Is Launching a Small Business in Idaho a Good Idea in 2022?
There have been many, many times this year where I’ve heard about small businesses closing their stores permanently, even right here in the Treasure Valley. (Shop local people!) And I’ve seen plenty of lists/articles over the recent months displaying that some states have totally boomed during (and after) the lockdowns, and some states are really, really struggling.
So … where does Idaho stand? If you’re looking to start, open, or reopen a business … is it smart to do that here in Idaho?
Well, according to Balancing Everything, who claims to be “your one-stop-shop for relevant information on anything finance related,” Idaho is in the TOP 10 best states to start a business in 2022.
Coming in at Number 7, here’s what Balancing Everything had to say about Idaho...
“Food processing, chemicals, mining, tourism, science, and technology are significant sectors in Idaho. So, this is the best state to start an LLC in one of these industries. Idaho is mostly tax-friendly and noted the highest population change of 2.12% in mid-2020. The state also has a good job market that provides employers easy access to an affordable workforce.”
Something I found interesting from their research was that Idaho also ranks really high in the country for population change (1st), average weekly wage (2nd), commute times (9th), rate of new employer business (3rd), and startup early survival rate (5th).
They carefully researched and considered the economy, taxes, capital, workforce, and business climate when coming to their conclusions and compiling this list, and they seem to think Idaho is a great place to start a business — and the numbers back it up :)