Would you like to start a new business in Nevada but don’t know the necessary requirements? This article which is strictly for information purposes is here to guide you. SilverFlume, which is Nevada’s business portal has all the helpful guides you need to set up your company. However, you might be needing the services of business registration lawyers as you will later discover in this article.
Before we look at the step-by-step guide to starting a new business in Nevada, here are some fascinating facts and statistics about the Silver State.
Interesting Facts and Statistics About Starting a Business in Nevada
If you’ve been considering starting a new business in Nevada, here are some interesting facts and statistics to remind you that you are on the right track:
- As the 7th largest state in the United States, Nevada has no personal or state corporate income tax, no franchise tax for LLCs or corporations, nor any business inventory tax.
- The finance, insurance, real estate, rental, manufacturing, and leasing industries contributed the most to Nevada’s gross domestic product (GDP) of 2021.
- With a real gross domestic product of 159.5 billion U.S. dollars in 2022, Nevada ranks 16th out of all the 50 US states.
- Some common small business ideas in Nevada are pool cleaning business, bartender services, ice cream truck business, dog walking business, airbnb business, T-shirt printing business, etc.
- Nevada ranks high among the US states with the most women-owned businesses, employment, and revenue alongside Georgia, Oregon, Idaho, and South Dakota.
- The largest industry in Nevada is gaming and tourism. This is because of the growing number of casinos, deserts, cacti, and hotels.
- Las Vegas, being the most populated city in Nevada has the largest concentration of casinos in the United States. This industry brings in annual revenue of about $6.4 billion.
- Of the 33.2 million small businesses in the United States, over 280,000 of them are in Nevada. This implies that 99.2% of registered firms in Nevada are owned by small businesses.
- Nevada is the second largest producer of silver in the US after Alaska.
Having seen and understood these statistics, these are indications that Nevada is a great state to start a business. It doesn’t matter whether you are moving your existing business to Las Vegas, Henderson, or Reno, or you are starting a new one from scratch, here’s a step-by-step guide on how to start a business in Nevada:
Step 1: Craft an Innovative Business Idea
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Looking at how innovative the business idea your company is built on is, you can tell the success rate. If the business idea isn’t attractive enough, having the best business plan won’t help.
When it comes to starting a new business in Nevada, you must have a unique problem you want to solve. This product-market fit will help you create a road map for your running your business in Nevada.
After carefully crafting your startup idea, the next thing to opening an LLC in Nevada is to write a professional business plan. Conduct a feasibility study of the environment you would like to start your own business in Nevada. You want to be sure everything is set for you to grow your business.
If you choose to start a small business idea like a mobile bartending service in Nevada, you need to do market research to see how you can innovate it. What can you add to make it stand out? Figure that out before you launch the new business.
In addition to that, choose a business name for your business. Your business name must be one that is currently not in use by an existing company. Quick research on how to come up with a catchy business name will help you.
Step 2: Decide on a Legal Structure for Your Business and Register It
To start a business in Nevada, you need to choose a legal structure. You need to be extremely careful about this. You stand a chance of getting it right more if you are incorporating the business through the professional assistance of a US lawyer.
The legal structure of your business in Nevada is important because it affects everything about how you file your taxes and how you do your business. Choosing the right legal structure for your small business can help you protect your personal assets.
To register your business in Nevada, you have the option to choose from the four business entities. These four business entities available in Nevada include the corporation (C-Corporation, S-Corporation), LLC, Sole proprietorship, and partnerships.
We highly recommend you hire the services of a reliable company formation lawyer near you to help you interpret these various business entities. But from what’s popular, entrepreneurs prefer to form their business in Nevada as a Limited Liability Company (LLC).
Why are business people choosing LLCs over all other types of business entities? It’s simply because of its hybrid structure that gives you all the legal protections of a corporation and the tax benefits like that of a partnership. However, if you are considering raising funds in the future, experts recommend you register your business in Nevada as a corporation.
Step 3: Follow All the Nevada Tax Rules
The next line of action after incorporating your company business in Nevada is to follow all the tax rules and regulations.
