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Starting an Entertainment business in Nevada

Date: 10/13/2020 | Category: | Author: Martin Pouzar

Starting an Entertainment business in Nevada

Entertainment, Tourism, and Gaming are the three top tier and core revenue generating industries in Nevada. These industries are also considered to be dominant employers as well as anchor industries for several other sectors. The entertainment environment in the state is diverse and rich and helps in making the overall economy robust. You can start an entertainment business in Nevada as it has a promising future and several opportunities in the various segments within the industry.

Introduction to Entertainment business

The media and entertainment (M&E) industry in the U.S. is considered to be the largest in the world. It encompasses a third of the global media and entertainment industry valued at $717 billion. Your entertainment business ideas can become a reality if you have in-depth understanding of how to start a business in Nevada. Where will you derive the information from? We have created this guide to ensure your queries pertaining to the entertainment industry and business formation in Nevada are answered.

Entertainment industry in Nevada

The entertainment industry in the silver state is vast and vibrant and presents several opportunities for first time business owners to start an entertainment business in Nevada. This industry comprises several segments like gaming and casinos, motion pictures, streaming content, radio, television programs and commercials, broadcast, fine arts, music and audio recordings, video games, recreation, and several ancillary services and products. Your entertainment business ideas can become completely operational based on the fact that the market is rapidly evolving with new innovative entertainment options are being made available and accessible to visitors and local customers.

Entertainment industry in Nevada & its growth potential

Why do entrepreneurs prefer to start an entertainment business in Nevada? It is because the state has a strong infrastructure and extremely business friendly climate. The state is also home to Las Vegas, also known as the gaming capital of the world! A report by Las Vegas Convention & Visitors Authority (LVCVA) revealed that 42 million tourists visited Southern Nevada in 2019 and the direct visitor spending was estimated at $34.5 billion. The existing entertainment business ideas revolve around mostly the gaming sector and visitors driving this sector.

Entertainment is considered as one of the massive base industries in Nevada that have been attracting visitors from across the country and the world. This is the right platform for implementing your entertainment business ideas as the industry is constantly evolving by making new as well as diversified offerings like Area 15, which is the world’s first immersive playground and entertainment complex. The Area 15 project is a big step in the entertainment industry especially in the city of Las Vegas, where gaming has been the primary source for the entertainment industry for decades. This is the age of the innovation economy and if you start a business in Nevada then you will be able to leverage the existing and new entertainment infrastructure.

The U.S. media and entertainment (M&E) industry is considered by experts to be highly growth oriented and is forecasted to grow to approximately $825 billion by 2023. The Nevada entertainment industry including the gaming sector and the art and cultural shows is expected to undergo innovation that will spiral its growth even further skywards. You can start a business in Nevada in the entertainment industry as experts believe that the future of the entertainment industry will lie in innovation and immersive leisure.

Top trends in the media and entertainment industry

You may start a business in Nevada in any sector of the entertainment industry but it is important to understand the current trends as the knowledge will help in shaping the future of your business growth and expansion plans. One of the new frontiers in this industry is the Immersive Entertainment Segment, which was valued at an excess of $4.5 billion while the theme park entertainment segment was valued at $45.2 billion. So, let us take a look at the top trends in the media and entertainment industry in the US and Nevada.

  • Immersive entertainment is the new buzzword! – Immersive entertainment has risen from the convergence of various art forms, education, and experiential entertainment. Entrepreneurs are creating their entertainment business ideas around this segment. Whether it is Disney experimenting with Star Wars stories through theme park expansions or Meow Wolf’s immersive art experiences, this is definitely the newest trend that you can consider when starting a business in Nevada.
  • The Event Promotion segment is becoming more technology driven – You can start a business in Nevada in this segment as the industry has a proven success record and there is always a continued demand for different types of live entertainment. The estimated revenue generated from this segment since 2015 is $35.1 billion. The event promotion segment of the entertainment industry is responsible for producing, managing, and advertising a wide variety of live events as well as performances, like sporting events, concerts, and public appearances. If your entertainment business start up costs is within budget then you can invest in some of the following trends:
    • Breakout sessions during conferences to create personalization for attendees
    • Event apps that provide data-driven activity suggestions based on profiles and networks of attendees
    • Use of venue management technology that provides live availability status, instant request for proposal(RFP), 3D virtual tours, and customizable packages among others
  • Casino gaming segment is undergoing several changes – This is another profitable sector where you can start an entertainment business in Nevada. There are two types of casino gaming businesses existing in Nevada and they are non-hotel casinos and casino hotels. The casino gaming sector of the entertainment industry generated revenues of $8.76 billion in 2019. The gaming industry over the last decade has undergone numerous transformations due to innovation and new entertainment business ideas. Some of the new trends in this industry include:
    • Acceptance of Cryptocurrencies on online platforms
    • The use of bitcoin and other digital currencies are becoming popular as they help maintain security and anonymity
    • VR based gaming is on the rise
    • Upgrading of existing slot machines to give players a new and fresh experience
    • Experimentation with new table games

Steps to start an entertainment business in Nevada

If you are planning to start an entertainment business in Nevada then it is important to understand that there will be several aspects that you will need to consider depending on the business activity. It can be quite a tricky business to operate especially with different legalities involved. Hence, business planning is extremely crucial prior to starting operations and this includes taking into account entertainment business start up costs. Let’s take a look at all the steps you will be required to follow in order to set up your new business smoothly.

