If you’re looking for a strategic place to invest in franchising, Utah should be on your radar. With sustained economic growth, a young population, and a dynamic market, this state offers fertile ground for investments. In this article, we’ll explore everything you need to know about the best businesses in Utah, from the most profitable franchises to the best cities to set up shop in. In addition, we will look at key sectors such as cleaning franchises in Utah, which are gaining popularity thanks to their steady demand and low operating costs. Ready to discover your next investment? Read.
Utah: a state with great economic potential
With 3.2 million residents, Utah combines low population density with highly concentrated metropolitan areas. The most populous region is the Salt Lake City metropolitan area, which is home to 75% of the state’s residents. This makes it an ideal economic center to establish businesses, as it concentrates a wide consumer base and efficient logistics access.
The median age of 31 years, the lowest in the country, ensures an active and constantly growing population. In addition, Utah has one of the highest birth rates in the United States, leading to a stable market and high demand for family-oriented products and services. These demographics are at the core of success for franchises that decide to expand in this state.
Drinking habits in Utah
Utah is a unique market where consumption habits are influenced by three pillars: technology, family life, and recreational activities.
The inclination towards technology has positioned the state as a leader in innovation. People are looking for electronic devices, software, and technology training. This has fueled the growth of “Silicon Slopes,” where tech companies and franchises thrive.
In addition, family life plays a crucial role. The high birth rate and average family size generate a strong demand for educational, recreational, and health services. For example, franchises of family gyms or entertainment centers are very popular in this market.
Finally, Utah is famous for its outdoor culture, which drives franchises related to sports, tourism, and recreation. People value active quality of life, creating a constant market for businesses that cater to these needs.
5 Best-Performing Industries in Utah
Technology and software
The tech industry has established itself as one of the strongest pillars of Utah’s economy. Big companies like Adobe, Qualtrics , and Pluralsight have made the state their headquarters, attracting talent and generating a steady stream of investment. For entrepreneurs, technology and software franchises represent a strategic opportunity: high profit margins and ever-growing demand. So much so that over the past decade, the tech job growth rate has been one of the highest in the United States, with an annual increase of 4.9%, outpacing other industries in the state and tripling the growth of tech nationally.
Factory
With a contribution of $19.6 billion to the state’s gross domestic product, manufacturing is another key industry in Utah. Sectors such as the production of medical equipment, food, and consumer goods lead this field. Logistics, distribution and related services franchises find in this environment an excellent opportunity, taking advantage of the constant growth and competitive costs of the state.
Tourism and recreation
Utah is known for its stunning nature, which includes five national parks and numerous ski resorts, generating significant revenue each year. In 2022, tourism contributed $8 billion to the state, opening up endless opportunities for franchises in the areas of hospitality, transportation, and recreational activities.
Financial services
Utah has emerged as an ever-expanding financial center, with institutions looking to diversify their services and attract new clients. Franchises related to accounting, financial advisory and loan services have a wide potential market, ideal for those looking to invest in this growing sector.
Health and biotechnology
Utah has experienced remarkable growth in the life sciences industry, making it one of the most dynamic in the state. According to a BioHive report, in 2022 there were more than 182,000 jobs in the sector, with an annual growth of 5.1%, higher than the national average of 3.5%. This boom is also reflected in the economic impact, with a GDP of $8 billion generated by life sciences companies, and a total economic impact on the state of $21.6 billion.
Best Cities to Invest in Utah
Salt Lake City
Salt Lake City (SLC) is, without a doubt, the economic center of Utah. With a population of over 200,000 in the city and a metropolitan area that is home to more than 40% of the state’s population, SLC stands out for its advanced infrastructure, high connectivity, and captivating cultural environment. These characteristics make the city an ideal destination for a wide range of businesses, from franchises in the gastronomic and service sector to high-end technology companies. In addition, the cost of living compared to other large cities in the United States is still relatively low, making Salt Lake City attractive to entrepreneurs and investors alike. The strong presence of sectors such as technology, manufacturing, and financial services gives it a diversified profile, ensuring a strong and accessible consumer base.
