Alaska just might be the best place to take your business in the new year.
An astounding landscape spreads across the state, reaching up inside the arctic circle. Here you’ll see an abundance of local wildlife, wide ranges of snowy mountains, and some of the biggest potential for businesses in the nation.
The 49th state offers a wide range of resources to people just starting out in the business community there, as well as some major incentives for people looking to take part in bigger business ventures.
Successfully opening, operating or taking part in an Alaskan business is easier than ever before, thanks to the growing economy and assets available to the public.
Starting a Business in Alaska
Starting up a business anywhere is an exciting and potentially quite rewarding stage in life, and Alaska is no different. The wealth of opportunities there make it a hotspot for entrepreneurs. In fact, CNN ranked Alaska number five on their list of the top ten most entrepreneurial states. Alaska attracts 410 entrepreneurs per 100,000 people — that’s a big number!
First, you must decide what kind of business you want to open. There are a great number of industries to choose from, some of the more popular including logistics, tourism, agriculture and the oil and gas industry.
1. Understanding the system
In order to start a business in Alaska, you have to get to know the system. It’s pretty straightforward, but there are some things to keep in mind.
You’ll need to decide what type of business you want to open. You can choose to be an individual or an entity type business. If an entity, what type of entity depends on how you see fit to run your company. An LLC is currently the most widely used business structure, but you’ll want to do your own research to find which one is best for you.
Obtaining an Alaska Business License depends on your ability to first obtain a professional license. This ensures that people starting up new companies have the qualifications they need to provide their service to others.
After you get your professional license and register your entity, you can go ahead and buy your business license. Most business licenses cost currently fifty dollars per year. A full list of all the necessary steps and more information can be found on the Business Licensing section of the Alaska State of Commerce website.
2. Taking advantage of resources
The state of Alaska provides a great number of resources for those wishing to embark on the journey of business ownership in the state. While you’re getting your business off the ground, make sure to check out these services offered by the Alaska state government at the Small Business Assistance Center:
- Training for various fields and industries
- Marketing strategies
- Information about finding capital to start your business
- Seminars, webinars and other useful information
From their website you can also access the Alaska Small Business Development Center to get free business advice, marketing and training materials to help your business grow and succeed.within the Alaskan market.
Big Business Opportunities in Alaska
If you don’t want to start your own multinational corporation, you can join in on big business in Alaska.
The oil industry in Alaska is one of the largest in the nation, with Alaska ranking number two in oil production at around 500,000 barrels per day.
Logistics plays a huge role in the economy of this diverse state. Alaska has some of the most lenient international shipping laws in the country. These laws allow for transloading, and make Alaska a major player on the board of international commerce.
Newsmax reports that Alaska’s fishing industry is responsible for up to 60,000 jobs. This multibillion dollar industry is one of the state’s most important revenue generators. Opportunities are available on all levels, especially during the high season.
You can also consider investing money in big business through the purchase of Alaska stocks and bonds. Buying stock from one or several of Alaska’s leaders in industry can generate a nice profit. It’s also possible to buy municipal bonds from the state of Alaska and enjoy a little bit of tax-free income on them.
It’s important to be careful when making that investment, so go over these tips for buying stock recommended by Investopedia.
Bringing your business to Alaska, or choosing to get involved with existing Alaskan businesses may be the perfect way to expand your horizons and change your life. Remember, there’s no state income tax in Alaska — but there may be polar bears.
Okay, there’s definitely polar bears. While it’s highly unlikely that you’ll meet one of these furry creatures on an afternoon stroll, it is a pretty safe bet that Alaskan culture will provide you with all the excitement you need.
So come on up! The last frontier is waiting for you.