Prepare a business plan for your entertainment business

A business plan is the most crucial part as it will provide you with an insight into how you can start a business in Nevada and answer queries related to entertainment business start up costs especially on equipment, licenses, permits, staff, and others. The entertainment industry business plan will vary according to the type of activity. For example, a strategic plan for a non-hotel casino will be different from that of an event management company. At the same time, there are certain aspects that will remain the same for all types of business plans. A robust business plan should incorporate the following:

  • Objective: This is one of the most important sections and it will provide your investors or customers with an insight into the primary and secondary objectives of the business.
  • Executive Summary: This section of your business plan will include entertainment business ideas and a concise description of the business activity along with market analysis proving the sustainability of your idea.
  • Target Market/Audience: If you are planning to start an entertainment business in Nevada then you need to identify your target audience based on business activity and geographic location.
  • Industry Analysis: This is not a mandatory section for all types of entertainment businesses but some businesses like a casino or live concert may require it. This section helps in identifying the relative market or a niche within the entertainment industry that your business will target.
  • Competition: This is an important aspect of any robust business plan as it will identify the existing and expected competition in the market and ways to deal with it. When you start a business in Nevada, competition will play a key role in helping your determine your brand and marketing strategy and USP (Unique Selling Proposition)
  • Marketing Plan: If you start an entertainment business in Nevada, you will need a marketing plan. A strong marketing plan should take into consideration the four P’s, which are Price, Product, Place, and Promotion.
  • Operations Plan: Depending on the type of entertainment business ideas or activity, you will need to prepare a detailed operation plan. This plan will outline short-term and long-term business goals and how you are planning to meet those goals.
  • Financial Plan: This is one of the most critical areas of any business plan and will help you in determining the entertainment business start up costs. This section will also help you to identify possible avenues from where you can derive funds including state government grants, source funding options and bank loans.

Choose a business entity

You can start an entertainment business in Nevada as a partnership firm or as an LLC. There are several different types of business entities to choose from. When you are choosing an entity there are certain aspects that can provide more clarity like understanding the tax structure for each entity, the possible tax benefits, liability protection, and asset protection among others. The structure of a business entity will also determine entertainment business start-up costs as a proprietorship firm will have lower startup costs as compared to a business corporation.

Setup your business legally

One of the first steps towards setting up a new business in Nevada is identifying a business name and reserving it. You will have to create a checklist of entertainment business name ideas and then ensure the chosen name is available by searching the Nevada SOS database. If your chosen name is available then you can start a business in Nevada by completing a formation or incorporation form. The form along with the prescribed fee has to be submitted with the office of Nevada Secretary of State. You may find the process perplexing as there is a lot of information that is required in the new business registration application. Alternatively, you can submit your application through IncParadise. We can help you to register your business in Nevada with ease. We are expert incorporation specialists and one of the top registered agents in the state with experience in helping more than 10,000 businesses to register.

Incorporate your entertainment business in Nevada!

Get necessary business licenses and permits

One of the primary requirements that you will need to fulfill before you can start a business in Nevada is obtaining a state business license. It is mandatory for all types of businesses to apply for and obtain this license although you may also be required to apply for local or city business licenses and permits.

Let’s look at an example: if you were to start a casino gaming company then apart from the state business license, you may also have to apply for a non-restricted gaming license in Nevada. Similarly, if you are running an arcade with 25 or more gaming machines then you will have to get approvals from the planning and fire department and then apply for an Arcade license. This license will be renewed annually and some businesses may even require multiple licenses or permits depending on the type of business activity. The fee for a business license or permit will be a part of your entertainment business start up costs.

As you can see from the above example, license and permits are determined solely by the business activity. If you start a business in Nevada, you may require multiple licenses or permits. It may be difficult at times to identify what licenses your business really requires and hence we have created the business license research service, which will address all your licensing requirements.

Register for taxes

One of the important requirements of starting a new business is obtaining a tax ID. Although Nevada doesn’t have corporate or personal taxes you will still be required to apply for an Employer Identification Number (EIN), which is issued by the IRS. If you start a business in Nevada there may be other returns that your business may have to file like the commerce tax, modified business tax (MBT), and payroll tax. It is also important to know that not all types of business tax will be applicable to your entity. You can find more information on your tax requirements with the Department of Taxation for the state of Nevada.

Market your business

It is important to build your brand revolving around entertainment business ideas and this can be effectively done by using multiple methods of marketing. It is important to have a strong marketing strategy that will not only focus on highlighting your brand but also target long-term customer retention. There are several different ways to market your brand or business and they can be categorized under online marketing and offline channels like print media. When you start an entertainment business in Nevada, you will find the following ways of marketing your brand as the most effective.

  • Create a website
  • Have a strong presence on social media websites
  • Create a blog and link it with your website and social media platforms
  • Encourage social media contests
  • Starting your own business or entertainment industry podcast
  • Consider organic social marketing to attract targeted audience
  • Issue press releases whenever or wherever necessary

How does IncParadise help you?

It may seem like a difficult process to start a business in Nevada but with the help of IncParadise, you will be able to register your entertainment business and begin operations quickly. We have a team of professionals who have knowledge and experience in new business incorporation and can answer any query that you may have pertaining to business formation. We are one of the top registered agents in the country and due to the varied nature of different entities we have created a wide range of business specific services. You can use any of our additional services based on your immediate requirements.

IncParadise can help you start your Nevada business today!

Starting a clothing retail store business in Las Vegas, Nevada

Date: | Category: | Author: Martin Pouzar

Starting a clothing retail store business in Las Vegas, Nevada

A clothing retail store or an apparel store is a great business idea because fashion is always changing – always evolving. In order to start a clothing retail business in Nevada, you need to understand how the industry works and what apparel it encompasses. A retail apparel industry includes a variety of clothing including day wear, casual wear, evening wear, undergarments, sleepwear, party wear, formal wear, shoes, and a whole list of accessories. One of the key aspects that your clothing retail business plan should consider is the changes in consumer lifestyle as revenue generation is dependent on understanding it completely.

Introduction to clothing retail store business

There was a time when an apparel retail store had to be a brick and mortar shop but today you can start a clothing retail business in Nevada online as well. Clothing retail is considered an integral part of e-commerce worldwide and the market has been growing steady. The revenue generated by the apparel and footwear retail industry online in the United States alone was $102,542 million in 2019. So, if you are gearing up to enter the fashion industry business then this guide will provide you with all relevant information pertaining to setting up such a business. This guide will provide you information on clothing retail store business, how to make a business plan, selecting clothing styles, filing a trademark, and other important aspects of setting up your business.

Clothing retail business in Las Vegas, Nevada

The Las Vegas Strip is considered as one of the best and most modern fashion oriented apparel markets in the US and the world. Las Vegas is also home to some of the biggest fashion and apparel trade shows in the USA including the WWDMAGIC focusing on women’s apparel and accessories. These types of trade shows can be the right platform for starting a small business in Las Vegas in the clothing retail industry. When you talk of the apparel industry in Las Vegas, fashion can range from sophisticated to risqué. Hence, if you have a strong clothing retail business plan then not only can you own a boutique but you will have access to over 38 million visitors making footfalls in the city.