Salt Lake City is known for its quality of life and business-friendly policies. The Utah Business Park and access to venture capital funding also bolster its appeal for new investments.
Provo-Orem
The Provo-Orem metropolitan area, located south of Salt Lake City, is one of the state’s most dynamic economic centers. Known for its favorable business environment and strong focus on innovation, Provo-Orem has been dubbed the “Silicon Slopes” of Utah, due to the growth of tech companies in the region. Among the companies that have established their headquarters here are big names such as Qualtrics and Vivint, which has made this city a hub for technology and software.
The presence of educational institutions such as Brigham Young University has also fostered an environment conducive to franchising in education, technology, and career services. With a young and highly educated population, Provo-Orem is the ideal location for businesses looking to take advantage of innovation and local talent. In addition, the city stands out for its relatively low operating costs compared to other major technological areas in the country, making it an attractive option for emerging or innovative franchises .
Ogden-Clearfield
North of Salt Lake City, Ogden-Clearfield presents itself as one of the most attractive regions in terms of operating costs and industrial opportunities. With a robust infrastructure, especially in the field of transportation and manufacturing, this area is perfect for businesses related to logistics, transportation, and industrial production. The proximity to the state capital, coupled with the availability of labor and the low cost of living, makes Ogden-Clearfield an ideal city to establish manufacturing or distribution franchises. In addition, the recent push into urban revitalization and industrial park development is positioning Ogden as a growing city for investors seeking long-term profitability.
What are the Most Profitable Franchises in Utah
1. The UPS Store Franchise
With more than 40 locations in Utah, The UPS Store has benefited from the boom in e-commerce, which has increased demand for shipping and logistics services. The initial investment to establish a franchise of The UPS Store ranges from $94,000 to $496,000, depending on factors such as location and the size of the location. Its franchise fee is $19,950.
This franchise offers a wide range of services, including domestic and international shipping, printing, mailbox rental, and business services, serving both businesses and private consumers. The backing of a well-known brand and a proven business model contribute to its success in the market.
2. Anytime Fitness Franchise
The growing interest in health and wellness has positioned the Anytime Fitness franchise as a leader in the gym sector. With more than 20 branches in Utah, this franchise offers a recurring revenue model through memberships, operating 24/7. The initial investment to open an Anytime Fitness franchise ranges from $474,000 to $970,000, depending on factors such as the location and size of the gym, and its initial franchise fee is $42,500.
The brand provides franchisees with comprehensive training, ongoing marketing support, and access to a global network of resources, making it easier to manage and operate the business. The growing demand for fitness services and flexible schedules make Anytime Fitness an attractive option for investors in Utah.
3. MaidPro Franchise
MaidPro is one of the most popular cleaning franchises in Utah, standing out for its flexible and profitable business model. The initial investment to establish a MaidPro franchise ranges from $105,560 to $130,800, making it an accessible option for entrepreneurs. Its initial franchise fee is $45,000 for one territory, and $112,500 for three territories.
The demand for residential and commercial cleaning services has grown in the state, driven by the busy lives of residents and the high employment rate.
MaidPro operates on a centralized marketing system and offers ongoing support to franchisees. In addition, its model does not require large facilities, which significantly reduces fixed costs, making it ideal for entrepreneurs looking for a low-risk business with consistent returns.
*Data as of the date of publication of this article
*Values expressed in US dollars
Find Your Next Investment in Utah
Investing in Utah means tapping into a dynamic market supported by a growing economy, a young population, and highly profitable sectors. From cleaning franchises to gyms to logistics companies, the opportunities in Utah are vast and diverse.
At Interlink FBC, we are experts in helping you identify the ideal franchise for you. Schedule your free consultation today and take the first step toward a profitable investment.
