Why Now is the Time to Start a Business in Idaho – Idaho Reporter

Idaho, National

Why Now is the Time to Start a Business in Idaho

For people on the cusp of starting their own businesses, 2020 has been a difficult year. Understandably, the coronavirus pandemic has brought about incredibly challenging conditions. In many cases, startups facing extinction have been thrown into uncertainty, with no clear idea of whether they’ll survive, or how. Meanwhile, those who had planned to launch companies this year have found it difficult to do so, whether because of a lack of available funding or concerns about basic operations.

It can look to be a fairly bleak picture at times. But the good news is that there are already some more optimistic signs emerging also. There are some businesses that are thriving during the pandemic already, and in other cases conditions are slowly improving. People now have a better idea of how to conduct business with necessary safety precautions, and in some respects the economy is gradually awakening. This makes for slightly improved conditions for prospective startup founders nationwide. But there are a few reasons why now may be a good time to start a business specifically in Idaho.

First and foremost, it’s an easy state to start a business in! By contrast to some other states, the process of starting an Idaho LLC comes down to just a few simple steps. This is not something that’s new as a result of the pandemic (or recovery), but it still makes Idaho an interesting state to consider as small businesses in general look to get back up to speed. Starting a company in Idaho requires only that you register a name and an agent in charge of operations, complete some state-required forms, and ensure that you have the proper tax status. Once that’s done, you have an official LLC on your hands.

Beyond the fact that the startup process is easy, it’s also well worth pointing out that Idaho has done particularly well on the small business front of late. Recent data assessing small business growth throughout the U.S. suggests that Idaho actually ranks third in the country in “largest growth in small business jobs.” This is not a direct reflection of startup success necessarily, but it does indicate that smaller companies are thriving in the state. This makes for an appealing climate for a new, aspiring business owner to enter.

On a somewhat related note, we’d also point out that there are some recent examples already of more established Idaho businesses weathering the conditions of 2020 and finding success again. This is something we illustrated back in May in profiling the road to recovery for the Boise Cascade Company. When said company established a path toward recovering all of its losses from earlier in the year, it was undoubtedly a positive sign for businesses throughout the state.

Of course, these trends and circumstances don’t necessarily make it such that getting a successful business up and running during a pandemic will be easy. There will be plenty of challenges specific to any new company. The points above to show that conditions in Idaho are favorable however. If you’ve been looking to start a business in the area, now may be a better time than you’d expect.

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