Is Launching a Business in Idaho a Good Idea in 2024?

As the last quarter of 2023 continues, now is an opportune time for aspiring entrepreneurs to plan for 2024. Is Idaho a good state for starting a small business?

According to recent rankings by Balancing Everything (details below), Idaho secures the 7th spot on the list of the best places in the United States to initiate a small business venture. Neighboring states Utah and Oregon are also on the list, with Utah securing the top position and Oregon ranking at number 4.

What's interesting, though, is this is not Idaho's first time to rank on the top 10 list. So, the consistent presence of Idaho in the top 10 states for starting a small business over the past few years suggests we live in a great business environment that is likely to continue. Several factors contribute to this trend, and 2024 could indeed be an excellent year to start a small business in Idaho.

So, why specifically is Idaho such a hot pick for small businesses?

Here are the most updated stats provided by Balancing Everything:

Business taxes per employee – 11 ($5,000)
GDP per capita – 47 ($42,134)
GDP change – 17 (5.8%)
College completion rate – 39 (28.7%)
Average weekly wage – 10 ($1,111)
Average commute time – 9 (21 minutes)
Startup early survival rate – 27 (80.85%)
New employer business actualization – 3 (13.84%)

One of the standout features of Idaho's appeal is its tax-friendly environment compared to other states. Additionally, the our population is on the rise here in Idaho, especially the Boise area. This growth has not only contributed to a flourishing job market but also ensures that employers have access to an affordable and expanding workforce.