How to Start a Business in Idaho in 2022: The Ultimate Step-by-Step Guide
How to start a business. start a business in Idaho. Starting a Business in Idaho
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Idaho may not be the best place to start a business in the United States, but it is definitely a business-friendly state. Idaho is the 18th best place to start a business in the country, and we would discuss how to start a business in Idaho.
The article will pay close attention to all the necessary steps an entrepreneur must take on their journey to becoming a business owner in the state of Idaho.
This means that we would look at trending businesses in Idaho, the cost of starting some of these businesses, the regulations surrounding them, and much more.
158,426 99.2 small businesses currently operate in Idaho, or 304,700% of businesses in the state. 55.8 Idaho residents are employed by small businesses, which represents 55.8% of the state's total workforce.
Idaho Facts
Idaho is a state in the Pacific Northwest region of the United States of America. As the 14th largest state in the United States, Idaho has a population of approximately 1.7 million people spread over 83,570 square miles.
The origin of the name Idaho continues to intrigue visitors and Idaho residents – rumor has it that it comes from the Apache word “idaahe,” which means enemy.
Other people believe that it is a Nez Perce phrase that translates to "land of many waters."
However, lobbyist George Willing, who was among the first to use the name, eventually figured out that the name Idaho was totally made up by him.
In 1861, Idaho wasn't even called Idaho. Originally, Congress dubbed the country the Colorado Territory. Idaho finally became a full territory in 1863 and became the 43rd state in 1890.
Idaho's nickname is Gem State. It is called the gem state because 72 different precious and semi-precious stones have been found in the state. One of these stones is star garnet - this stone can only be found in two places, the other place is in India.
Additionally, the state is known for its potatoes. However, the famous crop (the potato) is not native to the region.
Idaho is one of thirteen US states divided into two time zones. While the majority of the state's land area and population is subject to Mountain Time, the area above the Salmon River is part of the Pacific Time Zone.
It's actually very easy to spot/identify an Idaho native - all you have to do is ask them to pronounce "Boise". Natives and long-time residents tend to pronounce it "boy-see", while foreigners usually say "boy-zee".
The state of Idaho is also known as the main supplier of trout to the United States.
More facts about Idaho ...
Another fascinating fact about Idaho is that it is home to the "Hells Canyon" river, which is 7,993 feet deep. This makes Hells Canyon the deepest river gorge in North America – deeper than the Grand Canyon which is only 10,000 feet deep.
The Idaho Capitol remains the only one in the United States heated by geothermal energy. Heat emanates from hot springs located 3,000 feet underground.
In addition, Idaho State Seal is also the only one in the United States designed by a woman. Emma Edwards Green entered a statewide competition for the honor in 1891 using only her initials.
Idaho is home to the largest wildfire disaster in US history. The Great Idaho Fire occurred in 1910 and spanned three million acres, killing 87 people – five firefighters were among the casualties.
Edward Pulaski was the hero of the Great Idaho Fire of 1910, and now has an ax named after him "Pulaski".
He led firefighters to an abandoned prospecting mine to fight the fire at its mouth - a duty he performed until he passed out. Five of the 45 firefighters accompanying him were unfortunately unable to return home.
A year after the disaster, Pulaski combined an ax and an adze to create the perfect tool for building firebreaks.
If you're on the road in Cottonwood, Idaho, you can stay overnight at Dog Bark Park Inn , a guesthouse shaped like a giant beagle.
Or you can sail from the Pacific Ocean to Idaho (or vice versa) via the Snake and Columbia Rivers.
Why You Should Start a Business in Idaho
According to a chamberofcommerce.org Idaho ranks in the top ten for GDP growth and net migration. Idaho's sales tax is the 12th lowest in the nation, while its property tax is the 4th lowest.
The States Start early job creation rate is 6.10, good for 7th place in the United States.
158,426 99.2 small businesses operate in Idaho, or 304,700% of businesses in the state. 55.8 Idaho residents are employed by small businesses, or 55.8% of the state's total workforce.
Idaho small businesses added 14,392 net jobs in 2015.
The health care and social assistance industry is the largest small business employer in the state, followed by accommodation and food services and retail trade.
Looking at these statistics, it is no longer necessary to convince why they should start a business in Idaho.
The “success stories” behind these numbers should be a major motivator for anyone still considering doing business in Idaho.
How much does it cost to start a business in Idaho?
Depending on the type of business, you could spend money to start your business in Idaho. For an LLC, you could file for registration with anything less than $100 if you do it online, or $120 to file it offline.
In the meantime, if your business is not an LLC, you may need to pay fees to obtain certain licenses.
Nevertheless, the cost of starting a business highly depends on the type of business you have in mind.
So to speak, it differs from company to company, as there are factors to consider.
Some of these factors include – your location, the property you would rent, rent or buy to start the business, and of course if you need employees.
Business Opportunity Trends in Idaho
While you're considering which businesses you should start in Idaho, take a look at our trending business opportunities in Idaho. They are;
market
Drive-In Cinema
Bank
Clothes shop
auto repair shop
Tow truck company
Candle making
night club
Car dealer
Bottles of water
Security agent
Convenience store
Car rental
Shoe shop
Microcredit company
How to Start a Business in Idaho in 2022
If you're convinced you want to start a business in Idaho, follow these steps…
#1: Choose a business idea
If you're really convinced, then you need a business idea that can work in Idaho. We've highlighted some of the trending business ideas in Idaho above.
If you've already picked one up, or if the ones we've talked about don't fit your plans, then pick one that does and get started.