What is a clothing retail store business?

A clothing retail store is also known as an apparel retail store or a clothes shop. This type of stores sell a variety of ready-made clothing that can vary from every day wear to exclusive designer clothing. If you are planning to start a clothing retail business in Nevada then you can choose from over 30 different types of apparel retail stores right from high street chain stores like Levi’s to selling casual clothing brands, sports clothing brands, and specialized clothing like maternity or lingerie clothing. It can be a brick and mortar store, an online store or both

Why choose Las Vegas for your clothing store?

Las Vegas is a city with a 24-hour mindset and hence this city seems to be alive any time of the night or day. Tourism is one of the most important sectors and in 2019; 42.5 million people visited Las Vegas, which includes tourists, entrepreneurs, business owners, and conference participants. The Las Vegas market conditions are just right enough to start a clothing retail business in Nevada. Some of the benefits to choose this city include:

  • A vibrant crowd that has good fashion sense
  • A broad customer base in terms of tourists and local community driving fashion industry business
  • Las Vegas hosts several annual fashion industry trade shows, which provide the right platform for clothing businesses
  • No personal or corporate taxes
  • No franchise taxes
  • Easy to set up your business
  • Better protection to business owners, officers, and board of directors
  • Lower startup costs
  • It is home to a shopping mall called “Fashion Show” that hosts weekend fashion shows
  • A lot of retail space available for lease and they vary from location to size and space

Steps to start a clothing store in Las Vegas

Las Vegas may be known as one of the most fashionable cities in Nevada but does that make it easy to start a clothing retail business in Nevada? There are several aspects that you will need to consider including sourcing of your merchandise and selecting brands or fashion style. A clothing retail business structure is different from other types of businesses and hence this step-by-step guide to forming your business in Las Vegas will provide a meaningful insight into starting a business operation.

How to write your business plan

A clothing retail business plan is crucial to starting a new business as it will take into account everything right from store space to brands, financial standing, employees, expenses, marketing, revenue generation, operational plans, and target audience among others. When starting a small business in Las Vegas, your clothing retail business plan should include the following:

  • Executive Summary: This part of the plan should highlight key aspects of apparel retail like merchandise sourcing, location, labor, target market, marketing strategy, and revenue generation. It will also list your mission statement.
  • Company Description: This part of your clothing retail business plan provides an insight into the competitive edge your business has in the Las Vegas market
  • Organization Structure: If you are starting a small business in Las Vegas, the organization structure is crucial. The type of structure will define how the company is formed. For instance, an LLC structure and formation is different from that of a business corporation. This area will also provide information pertaining to the management team with a detailed professional profile. This information will help you with prospective business investors and also create a professional image among your future customers.
  • Products: At the center of the fashion industry business plan are the products that you are planning to source and sell. This area will contain information on the types of products you are planning to showcase like sportswear or formal wear etc. You will also have to provide relevant information on product sourcing and strategic tie-ups with firms producing the chosen products.
  • Competitive or Market Analysis: If you are planning to start a clothing retail business in Nevada then the growth and sustainability will be determined by a process called the SWOT analysis, which is; strengths, weaknesses, opportunities and threats.
  • Marketing Plan: A marketing plan is necessary as it will help you reach out to your target audience and create the visibility necessary. The internet makes it easier to work with a wide variety of advertising options and platforms including social media.
  • Financial Summary: This is an important area of any clothing retail business plan as it will entail financial planning. This area will help you create a forecast of all your expenses as well as revenues in the form of a cash flow statement, income statement, and balance sheets.
  • Business Expansion: Last but not least; this section should provide information on future business growth and expansion taking into account predicted market dynamics

Select a clothing style or type that you want to sell

Fashion is an ever changing industry and customer preferences keep changing according to the trends. If you are starting a small business in Las Vegas to focus on the apparel industry then it is extremely important to choose the clothing style that you want to promote and sell. There are over hundreds of styles and they vary from Elizabethan styles to modern day haute couture. Since choosing a style is difficult and a personal choice, it is better to focus on the type of clothing you want to sell. The types of clothing can vary from evening wear to formal wear, sporting clothes, summer or winter clothes, casual wear, holiday wear, and everyday wear among others. Since, you will be a part of the fashion industry business; you also need to focus on the brands and the clothing material.

Choose a business name

One of the important aspects to consider prior to starting a small business in Las Vegas is to identify and reserve a business name. Once, you have identified a business name, you need to conduct a name availability search on Nevada SOS. The office of the Nevada Secretary of State has also specified the requirements for a business name including the “Restricted Word List” and the Nevada company name restrictions. One of the important prerequisites is that it should be distinguishable from any other business name existing in the records of the Secretary of State.

Set up your business

There are several aspects you need to consider when you start a clothing retail business in Nevada. Business formation in Nevada is one of the primary aspects and it is a process that involves filing of documents containing information regarding your business. The document will also contain the name of the business and type of business. Since it is a time consuming process, IncParadise can help you to register your business in Nevada quickly and with ease. This is because we are expert incorporation specialists with experience of helping several startups transform their fashion industry business idea into reality in Las Vegas.

IncParadise can help set up your Clothing Store in Las Vegas Nevada!

Register for taxes

Depending on the type of clothing business you want to form in Las Vegas, Nevada, you will be required to pay sales tax or commerce tax. There are different types of taxation applicable for startups in the state and to ensure tax compliance, you will be required to apply for a Taxpayer ID also known as Tax ID or TID. It is a unique 10-digit number that is assigned to a business entity by the Nevada Department of Taxation. You can also determine your taxation requirements with the help of this informative guide to Nevada business taxes.

Open a business bank account & credit card

If you start a clothing retail business in Nevada then opening a bank account is important. A bank account is required as it helps to maintain the financial status of an entity. In order to open a business bank account, you will need to furnish or submit different documentation including tax ID or EIN details. There are several other benefits of business banking like limited personal liability protection and getting a line of credit for the entity. Similarly, credit cards are also important financial tools as it will provide you with the purchasing power required by a fashion industry business startup. A credit card will also help in establishing a credit history for your startup.

