Diversity in business: Idaho’s entrepreneurial landscape is growing with the help of women, minorities and vets

According to the U.S. Census Bureau’s 2022 Annual Business Survey (ABS), the nation reported a total of 5.9 million employer firms. Of these, 1.2 million (21%) were minority-owned, 304,823 (5.2%) were veteran-owned and approximately 1.3 million (22%) were owned by women.

The state of Idaho — ranking second in the nation for nonfarm job growth at 3.1%, as reported by the Idaho Department of Labor — provides a conducive environment for business owners across diverse backgrounds to operate and contribute to the local economy.

Bridging the gap: Idaho Veterans Chamber of Commerce

The ABS report revealed insights into veteran-owned businesses, indicating that those businesses generated an estimated $922.2 billion in receipts, employed 3.3 million individuals and contributed $179.9 billion to annual payroll.

Mindi Anderson, executive director of the Idaho Veterans Chamber of Commerce, highlighted the unique challenges faced by veteran entrepreneurs. According to Anderson, military veterans often grapple with concerns related to business regulations, a lack of connections, financial barriers and customer acquisition.

“There is a strong, strong military identity where veterans are always looking for that military connection,” she said. “And if we don’t find it, we sometimes don’t see the value in what the resources are that could be available.”

Additionally, post-traumatic stress (PTS) can play a role in the challenges associated with establishing, expanding and sustaining a business after military service.

“I also see a lot of PTS, which creates a lot of barriers and challenges for veterans,” Anderson said. “When it comes to PTS, veterans are sometimes socially unable to engage with people that are not like them.”

In order to support veteran business owners in Idaho, the Idaho Veterans Chamber of Commerce introduced the first-ever directory of veteran and spouse business owners in the state. 

According to Anderson, this initiative is currently assisting the Idaho community in locating veteran entrepreneurs, and corporations are now actively visiting their webpage. 

Veteran and spouse business owners can also enroll in a business-to-business diversity supplier network, where they can express their interest in expanding business opportunities by contracting with companies and corporations and securing state, local and federal contracts.

“They can connect with business owners to fulfill their desire for increased business with veteran and spouse business owners,” Anderson said. “We’d love to see more companies that want to do business with veterans.”  

Nurturing business diversity: Idaho Hispanic Chamber of Commerce 

In 2021, Hispanic-owned businesses grew by 8.2% to 406,086, comprising 6.9% of all businesses. Those businesses generated $572.9 billion in annual receipts, employed 3.0 million people and contributed $124.4 billion to the annual payroll, per the ABS report.

Mari Ramos, executive director of the Idaho Hispanic Chamber of Commerce, noted the continuous growth and diversity within their membership.

“Our Hispanic owned businesses haven’t stopped in 2020. They really did not slow down the growth; in fact, they’re growing at a faster rate than pretty much any other field,” she said. 

Ramos observed a diverse range of businesses within their membership, including tech startups, web design firms, restoration companies, painting contractors and law offices.

“We’ve started to see a vast range in different types of industries, where our Hispanic community is opening up businesses and doing their own thing. I love seeing that,” she said. 

Ramos noted that within the Hispanic community, there is a growing trend of individuals in their 20s and 30s starting businesses, in contrast to other demographics.

“That’s the exciting place because they’re starting out these businesses, even younger and younger every day,” she said. “They’ve had a little bit more variety of experience in what’s possible, and so they’re just looking for support and they’re ready to run with it.”

According to Ramos, the chamber plays a crucial role in helping businesses navigate cultural differences, offering advocacy in cases of zoning or code-related issues, and bridging communication gaps with city and state officials. It also offers free workshops addressing areas of concern within the community, such as access to capital, with a focus on addressing disparities in loan approval. One-on-one business consultations are also provided to assist entrepreneurs in applying for loans or understanding the requirements for future business growth.

“Our Hispanic community is very entrepreneurial in spirit already,” she said. “Sometimes they just need that guidance and support to do things in a way that is done here in the United States.” 

Empowering women in business: The role of mentorship

According to the 2022 ABS report, women-owned businesses had an estimated $2.1 trillion in receipts, 10.5 million employees and $499.4 billion in annual payroll.

Stephanie Camarillo, co-owner of cleaning company Molly Maid and member of the Leadership Council of the National Federation of Independent Business Owners (NFIB), said the impact of mentorship during her 16-year journey as a woman in business in Idaho played a key role.

“When you surround yourself with great mentors, when you reach out and get great support on all ends, you can grow pretty quickly,” she said. “That mentorship, I think, is a really important component of my success.”

As a coach for the Entrepreneurs Organization (EO Idaho) accelerator program, Camarillo assisted seven women-owned businesses in achieving over $1 million in revenue growth within three years. 

The EO Idaho Accelerator Program requires a minimum annual revenue of $250,000. As part of the program, participants who have already launched their businesses are encouraged to aim for the million-dollar milestone.

Pam Howland, EO Idaho Accelerators chair and owner of Idaho Employment Lawyers, PLLC, established her law firm eight years ago, and the Accelerator Program, with Camarillo as her mentor, played a crucial role in its growth.

“In the early stages, it was just me, building from the ground up,” she said. “Establishing credibility as a new law firm, especially as a solo practitioner was somewhat challenging in Boise, where longstanding firms dominate. As a woman-owned business with just one attorney initially, I even faced difficulties securing a bank account.”

Today, Howland aids small businesses in accessing resources and offers support through her work, managing a team of six additional members at her firm.

“No matter what industry you’re in, there are so many organizations to get involved with where you can find support,” she said. “It’s just a matter of digging in and getting going.”