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#2: Write your business plan
This should be one of the things you need to put in place for your business. Don't be one of those people who would only write a business plan because they need funding.
Your business plan is a guide to what you plan to do in your business and how to go about getting there. Therefore, you should have one.
It turns your business ideas into something tangible that can be followed to achieve your business startup goals in the first place.
If you can't write one yourself, ask someone to help you or learn how to do so by reading how to start a business plan .
#3: Select a Business Entity
Now that you have sorted out your business idea and plan, the next thing to do will be to create a business entity.
It simply means choosing your business structure.
Are you going to be a sole proprietor, or would you need partners in the business, or are you going to be an LLC or a corporation type business.
Determining how you want to structure your business will tell you how you would go about your financing and much more.
#4. Select a business model
This is very different from a business entity. It is an overview of how a company intends to make money from its products and customer base in a specific market.
Business models are important because they help you identify what you are selling, who you are selling to, and where and how to see who you would sell to.
There are many business models, and the important thing is that you choose the one that best suits your business.
#5. Register a business name
This is what makes your business recognized as legal - registering it.
Idaho Assumed Name Registration for Sole Proprietorships and Partnerships
If you are a sole proprietor or operate a general partnership in Idaho and do business under your full first and last name, you will not need to complete it.
For example, if your name is Micheal Stones and you wish to operate under that name, you do not need to fill it in.
However, if you intend to use a fictitious business name such as Micheal's Petcare, Mr, Pet Care, etc., you will need to register an alias.
Registering an Idaho Business Name for a Corporation or LLC
As a corporation or LLC, you can choose a name at the time of formation. This name must be different from other entities registered with the Idaho Secretary of State.
However, registering your business name does not give it all the protection it needs. This means that another person can use the name, but cannot register it with the Secretary of State.
To make sure no one else uses the name, you can;
Legally protect your business name
Get a mark. This legally prevents anyone else from having to use the name(s), slogans or logos related to your business.
The US Patent & Trademark Office (USPTO) handles trademark registration.
Before deciding to register a brand name, make sure no one else is using such a name as a trade name.
You can also register to prevent others from using the name of your business, product or service.
#6: Get an EIN
This is the Employer Identification Number or EIN (sometimes called the Federal Employer Identification Number or FEIN). This is a nine-digit tax identification number issued by the Internal Revenue Service (IRS).
This number is to a business what an SSN is to an individual in the United States. It identifies your business and is used to pay payroll taxes, complete tax returns, etc.
However, not all companies need this number. Partnerships, corporations and most LLCs OR sole proprietorships with employees MUST register for an EIN.
While sole proprietorship or a single member LLC without employees is NOT required to obtain an EIN.
You can file an EIN through the IRS website.
#7: Open a business bank account
It is important that you keep your business account and your personal account separate. This will help you better track your business finances.
To get a professional account, you will need:
Certificate of business name, EIN or SSN, and driver's license of owner(s) - for sole proprietorship and partnership.
Articles of Incorporation, Bylaws, Certificate of Good Standing, EIN and Owner(s) Driver's License – Corporation. And for an LLC;
Certificate of Organization, Operating Agreement, Certificate of Good Standing, EIN and Owner(s) Driver's License.
#8. Apply for business licenses and permits
Depending on the nature of your business, you will need to apply for certain operating permits. These permits vary by business activity and location.
Here are some of the common records you need:
Business Licenses – Although the state of Idaho does not issue state business licenses, many cities in Idaho require one for businesses to operate.
Vendor's Permit: Businesses selling products and certain services will need to register with the Idaho State Board of Taxation to obtain a vendor's permit.
Professional License : If you are a therapist, driving instructor, or debt collector, or run a business that requires a license, you should get one.
However, the license is not for your business, but for you to operate.
#9. Obtain funds
If you do not have the financial strength to launch your business, you must seek financing. This can be very difficult even for small businesses.
This is because there are different regulations and requirements that you need to follow to access funds from some of these financial organizations.
#ten. Hire employees
This is of course necessary if your business needs employees. If so, it is your responsibility to verify if the employee is eligible to work in the state.
You also need to register with several agencies and understand some labor laws that apply to your business.
Additionally, you have to take care of income tax withholding, unemployment insurance, unemployment taxes, and payroll deductions, including Social Security and Medicare.
#11. Get business insurance
Many companies avoid this when starting their business, however, it is important to protect your business.
While most types of commercial insurance are optional, workers' compensation is mandatory in most states. Some states will also require professional liability insurance for companies providing certain services and commercial auto insurance.
Purchasing insurance will save you the stress of paying out of pocket if a fire, theft or personal injury lawsuit should occur.
#12. Set up an accounting system
If you have what it takes to set up and run the accounting system, do it. If, however, you are not one to do numbers, ask someone to do the accounting.
This will keep your business out of trouble with the IRS and can also be used to track and monitor business trends and maximize profits.
Final Thoughts :
Starting a business in Idaho like anywhere else requires you to take on certain regulatory and financial responsibilities. It takes more than pure determination and idea.
So if you have what it takes, then this guide will help you figure out the rest.
Therefore, prepare your business idea and plan, choose a business structure and model, roll up “those sleeves” and dig in!!
Good luck
References :
https://startingyourbusiness.com/idaho/
https://www.chamberofcommerce.org/how-to-start-a-business-in-Idaho
https://startupsavant.com/how-to-start-a-business-in-idaho
https://www.mycompanyworks.com/starting-business-idaho/
https://startabusiness.org/id/
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