Set up business accounting

An integral part of any clothing retail business plan is accounting and bookkeeping as they help in maintaining sound financial health of a business entity. As a startup in Las Vegas, you will need to set up business accounting but first you need to identify the structure of your business as this will determine how you will be taxed. When starting a small business in Las Vegas, you need to choose from two types of accounting methods as they will be useful for filing business tax returns. The two methods are:

  • Cash basis accounting: This is the simplest form of accounting as it tracks income when it is received and also when expenses are made.
  • Accrual basis accounting: This form takes into account money when it is earned instead of cash received.

Obtain necessary permits and licenses

When you start a clothing retail business in Nevada, one of the foremost requirements for making your startup operational is a state business license. State business licenses have to be renewed annually in Nevada. You can find more information on the type of license required, local permits required if any, the license or permit fee, the forms, and other related documentation with the office of the Nevada Secretary of State.

Some businesses may require multiple licenses or permits depending on the type of business. You may also require local city or county licenses based on business operation and where it is located. The process of searching for the licenses your fashion industry business requires may be confusing but you can take advantage of our Business License Check service to help you identify.

Find out what business licenses you need for your startup!

Apply EIN

In order to start a clothing retail business in Nevada you will have to apply for a Federal tax ID and this is mandatory for all types of businesses except sole proprietorship and non-profit. The Federal tax ID is known as Employer Identification Number or EIN and is issued by the Internal Revenue Service (IRS). It is a unique nine-digit number and you can apply for it by submitting Form SS-4. There are several benefits and features of an EIN that can help your business in many ways. Alternatively, we at IncParadise can also help your fashion industry business startup to obtain an EIN.

Apply for your EIN Number today!

File a trademark

If you are thinking of starting your own clothing label or brand then you need to file a trademark. It is a key aspect of any clothing retail business plan and should be included along with the name and logo that you wish to trademark. There is a specific registration process for trademarks wherein you have to send a mail with the logo and name to the Director of the United States Patent and Trademark Office. You have to apply for a trademark prior to starting a small business in Las Vegas. You can send the mail to P. O. Box 1450, Alexandria VA 22313-1450 or apply online through the USPTO Trademark Electronic Application System (TEAS). You can find more information pertaining to the trademark registration process with the United States Patent and Trademark Office (UPSTO).

Get business insurance

Business insurance is an integral financial aspect of any clothing retail business plan. This type of insurance helps to protect small businesses. The most common types of business insurance include the General liability insurance and Professional liability insurance. You can apply for business insurance prior to or after starting a small business in Las Vegas. Different types of insurance offer different benefits like a professional liability insurance also known as E&O insurance covers claims made by another person while the general liability insurance provides protection to your business from another person or business claiming bodily injury and damage to property.

Sourcing your merchandise

Merchandise sourcing or product sourcing is a key aspect of your clothing retail business plan and will help you in identifying the brands, manufacturers, and independent designers from whom you will buy your apparel. You can research over the internet for local manufacturing suppliers and source your merchandise directly from them. It is important to check their quality prior to stocking inventory. You can also approach wholesale apparel manufacturers in the Nevada state as well as other states.

Create a website and start selling online too

One of the best ways to create higher visibility after you start a clothing retail business in Nevada is by having a company website. There are many benefits of having a website and one of them is that it will enable you sell online too. You can have a store for local customers and an online store for customers in Nevada, the US, and even worldwide. Another aspect is that the clothing retail business structure for an online store is simple and less expensive as compared to a brick and mortar store. You will need to hire a graphic designer or a design agency to create a website and integrate all e-commerce essential tools including a shopping cart and payment gateway.

Market your brand

Marketing your brand correctly will ensure your store has a higher visibility in local and national markets. Marketing can be offline and online. You need to implement your marketing or branding strategy before you start a clothing retail business in Nevada. This way, by the time your business is operational, you have already reached out to the target audience. The importance of marketing of a fashion industry business entity lies in the following:

  • It will help increase or boost sales and thus help business to make profit
  • It will help promote brand awareness
  • It will help in building a strong customer base
  • You will be able to attract and retain loyal customers

How can IncParadise help you?

The clothing industry in Las Vegas is huge and the potential for growth and success for a new fashion industry business startup is great. It may seem like a tough task to start a clothing retail business in Nevada but that is where IncParadise can provide meaningful assistance. As one of the top registered agents in Nevada and the USA, we have experience in setting up new businesses right from LLCs to C and S corporations.

At IncParadise, we provide a range of services including assistance with the process of new business registration with Nevada SOS. Our expertise in this field also lies in effectively handling all your annual compliances like submission of annual reports or renewal of business licenses. Get in touch with us to know what more we can do for you and your business!

Are you ready to start a clothing retail store in Nevada?

Starting a consultancy business in Las Vegas, Nevada

Date: | Category: | Author: Martin Pouzar

Starting a consultancy business in Las Vegas, Nevada

The consulting industry in the US provides highly professional advice and a variety of services in several specialized fields including IT, management, environmental regulations, human resources, and real estate among others. You can start a consulting business in Nevada as the state is home to business opportunities. Nevada is an integral part of the global management consulting market, the size of which in 2019 was $160 billion. The business consulting industry is one of the biggest sectors but the first step for a consulting startup would be to apply for business consultant’s registration.

Introduction to consultancy business

Business or management consulting is one of the most lucrative businesses in the United States and generates over $2 billion through offering specialized services. Although there are different types of business consultantsthe primary objective of such a business is to provide expert or professional advice to any type of business, entrepreneurs, and individuals who require specialized services. If you are planning to start a consulting business in Nevada then this guide will provide an insight into consulting businesses and help you understand the entire process of starting a consulting business and registering it in Nevada.

Consulting Businesses in Las Vegas, Nevada

One of the reasons for starting a consulting business in Nevada is that it is a growing industry with a lot of prospects and opportunities. The consultancy industry is an integral part of the professional services industry and is considered as one of the most diverse segments that can focus on anything from organizational strategy formulation to providing advice on secondary functions for businesses. The size of the consulting industry market has increased from $54.8 billion in 2015 to $69.9 billion in 2019. There are different types of business consultants but the market size of Management Consultants is the largest as it is growing faster than other types of consultants like scientific, technical, or professional consultant services.

What is a consulting business?

A consulting business also known as a consultancy firm is a type of business where one or more consultants work towards providing professional advice or feedback to individuals or any organization for a specific fee. A consulting business may have different types of business consultants specializing in different areas like management, technology, advertising, operations, and HR among others. In order to start a consulting business in Nevada, you need to have the necessary expertise and knowledge, for example, the Institute of Management Consultants (IMC) provides you with the certification to run your management consultant practice.