While Nevada doesn’t charge franchise tax, they actually do take a modest commission along with official LLC reports. Aside from offering you a tremendous amount of privacy, Nevada won’t charge you personal or corporate income tax.
Other US states where there’s no individual income tax just like Nevada are Alaska, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
If you intend to hire employees for your new business launching in Nevada, you must apply for a federal EIN. EIN means employer identification number. You must obtain your EIN from the IRS no matter the legal structure of your business. Your EIN which serves as your business’s federal tax number will be required when opening a bank account.
Before you start your company in Nevada, familiarize yourself with the common small business tax deductions you can write off.
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Step 4: Obtain Your Business Permits and Licenses to Start Operation in Nevada
All businesses operating in Nevada must obtain a State Business License issued by the Nevada Secretary of State. The license is renewable annually. You may apply online or obtain the forms from their website (www.nvsos.gov).
Without these licenses and permits, it’s illegal to start and operate a business in Nevada. Look through the website above to find the permits and licenses that apply to your kind of business. Different products and services require different permits and licenses for the company to legally operate in Nevada.
It doesn’t matter whether you are running your business from home or not, you need the right permits and licenses.
Ensure you find out the type of business insurance coverage your business needs.
Step 5: Open a Company Bank Account for the Business in Nevada
To avoid going into legal battles while doing business in Nevada, learn to separate your personal and corporate finances. Opening a bank account for your new business is one of the most important steps when you want to start a business in Nevada.
Your ability to identify the best banking system near you in Nevada will help to boost your finances. When you open your company’s bank account with the best bank, it will be easier to maintain clear and accurate financial statements.
Accounting and auditing become easier when you separate your personal finances from your company finances. In addition to that, having a corporate account for your business will help to boost your business credibility. Your customers’ and investors’ perceptions of you will be better if you transact with them using a company bank account.
Step 6: Carefully Select a Good Business Location
When setting up a new business in Nevada, choosing a good location is not something you should undermine. Your choice of business location can to a large extent determine your financial output.
Before choosing a location for your new business in Nevada, here are some important factors to consider:
- Potential for growth
- Nearness to raw materials, and other amenities such as restaurants, hospitals, cafes, etc.
- Accessibility to customers and employees
- Rental cost
How much does it cost to rent an office space in Las Vegas? The average office rental rate in Las Vegas, Nevada is $25.98 per square foot. Most workspaces will require you to pay for 75 square feet, making it $1,948.5 per month.
If you are considering starting a business like a digital marketing agency, online business consultancy, or tour guide, you can start with a coworking space. The cost of properties in Nevada is not cheap in case you are considering taking the entire facility. But if you will be hiring a good number of employees, paying for the entire facility might be the only option.
Whichever one you choose, working with an estate agent or a business formation expert will never go out of fashion.
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Step 7: Design a Responsive Business Website and Start Marketing Your New Company in Nevada
Aside from creating social media accounts across all the platforms using a uniform username, another way to give your business a digital presence is to get a website. It’s not just any random kind of business website but a responsive one that fits your industry.
A professional website will not only boost your business credibility but will also increase your profit. Through your website, your marketing team can generate leads, nurture and convert them into customers.
On your website, you can display your business logo, information about your company and everything people need to know. Some customers would like to compare you with your competitors by simply looking at the things you have on your website.
We can help you increase your chances of ranking on search engines for relevant keywords if you hire our services. Our digital marketing agency, Ebusinessroom US can also help you to handle your SEO and business website setup. Send an email to [email protected].
You can create a landing page, create a lead magnet and start running PPC campaigns to reach your prospects within and outside Nevada.
Now your business is up and running. The next to do is to start seeking funding for your new business in Nevada. How do you find investors for your business in Nevada? You can choose to ask family friends, reach out to your bank, do crowdfunding or connect to an investment club.
To find angel investors in Nevada, you can visit AngelInvestmentNetwork.us and sign up as an entrepreneur. From time to time, Nevada and other US angel investors visit this platform to find projects worth investing in. You might be lucky to find investors to fund your dream if you have a great business concept.