Bring a large pot of water to boil over high heat add the potatoes and reduce the heat to medium high and boil for 12-15 minutes or until fork tender. Drain and rinse under cold water.
In a small bowl whisk together the sour cream and ranch packet until blended. In a large bowl, add potatoes, bacon, cheddar cheese and green onions. Stir in the sour cream ranch mixture until blended and coated well. Refrigerate for 2 hours before serving.