In order to start a consulting business in Nevada, you will have to set up your business. The best way to form a new business is to apply for a business consultants’ registration first. It is important to identify the different areas where your business or firm can provide service. Some of the important sectors for consultancy businesses are:

  • Financial services
  • Information Technology
  • Architecture and Engineering
  • Hotel and hospitality industry
  • Health care
  • Human resources (HR)
  • Management
  • Legal
  • Regulatory compliance

Why are business consultants important?

The economic environment of the world is evolving and businesses are striving hard every day to strengthen their operations, lessen their expenses, increase their revenue, find more business opportunities, fight their competition, and sustain their operations. Most businesses require a series of services right from formulation of strong business strategies to promoting organizational efficiency & cost-effectiveness and this can be made possible through help and advice offered by a Nevada consultant business.

There are different types of business consultants but the objective is the same – to help individuals or organizations to achieve their goals. When you start a consulting business in Nevada, depending on the type of consultancy, you will play a key role in helping other organizations grow by providing valuable inputs. Consultants actually bring in a significant amount of value to any organization or individual. Some of the most important tasks that consultants undertake include:

  • Development of strategies for business growth
  • Strategies for management of projects
  • Implement “out of the box” thinking to provide creative solutions
  • Different types of business consultants provide higher level of business expertise as compared to any employee in an organization
  • Collate facts or data; provide recommendations along with a strategic implementation plan
  • Provide organizational skills for documentation, summarizing, synthesizing and structuring of relevant information that will enable organizations make better decisions

There are also several benefits of hiring a Nevada consultant business, which is why this type of business is highly effective and growth oriented. Some of the benefits are:

  • A Contractual work is scalable
  • There are no tax issues
  • There are no human resource issues
  • Organizations get independent advice based on facts and market data
  • A consultancy project is easy to terminate
  • A Nevada consultant business brings forth diversity of ideas from their varied experiences
  • There are different types of business consultants to choose from

Steps to consider when starting a consulting business

Consultants are considered to be experts at encouraging and promoting change in organizations through implementation of growth driven strategies. If you are planning to start a consulting business in Nevada then there are several important aspects that you need to consider right from core skills to certifications and registration of the consulting business. Starting a consulting business checklist is a good place to start and it should include the following.

Identify your core skills

If you are planning to start a consulting business in Nevada then it is important to identify your core skills first. As a consultant, the two primary requirements are:

  • The ability to perform as required by a project or according to an organizational need
  • The ability to create the right system and work environment for your advice to be a success

The only way to fulfill the primary requirements is by possessing the necessary core skills, which include:

  • Problem solving capabilities
  • Conceptual and practical thought processes
  • Analytical competencies
  • Organization and time management
  • Process competencies
  • Collaboration with company management, employees, and stakeholders
  • Behavioral Flexibility

Target a specific niche

More often than not, consultant entrepreneurs in a bid to build a successful business, try to work in several different consultancy areas. Although this may yield results short-term, it never works out well in the long-term. So, what is the best option for a Nevada consultant business? Success lies in targeting a specific niche as identification of a key market and focusing all your effort there. The most common types of business consultants are Management and Business strategy but there are other niche areas to choose from like:

  • Operational processes consulting including supply chain management
  • Financial advisory consulting focusing on risk management, corporate finance, and restructuring among others
  • Human resources consulting focusing on employee engagement and satisfaction or talent mobility
  • Risk and compliance consulting
  • Information Technology (IT) consulting
  • Environmental consulting
  • Software consulting
  • Marketing consulting

Get certifications

Certifications are an integral aspect of starting a Nevada consultant business. When starting a consulting business (checklist), you need to ensure certifications and skills are both there as these are drivers of long-term success and new clients rely on this along with experience. Certifications in a specific area of consultancy reveal to your clients that you have the necessary expertise and it will also make your skills stand out. At the same time, it is important to identify the subject area for certification and it will be dependent purely on the niche you will be starting your business in. For example: If you want to start out as a business consultant then you need to complete a business consultant certificate Course. Similarly, if you are planning to operate as management consultants then a Certified Management Consultant Course will help you with the same. The certification courses are available both offline and online from reputable institutes.

Choose a name and register your business

You can start a consulting business in Nevada once you have the necessary certifications. There are different types of businesses that you can form in the state including sole proprietor, general partnership, business corporations, and limited-liability company (LLC) among others. It is important to check business name availability with the state and then reserve it in accordance with the Nevada Revised Statutes for the type of company you want to register. Once you have reserved the name, you can apply for a business consultant’s registration with the office of the Nevada Secretary of State. The process can be confusing due to the documentation required but at IncParadise, we can make the entire process simple and quick for you. We have helped with the incorporation of several thousand businesses and are considered as one of the top incorporation specialists in the state.

Register your consulting business in Nevada !

Get required licenses and permits

A business license is mandatory if you are planning to start a consulting business in Nevada. It is mandatory for title 7 entities, which means a business entity that is being formed pursuant to the Nevada laws and will be filing registration or formation documents with the Office of the Secretary of State. There are three types of business licenses or permits that may be required to make your business operational. These are:

  • State Business License in Nevada
  • Municipal/County Licenses
  • Regulatory Licenses and Permits

It is important to know that licenses will have to be renewed annually. If you want to know more about Nevada business licenses and permits then Nevada SOS provides detailed information on the same.

In Nevada, some businesses may require a single license, while others may require multiple licenses. This is where you can benefit from our Business License Check service. This is a detailed report that will help you identify any specific business licenses that your business may require.

Set your consulting fee

When starting a consulting business (checklist), you need to consider how you will project your services and what the fee and rates for the said services would be. Consultants can work per hour or even per project. It is never easy to determine a price point although it is important and hence should take into account the following:

  • Type of client: A big company may agree to a fee of $1,000 per hour but a startup client will not have that kind of budget
  • Type of service: If you are providing a quick service then the fee may not exceed $100 per hour but if it is a detailed service like working out an entire business strategy then you can quote a price based on hourly rates or per project basis.

You also need to check what other consultants are charging or what the current market rate is. So, if the market rate is $50 to $150 per hour for a specific service then a Nevada consultant business can charge $100 for the same but charging $300 may prove risky.

