Entrepreneurship in Alaska

Alaska has an ancient history of invention, starting with the creation of the kayak thousands of years ago. Since then many inventors and entrepreneurs came from Alaska.

With people like Steve Henson (creator of Hidden Valley ranch dressing), and Jim Ables (creator of flextension, a tool to reach hard to reach places with a caulking gun) to look up to, Alaskans love to lead entrepreneurial teams that change the world.

Known for its amazing wildlife and dazzling fjords, Alaska attracts around 2 million visitors each year. Now consider the rich oceans, forests and other natural spaces this lone state holds and you will be running to start a business in its majestic grasp.

Registering Your Business

Registering your business is one of the first steps to success.

And with Alaska’s 250 dollar fee for starting an LLC, it's important you get it right.

Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.

Click here to learn more.

Market Analysis

Before you start your business, look around to understand the market in Alaska.

With an abundance of rich natural resources, Alaska has a ton of business potential.

According to TaxFoundation.org, Alaska ranks an awesome 3rd in the race for the overall best business tax climate.

Competitor Analysis

Another good way to understand Alaska’s market is to visit your local Chambers of Commerce.

Chambers of Commerce

You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.

We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.

Labor Statistics

Alaska is full of hard working people that can be amazing assets to your company.

Unemployment rate in Alaska:

5.4%

Information from Alaska.gov

Average annual salary in Alaska:

69,751 dollars

33.53 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

Associate degree:

9%

Bachelor degree

18.5%

Graduate or Professional degree

11.7%

Information from Statista.com

Housing Market

Alaska's housing market continues to see an increase in family homes, with prices rising by 5.9%. And with only 29% of households who can afford a middle priced home the market is super tight.

Information from howmuch.net

General Advice

Alaska is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.

If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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