these can make opening a business in Casper easier.
Casper area chamber of commerce
If you are looking for resources that will help you to start a business in Casper then the Casper Area Chamber of Commerce is just the right place to begin your search. Their primary objective is to create business opportunities by leveraging, informing, connecting, and collaborating with their members. They offer a range of business tools including a variety of essential resources and a positive business environment for both new as well as existing businesses. The contact information is as follows:
- Address: 500 North Center Street – Casper, WY 82601
- Phone: 307-234-5311
Downtown development authority
The purpose of the Downtown Development Authority (DDA) of Casper, Wyoming is to ensure the implementation of programs to make Casper Downtown the best including providing help towards opening a business in Casper. They focus on several key areas like economic development, business recruitment, financial assistance, public relations, and educational programs amongst others. One of their recent achievements is creation of an atmosphere, which is highly attractive as well as conducive for private or business development and this has resulted in $36 million in private investments. One of the important future goals is to ensure continued recruitment of startups and new businesses to Casper Downtown. The contact information is as follows:
- Address: Downtown Development Authority, 341 W Yellowstone Hwy, Casper, WY 82601
- Phone: 307-234-5311
Small business development authority in Wyoming
If you are an entrepreneur planning to start a business in Casper then the Wyoming small business development center (SBDC) can play a key role. They can provide guidance and resources towards opening a business in Casper. They helped 108 new businesses to become operational in 2019. They provide information and advice pertaining to several areas of starting a business like Payroll & Bookkeeping, International Trade, grant opportunities, crowdfunding, and SBA Guaranteed Loan among others. SBDC has business advisors for different counties, market research centers, and state offices.
How does IncParadise help you?
Wyoming is one of the best states for starting a new business due to the many advantages: a strong economy, a positive business environment, and small business supportive incentives and infrastructure. There are several cities in Wyoming that offer attractive opportunities for new business formation and one such city is Casper, WY. As your chosen registered agents in Wyoming, IncParadise can help you start a business in Casper quickly and efficiently.
IncParadise is a one of the most respected registered agents in Wyoming with 20 years of experience in new business formation. We have also assisted with the formation of more than 15,000 companies across 50 states and have a registered office in Casper. You can use our services not only for business formation but also to fulfill other business related requirements like Casper WY business license, mail forwarding in Wyoming, obtaining a Tax ID number, a virtual office in Casper, and Wyoming annual reports.