Write client proposals

Once you have started a Nevada consultant business, it is time to build your client list. A prospective client may tell you over an email or phone that they would like to work with you but a deal will not be considered as a deal unless they sign a client proposal. So, what is this proposal? A client proposal is a mere formality but an important one and should contain your recommendations for tackling a specific task or project. Since there are different types of business consultants, the client proposal will vary according to the requirement of the client and hence include all relevant information. Some of the important aspects of a good client proposal are:

  • It should contain information so that they know what they are paying for
  • It should contain more information on the project and not your business
  • It shouldn’t be confusing as anything that is unclear, will prevent clients from signing the document.
  • The client proposal should have a proper structure and include summary, objectives, project details, responsibilities, investment, and terms of agreement.
  • Keep your client proposal as short as possible
  • Use clear and simple language
  • It should provide an insight into better ROI
  • It should provide a clear tailored solution to your prospective client’s problem
  • Ensure the proposal is grammatically correct and is visually appealing

Get clients and referrals

Once you start a consulting business in Nevada, getting clients and referrals can be tough initially. Honestly, the only way to get referrals is by ensuring you offer great service to each and every client. When you provide good advice and tailored solutions it will encourage your existing clients to provide positive feedback of their experience, which is what your business needs. Initially as a startup you may not have clients and this is where you can ask referrals from people you have worked with earlier or know professionally or personally. Different types of business consultants will have to work with clients from different industries but some of the methods common to all consultants are:

  • Reach out to all your past clients
  • You can implement a referral program for incentivizing people
  • Get into a strategic partnership with other consultants to lighten their workload
  • Take help through LinkedIn outreach program
  • Have a face-to-face time with local business groups or attend local business events

How can IncParadise help you?

Starting a consulting business (checklist) is probably the first step towards establishing a Nevada consultant business but there are certain aspects of business formation where IncParadise can prove to be quite a useful partner. Yes, we believe we are not just an incorporation or business formation specialist but a partner, who will not only provide you with a platform to register your business but also provide additional services you may need.

At IncParadise, we believe each business has a different structure, different ideas, different objectives but all businesses have common startup requirements like applying for a business license, requirement of Certificate of Good Standing etc. As your business launch partner in Nevada, we can also provide niche services like mail forwarding and virtual office services that have several benefits for a startup.

Incorporate your Nevada Consultant business today!

How to become a real estate agent in Nevada?

Date: | Category: | Author: Martin Pouzar

How to become a real estate agent in Nevada?

Nevada is one of the hottest multi-family real estate markets in the country and is considered by experts to be stable and sustainable. If you become a real estate agent in Nevada then you will be able to benefit from the growing number of residential and commercial properties. There is also a lot of variety to promote right from Single Family homes to Townhomes, high-rises, and luxury homes and condos among others. There are already a few real estate companies in Nevada that are taking advantage of this market and it’s time for you to grow and diversify in this market!

Introduction to becoming a real estate agent in Nevada

Nevada is one of the top tourist destinations in the US and is home to Las Vegas also known as the “Entertainment Capital of the World”. The real estate market conditions in Nevada and especially Northern Nevada like the Greater Reno-Tahoe area has witnessed growth not only in the residential and commercial real estate but also a high demand for industrial space. This is the right time to become a real estate agent in Nevada but how do you plan it through? This article is like a self-help guide that will answer important queries like registering as a real estate broker in Nevada, taking a Real Estate Salesperson Licensing Exam, setting up business legally, and also information on the best places to invest.

Real Estate Industry in Nevada

Nevada is undergoing an economic expansion, which makes it beneficial for real estate developers, capital partners, investors, and lenders to be optimistic about the industry. This also means that this is a good time to become a real estate agent in Nevada. The industry growth is being sparked by many factors like Amazon developing an 800,000sqft warehouse in North Las Vegas and ‘Bed Bath and Beyond’ investing in a 500,000 sq ft of industrial space. There has also been significant development of properties that real estate companies in Nevada had invested in.

Why is Nevada an ideal place for the real estate industry?

Whether it is the Reno housing market or the Las Vegas commercial property market; Nevada real estate market has transformed dramatically and is considered as the market to invest in. The Reno-Sparks home sales have posted some really big gains and the median sales price in Southern Nevada has seen a spike up while companies like Tesla, Intuit, Switch and Panasonic are getting into the industrial space, which is driven towards creating opportunities and enabling growth. Are these the only reasons why you should become a real estate agent in Nevada? Nevada is considered as an ideal place for the real estate industry and the reasons are:

  • Strategic Location: Nevada is one of the best places for new businesses and it is more so because of the strategic location it can boast of. There are several real estate companies in Nevada because it has access to some of the major markets and hence real estate here is considered as prime property. Nevada is situated right at the center of the western region comprising 11 states.
  • Growing Home Sales: Many first time entrepreneurs and business owners are planning to become real estate agents in Nevada because the home sales have shown promising growth. For example: Washoe County and North Las Vegas saw a strong growth in existing single-family home prices as they increased by almost 15 percent with Boulder City trailing with a year over year increase of 12 percent. Similarly, the median sold home price in the Reno-Sparks real estate market climbed to $407,000 in June 2020, which is an almost 1.8 percent increase from May’s median sales price of $399,900.
  • No Corporate or Personal Income Tax: Nevada is one of the few states in the nation where there are no corporate income tax for new businesses and thus makes it easier to become a real estate agent in Nevada. The state also doesn’t have any personal state income tax for the residents, which is an important driver towards the low cost of living the state enjoys

What are the best places to invest in Nevada?

If you are planning to become a real estate agent in Nevada the first aspect you need to consider is the areas or regions of the state that are best for making a real estate investment. There are several cities in the state that will provide you with a promising growth but the top 3 places are:

  • Las Vegas: The city considered as the ‘entertainment capital’ is also the most populous market for real estate investors. As a real estate broker in Nevada, Vegas has so much to offer because the median home value in this city has witnessed an increase of more than 10 percent and is predicted to grow further. The median home value in 2020 is $290,535 with a 1-year appreciation rate of +1.8%.
  • Reno: This mountain side city has an expanding real estate market and just the right place if you are planning to become a real estate agent in Nevada. The median closed sales price for the Reno-Sparks real estate market was $400,000 in November 2019, which is a 6.0 percent annual increase as compared to November 2018. According to CoreLogic, a top financial services company, Reno home prices may be higher than the national average. The current median home price in the Reno housing market is $268,700, which is more than the national average of $203,867.
  • Carson City: This is another great place to start a business or become a real estate broker in Nevada although you will have to first fulfill real estate agent license requirements Nevada. This is a thriving market with the median price recorded in 2019 being $327,250 which is a jump of 10 percent from the 2018 median price of $295,000.

