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Not only are we home to potatoes and the Sawtooth Mountains, but we also have one of the highest rates of new business per capita of any state. In fact, AdvisorSmith ranked Idaho the top state for entrepreneurs in the U.S. in 2021. With relatively few regulations and taxes (corporate tax rates have consistently declined in recent years), the Gem State may be a good place to start a new business. This step-by-step guide will help you start a business in Idaho. 1. Choose a business idea If you're reading this, you may already have a business idea in mind.…

This post is for informational purposes only. It is your responsibility to review this information and use it appropriately. This content does not contain, and is not intended to provide, legal, tax, or business advice. Requirements are updated frequently, so be sure to do your own research and, if necessary, contact your legal, tax, and business advisors. Businesses outside of Minnesota have different procedures and requirements.to sell products When using the Shopify Platform, you must comply with the laws of the jurisdictions of your business and your customers, the Shopify Terms of Service, the Shopify Terms of Use, and other…

If your hobby involves making regulated products, such as food or cosmetics, you'll need to understand the guidelines from the U.S. Food and Drug Administration, as well as state and local regulations, and state and local requirements for business licenses and operating your business to stay compliant. 4. Write a business plan Williams admits that she's a “huge advocate of business plans.” Plans don't have to be long; she gives clients a one-page version of SCORE to present when they're getting started. But she says the plan helps aspiring entrepreneurs answer key questions about their business, finances and operations. “We…

Being your own boss starts with the decision to make the big leap.  If you’ve found us here, you’ve already taken that crucial first step. Congratulations! Now you’re ready to learn how to start a business from scratch. But where do you begin?  Whether you already have a brilliant product idea or you’re just looking to build a future on your own terms, you’re in the right place. This guide will walk you through starting a business from pre-launch marketing to first sale. Browse hundreds of business ideas. Explore helpful tools to manage your day to day when opening an…

You need to get the word out about your products and services, but what's the best way to promote your business? Luckily, you have options. In addition to proven ways to drive business, the rise of social media has created a wealth of new marketing opportunities. Advertising is now easier and more affordable than ever. Learn more about how to promote your business with these digital marketing and social media tips. 1. Leverage local listings Register your business with Google. These are the new Yellow Pages. This allows potential customers to easily find your company's location and business hours. Customers…

A vision statement is an aspirational statement made by a company that outlines long-term goals. A successful vision statement inspires employees and steers an organization’s efforts. An inspiring vision statement motivates both employees and customers to be invested in their company’s journey toward achieving its desired plans. And inspired employees inspire customers, who can then inspire even more customers, helping make a business’s vision a reality. Bottom line? Your vision statement is important when starting a business. Ahead, take a look at some vision statement examples and strategies to inspire a vision statement for your business. What is a vision statement?…

Inflation and supply chain crisis require greater agility for U.S. manufacturers Industrial products (IP) sector leaders are still grappling with supply chain disruptions and labor shortages, while also being hit with the double whammy of inflation and the prospect of recession, highlighting the importance of agility. It has increased even more than before. These and other pressures on the industry caused U.S. manufacturing production to contract in both May and June. But looking to the future, the Control of Inflation Act and his CHIPS and Science Act could have important and positive implications. Nearly three in four (73%) sector leaders…

Late Cycle Investments Since the end of a business cycle usually ends with a recession, it's also useful to understand what lurks on the horizon. Recessions have historically been the shortest stage of a business cycle, lasting just under a year on average and with stock prices falling an average of 15% per year. As growth shrinks, stocks sensitive to the health of the economy fall out of favor and, as in the later stages of the business cycle, defensive stocks perform better. This includes stocks of companies that sell products such as toothpaste, electricity, and prescription drugs, which consumers…

After deciding to pursue this business, there are several steps to starting a franchise. From picking to obtaining licenses to securing space, this process must be planned in advance to follow the franchisor's standards. Here's how to win a franchise in 8 steps. 1. Research franchise You can find franchise opportunities on websites like Franchise Direct. We categorize franchises by industry, work-from-home, and low-cost franchises. Here are some key points to keep in mind when choosing a franchise opportunity: industry fees Need liquid capital Average monthly/annual revenue royalty fee marketing fee Other charges 2. Evaluate the opportunity Before starting a…

Your financial needs vary greatly depending on the type of business you plan to launch. You should create a budget proposal and financial projections to ensure your financial readiness and to pitch to potential investors and lenders. Create budgets and financial forecasts Before launching your business, you need to make sure you have enough revenue to make it sustainable. You also need to estimate how long it will take to make a profit and what your expected profit will be. For example, a service-based consulting business may have little start-up costs, while a product-based business, such as a catering business…