Idaho, known as the Gem State, is a great place to own a business for many reasons. The cost of living is relatively low, which means operating costs are also low. The state is home to a number of large companies, which can provide opportunities for partnerships and networking.
And, Idaho is a great place to live, with a high quality of life and plenty of outdoor recreation options. If you’re thinking of starting a business in Idaho, here are a few things to consider:
Idaho Tax Structure
Idaho has a very favorable tax climate. Idaho has no corporate income tax, and its individual income tax rates are among the lowest in the country. The State of Idaho offers a number of tax incentives for businesses, including a sales tax exemption on manufacturing equipment and a property tax exemption for new or expanding businesses.
The state is home to a number of large companies, which can provide opportunities for partnerships and networking.
The state’s economy is diversified, with a strong agriculture sector, a growing manufacturing sector, and a thriving tourism industry.
Idaho Business Resources
There are a number of programs and resources available to help small businesses get started and grow. The Idaho Small Business Development Center offers free or low-cost counseling and training to small businesses. The Idaho Commerce website has a wealth of information for businesses, including information on starting a business, business licenses and permits, financing, and more.
Idaho is a great place to find talented workers. The state has a highly educated workforce, and its universities produce a steady stream of qualified graduates. Additionally, many workers are attracted to Idaho by its quality of life. This combination of factors makes it easier for businesses to find the workers they need.
Idaho is home to a number of business-friendly resources. The state has a number of incubators and accelerators that help businesses get started and grow. The capital city of Boise is leading the way in this industry with Boise States College of Innovation and design. Additionally, there are a number of organizations that provide funding and other resources to businesses in Idaho.
Some of the businesses that have thrived in Idaho include:
Idaho is the largest producer of potatoes in the United States. The state’s climate and soil are ideal for crop cultivation, and the industry has a long history in Idaho. Grapes and vineyards also do very well in this climate as Idaho is quickly positioning itself as one of the top wine producers in the United States.
Idaho’s forests are some of the densest in the country, and the state is a leading producer of lumber. Boise Cascade is located in Boise and they are one of the top paper and lumber manufacturers in the country.
Idaho has a long history of mining, and the state is home to a number of large mines.
Idaho’s scenic beauty and outdoor recreation opportunities make it a popular destination for tourists. With ski resorts, restaurants, golf courses, breweries, and a wide array of outdoor activities, Idaho is a travel destination.
The healthcare industry is the largest employer in Boise with two large hospitals and many smaller facilities throughout the state.
Idaho has become a hub for technology companies, thanks in part to the state’s excellent infrastructure.
These are just a few of the businesses that have thrived in Idaho. The state’s business-friendly environment and infrastructure have made it an attractive place for businesses of all types. As a result, Idaho’s economy is strong and diverse, and the state is well-positioned for continued success in the future.