Steps to get a real estate license in Nevada

The real estate market in Nevada is considered to be evolving in such a way that it will provide plenty of opportunities for both new and existing investors. Becoming a real estate broker in Nevada means you will be able to benefit from the positive trends and opportunities in the residential as well as commercial real estate. The combined value of the U.S. Housing Market is estimated at $33.6 Trillion with Las Vegas, NV contributing a total market value of $209 billion. The big question is how do you fulfill real estate agent license requirements in Nevada and what steps should you take towards real estate business registration in Nevada? Let us look at some of the important aspects to consider.

Choose area of real estate (Commercial/Residential)

If you are planning to become a real estate agent in Nevada then one of the first aspects to consider in choosing is the area of real estate you want to specialize in. The commercial and residential real estate in Nevada have their pros and cons but both the markets have growing opportunities for a real estate broker in Nevada. It is also important to consider the advantages each area may provide. For example, a commercial property may garner a higher rate of return as compared to a residential property although commercial properties require customers to make a huge up-front investment vis-à-vis residential properties. Hence, it is important to make an informed choice.

Register for the 90 hours of required education

One of the primary real estate agent license requirements in Nevada is to provide proof of pre-licensing education in the form of certificates or certified transcripts. This means that you will have to register for and complete 90 hours of required education. According to the Nevada real estate division, you may require 64 semester college credits as follows:

  • 45 hours or 3 college credits in Real Estate Principles
  • 45 hours or 3 college credits on Real Estate Law and this must include at least 18 hours in Nevada law studied at a Nevada school
  • 45 hours or 3 college credits in a Real Estate Appraisal course
  • 45 hours or 3 college credits in a Broker Management course if you want to continue as a real estate broker in Nevada
  • 15 college credits in any other real estate related courses like economics, business, accounting, management, marketing, and finance

Get fingerprinted

One of the initial real estate agent license requirements Nevada is “Fingerprint Cards”. You will be required to submit one fingerprint card along with a money order or a cashier’s check made payable to the “Department of Public Safety”. Alternatively, you can also use the verification form issued by any Nevada approved Fingerprint Vendor.

Take the Nevada Real Estate Salesperson Licensing Exam

In order to become a licensed real estate broker in Nevada or a real estate salesperson in the state you need to take the Nevada Real Estate Salesperson Licensing Exam. You have to pass the exam as it will confirm that you have achieved the required minimum level of real estate knowledge required to become a real estate agent in Nevada. The knowledge relates to practices, principles, regulations, and statutes pertaining to Nevada real estate. The exam is conducted by PSI Services LLC on behalf of Nevada Real Estate Division, Department of Business and Industry. You can download the Candidate Information Bulletin to get an insight into the examination registration, fees, and scheduling procedures.

Choose a real estate broker

Before you can actually become a real estate agent in Nevada, you will need to work under a real estate broker for a specific period of time. This experience will help you in getting your license as their signature may be required on the licensing application. There are several real estate companies in Nevada to choose from and you can make a checklist of brokers based on the type of real estate market you want to specialize in.

Apply for Your Nevada Real Estate Salesperson License

Once you have cleared the real estate broker in Nevada or salesperson exam, you can apply for a real estate salesperson license. The form 549 is used for applying for this license and contains all necessary information pertaining to real estate agent license requirements in Nevada. Once the form has been duly filled, you will be required to submit it with the Real Estate Division, Department of Business and Industry, at 3300 W. Sahara Ave., Suite 350, Las Vegas, Nevada 89102.

Gather all your forms

It is important to understand that if you are starting your own business then you will not only have to submit an application as mentioned under real estate agent license requirements Nevada but you also have to submit one for starting a new business like the Nevada state business license application. It is important that you have all the necessary applications in place so that the submission process is streamlined and simplified.

Set up your business legally

There are different forms of businesses you can establish in the state of Nevada. You can form a sole proprietorship firm or even a business corporation or limited liability company. The type of business you want to form will depend on your requirements and IncParadise as one of the top registered agents can help you with the process of real estate business registration in Nevada. We are expert incorporation specialists and have helped more than 10,000 new businesses with incorporation or registration in the country. We are well versed with the Nevada state laws, real estate business laws, and real estate agent license requirements in Nevada. Our new business registration process is quick, easy, and will save you time!

Register your real estate business in Nevada today!

Get Nevada state business license

It is mandatory for all Title 7 business entities to file for the Nevada state business license with the Secretary of State pursuant to Chapter 76 – State Business Licenses, 2015 Nevada Revised Statutes. If you are planning to become a real estate agent in Nevada and if your business type includes domestic or foreign corporation, limited partnership, limited liability companies (LLC), limited liability partnership (LLP), limited liability limited partnership (LLLP) and business trusts then your business will be considered as a Title 7 entity. The Nevada Secretary of State (SOS) provides detailed information on real estate business registration in Nevada as well as business licensing through their FAQs and other related sections. The application for Nevada state business license is a mandatory requirement and is offered as a part of our incorporation process. Since a state business license has to be renewed each year by all businesses, we can help you to be compliant with this Nevada requirement.

How can IncParadise help you?

The real estate agent license requirements in Nevada may look overwhelming but that is exactly the reason we have created this guide – to help you understand how the process works! Being one of the reputable registered agents in the state of Nevada, we can provide meaningful assistance towards setting up your business just like we have helped several real estate companies in Nevada with the process of business registration.

We understand that each new business or established real estate companies in Nevada may have different requirements and that is why we provide a wide variety of additional services. Some of our popular services include filing of annual reports and ensuring your business is in good standing like getting a Certificate of Good Standing.

Transform your Nevada real estate business idea into reality!

