Why You Should Move Your Business to Idaho
If you wake up every morning knowing that you have a business to run, then you understand the importance of making critical decisions to ensure your company’s success. Regardless of the size of your operation, making the right decisions for your business can either transform it to its breakthrough or fallout.
Many factors will affect the success of your business, and its location can have a measurable impact on your company’s popularity and profit margin. A crucial question to ask yourself today is whether your business is in the right place. If you think that your business needs an upgrade by changing its location, here are some key reasons to consider Idaho for the home of your company.
What You Need to Know About Idaho
Being the neighbor of six states, Idaho is a state that will strike you with interest. Its border is adjacent to British Columbia, Canada, as well. Idaho has been ranked as one of the quickest-growing states in America.
Idaho has a mixture of different racial cultures, and it is this diversity among other things that has contributed to the growth of the state’s economy. The community is united for the prosperity of the state and their progress. If that doesn’t convince you to start a business in Idaho, here are some other facts that may make you reconsider.
An Ideal Location for Outdoor Sports
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The state is known to be one of the most active states in recreational activities as reported in 2017. Being a convenient location during both winter and summer, there are several resorts that offer the best ski and snowboarding activities, and you can also get a chance to experience whitewater rafting in one of the country’s first desert rivers. It’s also the nation’s registered training area for the United States Olympic ski team that takes part in international competitions.
With an extensive amount of rivers and lakes, fishing and hunting tend to be very popular sports with a vast majority of the population engaging in these hobbies. With so many recreational activities available, there are many opportunities to start a business involving the great outdoors. Even if your business runs indoors, having access to so many recreational opportunities allows you and your staff to stay active and healthy.
A Strong Presence in Multicultural Events
Idaho offers several famous events that take place every year. Multiple well-known musical festivals bring together large groups of music lovers annually. Some of the festivals that have registered a breathtaking amount of crowds include the Mountain Home music festival, which runs for three days, and the Tree Fort music festival, which is two days longer.
Many of the larger cities like Boise have impressive cultural experiences like theatre, dance, and the performing arts. There are also many acclaimed museums like the Boise Art Museum, and Basque Block. These and other events bring many visitors where you can find new exposure for your business.
Idaho Has a Fast-Growing Economy
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If there is one thing an economy needs, it is the creation of more job opportunities. This is one factor that Idaho has been known to achieve in the past years, ranking it among the nation’s top-growing economies. Between 2015 and 2016, Idaho recorded one of the biggest numbers in job creation, earning the state both national and international accolades. Here are some of the main reasons that are behind the exceptional economic growth seen in Idaho in recent years:
- It’s easy to access the state government in matters of business. With a fast response to investors and less regulations, you can easily schedule a meeting with the right authorities in order to gain permission to run your business within the state.
- Idaho is sparsely populated throughout much of the state, which means that there is availability of space for warehouses and other large stretches of real estate. It is also available for a low cost, reducing overhead costs for your business.
- The state is at a strategic position bordered by Nevada, Oregon, Washington, Montana, Utah, Wyoming and Canada. This means that there is a fair trade in business among the states, which has been positive for job growth.
- Idaho is also well-recognized for its richness in natural resources such as zinc and lead. Due to its resourcefulness, the state is nicknamed as the Gem State and also has a variety of gemstones such as jasper and opal, which are all mined to benefit the state’s economy. Profitable industries such as jewelry making and construction can thrive as well.
If you’re a new business owner, then you want as much support from the economy as possible. This is especially true when opening a franchise, since you’ll be paying a portion of your profits back to the franchise. As Franchise Gator explains, “Ongoing fees are an integral part of the franchising system and exist to ensure that you receive ongoing support.” If you truly want to maximize the success of your new business venture, then It’s smart to open a franchise in a thriving area, like Idaho.
Certain cities are hubs of new economic growth. According to the U.S Industry report, Boise has recorded a remarkable position in industry rankings such as first in job growth, second in technological growth and second in construction market sector. Not only that but many large companies have already started moving production and other aspects of their business to Idaho such as: Chobani, Melaleuca, HP, Micron, and more!
The agricultural industry in the state of Idaho is remarkable. The state has a variety of food crops such as onions, dairy products, tout, barley and potatoes. With a vast variety in supplies, the state is among the top 10 states with the strongest agricultural prowess. The multi-million-dollar agricultural industry also helps support the state’s growing population.
Low Utility Costs
Idaho has some of the lowest utility costs in the country, specifically for electricity and natural gas. If your industry tends to guzzle energy, Idaho might be the perfect move for you. Paired with energy-efficient choices like smart thermostats, smart lighting, and solar panels, you can slash your old utility bill to a fraction of what it used to be. In fact, some companies have managed to cut energy costs by 75% and improve productivity by 20% simply by converting to a smart LED lighting system.
Why Moving to Idaho is Recommended for Your Business
After looking at the many features of Idaho that allow businesses to thrive, you might consider the possibility of relocating your business. With a high economic growth rate among other factors, the state offers many opportunities that will not only give you a brand new experience but also help elevate your business in the right direction. In any case, without taking certain risks in business, you could miss out on a great chance to achieve your planned business goals.
Taking your business to the next level comes with a great risk, but with a well-executed business plan, placing your business in an ideal location could be a terrific investment.