Idaho & Neighbors: The Best States to Launch a Small Business?
Idaho is once again proving to be a prime destination for entrepreneurs looking to kickstart their small businesses. According to recent rankings by Balancing Everything, Idaho secures the 7th spot in the list of the best places in the United States to initiate a small business venture. Neighboring states Utah and Oregon also on the list, with Utah securing the top position and Oregon ranking at number 4.
So, why is Idaho such a hot pick for small businesses? Well, it turns out we've got a lot going for us.
Idaho's business-friendly environment has been a magnet for budding entrepreneurs in various industries. Everything from food processing, chemicals, mining, tourism, science, and technology, Idaho has a lot of opportunities for those seeking to establish their LLCs, with support from a state that values and encourages entrepreneurial endeavors.
Here are some of the 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. With business taxes per employee at $5,000 and a Total Effective Business Tax Rate (TEBTR) of 4.2%, Idaho provides an attractive proposition for small business owners looking to maximize their profits.
Additionally, the our population is on the rise in Idaho. This growth has not only contributed to a flourishing job market but also ensures that employers have access to an affordable and expanding workforce. Idaho's ranking as the 7th best place to start a small business in the United States is a testament to our favorable business climate, economic vitality, and growth potential.