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Starting an Idaho-Based Business: Some Points to Consider Before Starting

Apr 1, 2008
Idaho is a hotbed for new business growth. The state ranks as the fourth fastest growing state in the nation for three consecutive years. However, there should be some thorough preliminary assessment before starting your own small business.

From the start, an aspiring business owner should really evaluate in their mind how their business concept works and how it will provide a service or product that is not already being done (or how an existing concept can be improved upon). Building a business is a process of growing and developing. Much of this growth is before anything is put to ink, so to speak. Much of the development is done in the mind of the entrepreneur through a great deal of research.

Research the Business

There is strong support for new businesses in Idaho. A good start is to check with the Idaho government web pages. They have some references to help you find some good resources to refer to in your research. Resources such as:

- Small Business Administration-business information centers
- Idaho Small Business Centers
- Idaho Dept. of Commerce
- Public and University Libraries

Using these resources you can help answer questions that you are going to want to ask yourself, such as are the consumers going to buy your product/service, or how can the demand for this be developed. When that is answered you can proceed to writing up a business plan

Writing a Business Plan

Getting a loan is important to start up your business. A loan agency will rely heavy on the quality and thoughtfulness of your business plan proposal. So go into depth on how you see your business fitting into the lives of consumers and filling a need. A good point is to think of an analogy where your business is filling the need of a buyer, and use this in the pitch to the loan agent.

There will be three main points to write about in the proposal. Include marketing, operations and a financial plan.

Hiring Help

At some point in the process of your business development you may come to obstacle that may make you feel over your head. This can be with your taxes or possibly filing a patent; whatever this may be, finding a good accountant and attorney will be most advantageous to you.

When looking for an accountant, you will want to make sure that they are qualified and to make sure they are a registered CPA or LPA, who can be found as registered with the Idaho Board of Accountancy.

Finding a qualified attorney is easy to find by simply searching the Idaho State Bar for those registered. Another point is to find an attorney resource that is local to your business and to have their contact handy.

On the Idaho State Bar's website you can find business attorneys by city. So for instance, if you are looking for Coeur D'Alene business lawyers, there is a city link to Coeur D'Alene you can click to find this resource.

Those listed are not necessarily the only lawyers you can choose from, but if you are not finding the business lawyer that fits your bill, you can contact the state bar association for further advice or guidance.
About the Author
Art Gib writes for Beck & Poorman, Attorneys at Law (http://www.beck-poorman.com/business_law.html), Coeur d'Alene business lawyers who have been addressing cases and providing legal guidance together, cumulatively, for 35 years. They offer free case evaluations directly from the site.
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