Why Idaho is a great place to start or own a business

Posted by Hughes Group Blog Team on Saturday, November 17th, 2018 at 9:32am.

There are countless individuals who dream of either owning their own business or starting one of their own. Even during the most significant economic downturns people still pursue the dream. You may be surprised with the number of new businesses that were established in the United States as it has reached levels that have not happened since prior to the financial crisis. Starting a business; however, can be an intimidating pursuit. Establishing and owning your own business must be done right in order to be successful. You will also need to know how well the state that you are wanting to start said business in does with new startups. It is vital to understand the state’s ecosystem for businesses. There are several steps to starting up a business here are ten of the simplest steps that will allow you to start or own a business in Idaho.

It is important to have a plan, a business plan. It will be very hard to move on with your new opportunity without one. An individual must be able to recognize the amazing value a professional business plan is for their first step. The plan that you create will be used in the later steps.

Second, you will need to choose which type of business you are starting up and register with the state you are opening your business in. No matter the type of business once you have been incorporated, your business and its brand are protected and will gain several different tax breaks. Furthermore, and most vital to know is now your personal assets such as your personal banking account, house and so forth will also be protected.

The reason the majority of entrepreneurs create an LLC is due to all of the benefits versus a corporation which has the disadvantages such as double taxation. You will not have to deal with corporate offices or the board of directors. An LLC is ideal for a privately held company but if you are wanting to go public with your organization or if you are wanting to raise a lot of capital from outside sources then you would most likely want to create a corporation instead of an LLC.

Establishing your LLC or Corporation is one of the most vital and expensive steps and must be done correctly. For this reason, it is recommended that you invest at least 10 minutes to review all your options. Making sure to go over all your advantages, disadvantages and so forth for each option (LLC or Corporation) so that you can build a solid and legal foundation for your business.

Third, you need to review the legal structure, along with the type of business you decided to file with the state in step two as there are several variables. For instance, other states might require you to register with them, local agencies might require a registration, and so forth. It is important to do your research on this step to make sure you are within state compliance.

One place you can start your research is by looking at the Idaho State Tax Commission section under Businesses on their website Idaho.gov. You will find the majority of the data you need about the steps and action necessary to complete this step.

Fourth, is making sure that you have the correct licensing and permits. The regulatory conditions in Idaho offer a friendly noncomplex system for startup businesses. Depending on your business it may take as little as a business license or a little more for others. It is wise to meet up with a filing service or a lawyer to complete this process of things.

Fifth, establishing and getting a business account at a dedicated bank set up. You want to make sure that your business finances are completely separate from your personal accounts. You will also want a great monitoring software and a centralized banking institute.

You will want to shop around to compare features at local and national banks in your area as some may have better features than others and some may be easier to deal with than others. In addition, you want to select one financial software that is user friendly, has automation, is fast, is secure, has easy forecasting, and one that syncs with your business account at the bank.

Sixth, location, location, location! Idaho is one of the centrally northwest locations with easy access to Washington, Oregon, Nevada, Montana, Wyoming, and Utah. Having access to all the states is just a bonus. You will want to choose a location in the state that allows for the most assets and that will allow for easy managing of the business. Although, these are just a few of the variables you will want to consider many more before finally deciding on the location.

Picking a location can be one of the toughest decisions of the process, if possible it is recommended to use personal and professional networks to find one. If that does not happen the decision might be a little harder but doing your research should help.

Seventh, capital; you will want to make sure that you have enough capital to reach the level of success that you would like to reach. There are several ways to access lots of resources due to modern tech. There are ways such as crowd funders, social lenders, grants and must more. You will want to make sure and look back at your planning in step one as these two steps coincide.

Eighth, design and submit business website. You will want to set up a domain name and establish your digital site that looks professional and that is user friendly. There are lots of resources that allow this process to be easy and that make it fast and affordable. You will want to search around and find the right platform that is best for your business.

The ninth step is the marketing. In the marketing of a business there really are no rules; however, there are laws that you will want to become familiar with. There are several amazing demographics as well as networks in Idaho. It is vital to do whatever you can to get the word out there as well as learn as much as you can about your customers. Looking and reaching out to your personal and professional networks is the best way to start.

The final step is to continue learning. You have finally reached the completion of your Idaho business startup venture and are now a business owner. Continue your research and using your tools and have a great new adventure with your brand-new business.

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