While things are nowhere near as tumultuous as they were this time three years ago, successfully running a profitable business will always be a challenge.
According to the Bureau of Labor Statistics, more than 20% of small enterprises fail within their first year and close to 50% of them won’t make it to see year five. That could be because they run out of cash, can’t find investors, there’s no need for their product in the current market or a laundry list of other reasons. A handful of the businesses on this list were indeed less than five years old.
Others were forced to close because of problems their parent companies created that eventually trickled down and led to failure at a local level.
Many businesses, regardless of the industry, are finding themselves struggling to find enough employees to stay afloat and rising prices on well…just about everything.
The factors that contributed to these Boise area businesses closing their doors vary from business to business, but the one thing all of them have in common is that they’re not coming back. Here’s a look at the businesses in our area that are moving on in 2023.
(We’ve put together a similar list from 2020-2022, so keep reading to see some of the other businesses we’ve lost since the pandemic began.)