Wyoming Small Business Statistics

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Last updated January 6, 2023
Written by Dmytro Kondratiev
Editor, lawyer
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Millions of visitors from around the world go to Wyoming each year to see its beautiful state parks and historic sites, including Yellowstone, Devils Tower, Grand Teton, and so on. They also travel to see its landscapes, which are famous for their diverse and spacious natural environment. “A land of vast plains”, as the name of the state translates, it has something unique to offer everyone.

What is also interesting about WY is that it is one of the three states within the contiguous US that has all rectangular borders on the map and is the tenth largest state of the country, making it an interesting place to explore.

And what about the economy? Is it an attractive place for owners of small businesses to settle down and start a private venture? It definitely is! Read our quick guide to small business statistics to find out which sectors are blooming and worth investing in Wyoming this year.

Key Wyoming Small Business Stats

  • Wyoming has more small businesses than any other state. In fact, only 2.1% out of all businesses in WY aren’t run by SMEs, making it the most business-friendly destination for entrepreneurs;
  • The average income of entrepreneurs running their own small business in the state ranges around $60,000, which is three times more than what unincorporated firms earn for a living per annum (Census data);
  • More than 682 new startups were founded in WY in 2018, adding 2.330 new jobs to the labor pool; 
  • Out of Wyoming’s total minority population, which amounts to 37.000, only 9% of individuals work on a self-employed basis;
  • The largest number of SMEs, represented by a total of 359 small firms, is in the export business. The revenue generated by small enterprises is worth $1.3 billion, amounting to 67.6% of total exports in WY;
  • Small businesses employ 128.883 people, which is almost 64% of all employees in Wyoming;
  • 82% of small firms with 22.778 employees are involved in the accommodation and food services sector;
  • A total of 9.141 SMEs are engaged in the rental, real estate, and leasing sectors;
  • The smallest yet not less profitable sector is a utility with only 88 employers operating in WY.

Wyoming Employment by Industry

IndustryEmployment count
Accommodation and food services22.778
Health care 20.754
Construction15.340
Retail trade14.100
Professional, scientific and technical services8.658
Mining, quarrying, and oil/gas extraction5.215
Manufacturing4.837
Finance and insurance4.423
Transportation and warehousing4.285
Real estate and rental and leasing3.165
Information2.418
Education services1.986
Utilities547

Wyoming Small Business Demographics

  • The number of small establishments owned by women in Wyoming is 22.707. Only 3.207 of them recruit employees, while the rest operate as nonemployer businesses;
  • Men have a larger share of SMEs, with a total of 33.381 businesses. Approximately 25.500 of them are run individually, and 7.881 have employees;
  • The share of women engaged in the entire labor market in WY accounts for 45.3%;
  • According to Census, the ownership of private ventures is distributed among ethnic groups in the following way:
    • White/Caucasian: 62.650;
    • Hispanic: 2.560;
    • Asian: 700;
    • Black American/African American: 250;
    • American Indian and Alaska Native: 300.

Wyoming LLC Company Formation

  • With the exception of, perhaps, only South Dakota, Wyoming is the most tax-friendly state in the US that levies no corporate or personal income tax;
  • In addition, WY is one of the few states that doesn’t impose the excise tax on gas and food commodities, which makes life there cheaper than the USA average;
  • The tax that is applied to liable limited companies and corporations in Wyoming is called the “license tax”. It is based on tax business assets and calculated as $50 or 2/10 of a million per dollar of assets, whichever is larger;
  • Wyoming’s law requires that every LLC corporation founded in the state has a registered agent that will take care of the business and be easily accessible at a physical address at any time within business hours;
  • WY is one of the few states in the US that allows forms to be submitted either by mail or online.  

References

  1. Wyoming Small Business Economic Profile
  2. How to File Articles of Organization for LLC in Wyoming
  3. Wyoming Small Business Statistics 2022
  4. Cost of Living in Wyoming