Why Entrepreneurs Are Flocking to Meridian, Idaho
If the rising cost of living in your area is holding you back from starting your first business or effectively running your current company, it’s time to consider relocating to an area that you and your family will love. With plenty of newcomers moving to the area and a growing number of fun things to do, Meridian, ID is a great city for business owners with families, and a qualified realtor like Karen Boos can help you close on the right home. Here’s why Meridian is such an enticing city for entrepreneurs!
Enjoy the Low Cost of Living
If you’re looking at rentals in Meridian with three or four bedrooms for your family, your monthly payments will likely range from $1,431 to $1,670. However, with a rental vacancy rate hovering around 0.2%, most Meridian residents own their homes, and with relatively affordable list prices, most new residents will want to buy as well! If you’re buying a family home in Meridian, you can anticipate spending about $505,000.
Additionally, labor costs in Meridian will typically be lower than in cities with higher costs of living, which allows you to save money in your company’s budget. With such reasonable costs for housing and labor, you can launch your business with a longer “runway” and eliminate the financial stress that many entrepreneurs initially experience.
Indulge in Exciting Local Culture
From delicious local restaurants serving up fresh cuisine to spacious parks for outdoor fun, Meridian’s cultural scene has lots to offer. And since residents enjoy such a high quality of life, they’ll also have a better sense of morale in the workplace! Here are a few attractions and events that entrepreneurs can check out when they’re off the clock:
Get some fresh air and fit a work out in at the recreation complex in Julius M. Kleiner Municipal Park.
Settlers Park provides plenty of opportunities for family-friendly fun!
The Boise Soul Food Festival and Treasure Valley Fine Arts Festival are both held right in Meridian.
Find Support From Other Entrepreneurs
Meridian residents cherish the local businesses they patronize, and entrepreneurs can easily find mentors and advisors to help them take on challenges and deal with adversity. The Meridian Library District recommends these helpful organizations for entrepreneurs based in Meridian:
Built in Idaho brings local entrepreneurs together so that they can help each other grow as business leaders.
Entrepreneurs in need of financial support can seek resources and funding through Idaho Commerce.
Get guidance from a consultant through the Idaho Small Business Development Center.
Hire Talent From Nearby Colleges
Relocating to an area with a highly educated workforce is a boon for entrepreneurs. There is no shortage of exceptional talent in Meridian! You can look into hiring student interns and recent graduates from these colleges in the area:
Boise State University has a bustling campus only a short distance away.
Idaho State University welcomes students from all over the state for high-quality academic programs.
Medical students receive a top-notch education at the Idaho College of Osteopathic Medicine.
Quick-Start Business Requirements
Starting a business in a new state means familiarizing yourself with that state’s regulations first. My Company Works states that in order to launch a business in Idaho, you’ll need to keep these regulations in mind:
Ensure that the business name you’ve selected is available in Idaho before filing for your preferred business structure and receiving your Employer Identification Number.
Open business bank and credit accounts, and make sure that you have the right licenses, permits, and business insurance policy.
If you establish an LLC, don’t forget to file a Periodic Report with the Idaho Secretary of State each year by the anniversary of your incorporation date.
Even if you will not be running a remote business, you’ll still need a reliable, speedy Internet connection. Review the coverage areas of different providers in Meridian and assess the average maximum speeds in Idaho. If your neighborhood is eligible for fiber optic coverage, this is a worthy investment - you’ll enjoy speeds ten times faster than DSL service.
Get to Know Other Newcomers
The population of Meridian is growing by about 6.32% annually, with the number of residents skyrocketing from 75,092 to 129,555 over the past eleven years. It’s easy for newcomers to meet other transplants. You can connect with locals and people who have relocated to Meridian from states away. You’ll have plenty of chances to meet new people who are also getting settled in the community!
Stay Connected to Other Cities
Meridian has a prime location between two other major cities in Idaho. With both Boise and Nampa nearby, entrepreneurs in Meridian can benefit from their proximity to these other business hubs. You can easily check out events, conferences, and business meetups in these cities!
It’s easy to see why Meridian is the kind of city where business owners can truly thrive. And the opportunities for local entrepreneurs will likely continue to grow. If you’re spending too much in your current area, Meridian might be the city for you!
Ready to find the perfect home for your family in Meridian? Realtor Karen Boos can help you navigate the market! Send a message today through our website to get started.