Starting a restaurant business in Nevada

Date: | Category: | Author: Martin Pouzar

Starting a restaurant business in Nevada

There are a variety of businesses you can start in the state of Nevada as the state offers flexibility in terms of forming and operating a startup. You can also start a restaurant in Nevada as it is considered as one of the most lucrative and high in demand businesses. The tourism industry along with the restaurant businesses are considered to be the bright spots in the economy of the state and account for more than 28 percent of the total employment in Nevada. In fact the new trend to start a restaurant from home or a food delivery service is gradually becoming a part of the mainstream businesses driving the economy.

Introduction to restaurant business in Nevada

Nevada is a state with diverse industries and the top industries making a positive impact on the economy include the tourism industry, restaurant industry, and the gaming industry. These industries are all interconnected and dependent on each other. You can start a restaurant in Nevada as it is considered as a strong and evolving industry but there are several aspects of forming this business that you need to consider. Hence, we have created this helpful guide that will answer queries pertaining to forming a business in Nevada, getting a license, how to start a restaurant business plan, choosing a location and business structure, restaurant space and layout, and hiring employees.

Restaurant Industry in Nevada

Nevada officially became a state in 1864 and the Nevada Department of Economic Development also known as the Governor’s Office of Economic Development (GOED) was formed in 1955. The GOED has been responsible for putting Nevada tourism on the map thus creating a huge platform for other businesses like the restaurant and local food industry to grow. Today, there are 8 historical restaurants in the state including the Boulder Dam Hotel. Since then restaurants in Nevada have come a long way towards becoming an integral part of the economy and the tourism industry. If you have a food business idea then to start a restaurant in Nevada may be the right decision.

How does the restaurant industry impact the Nevada economy?

Today, Nevada is home to 5,980 restaurants including eating and drinking places and has generated $9.9 billion in sales. The restaurant industry has provided employment to 219,200 and by 2029; the employment is expected to grow by 15% to 252,100. When you start a restaurant in Nevada, it will become an integral part of the growing hospitality industry. Whether you start a restaurant from home or use commercial space, the restaurant industry has a positive economic, fiscal, and social impact on the state. In fact, every dollar that is being spent in the table-service area makes a contribution of $1.70 to the economy of the state. Similarly, every dollar that is being spent on the limited-service area of the restaurant industry is contributing $1.48 to the Nevada economy.

Top restaurant trends you can’t ignore

The restaurant industry in Nevada is one of the fastest growing and evolving industries in the state. If you are planning to start a restaurant delivery service or a restaurant from home then knowing the current trends in the industry will be an asset towards ensuring overall sustainability of your business. The key restaurant trends in the Nevada state are:

  • Restaurants offering organic and gluten free food – The customer has always been the king and the restaurant diners of today are inclined more towards restaurants that are offering organic and gluten free food. Gluten refers to a group of proteins that are found primarily in cereal grains and restaurants have indeed started offering gluten free food to satisfy the customer’s palate. Similarly, there is an increasing demand in organic food, which basically comprises vegetables and grains that are being grown without the use of artificial chemicals, hormones, and are not genetically modified. Entrepreneurs of today are gearing up to start restaurants in Nevada that caters to this change in customer’s taste. At the end of the day, today’s customers value health and transparency.
  • Be a part of a casual dining restaurant chain – A casual dining restaurant is also known as a sit down restaurant and is a highly popular option if you are planning to start a restaurant in Nevada. This is a type of restaurant that serves a moderately priced menu in a casual ambiance. Most often than not, a casual dining restaurant provides table service. The top five casual restaurant chains that are trending include Panera Bread, Chipotle Mexican Grill, Panda Express, Five Guys Burgers and Fries, and Wingstop. A forecast based on customer taste and choice indicators of restaurant food suggests that the casual dining chains will expand exponentially in the near future and is expected to reach a total sales of US$863 billion by 2020.
  • Restaurant delivery services are the future! – If you have been toying with the idea to start a restaurant delivery service then it is time to soar higher with it. Yes, it is a fact that almost 60% of consumers in the US order a takeout or delivery at least once a week. You can start a restaurant in Nevada that offers takeout services as the revenue generated through the Online Food Delivery Services segment is projected to surpass US$26,527 million by 2020 with an annual growth rate of 5.1 percent. The future of this market may also witness delivery of an online restaurant order using autonomous vehicles or food-delivery drones.
  • Restaurant food driven by AI Chefs! – If you are wondering how technology may change the way restaurants work then the new innovation round the corner is robot chefs! You heard it right – Moley Robotics has successfully created the first robotic kitchen in the world. The robotic kitchen features an advanced, fully functional robot that has been integrated into an aesthetically designed kitchen where it can cook with the same skill and flair as that of a master chef. This simply means that if you start a restaurant in Nevada with a robotic kitchen then the food being served will be consistent in taste as well as appearance.
  • Solving issues related to staff turnover – The restaurant industry in the US and Nevada however growth oriented have been ailing with high staff turnover rates. The challenging areas are to fill up BOH (back of house) positions like kitchen managers and chefs. In order to start restaurant delivery services and ensure its success you have to work on turnover rates for a variety of positions including cashier or counter services, support staff, servers, kitchen staff, bar staff and management. One of the best ways to counter some of the problem areas is through implementation of Restaurant Management Software’s like multi-function POS systems that can do a variety of work including overseeing processing of payments, ensuring the restaurant pantry has all ingredients, menu planning, and overseeing various facets of the restaurant operations.

Steps to start a restaurant business in Nevada

The restaurant business in the US is valued at $899 billion and there has been a rise in consumers wanting to dine out or have prepared food delivered at home. In order to start a restaurant in Nevada, you will need to create a proper business plan and identify the various important aspects of starting the restaurant successfully. Hence, we have created the following guide that will help you to start a restaurant from home or commercial space with ease.

Choose restaurant concept and brand

A restaurant concept is the key to defining the restaurant and it can be an idea or a theme for example: If you are planning to offer Greek food on the menu then you can integrate a Greek design or create an ambience of Greece. You can also start a restaurant in Nevada with a simple, sleek, and minimalistic decor. It is important to know that the concept will flow through the menu design, service style like fine dining or bistro, and the style of cuisine. Inspiration is often taken from knowledge of local ingredients, heritage, and traditions. When you start a restaurant business plan, the concept is really important as everything else will follow it including the brand creation and branding.

Prepare your business plan

A restaurant business plan is like a framework that will take into account everything right from the proposed restaurant management to branding and menu design. A business plan is essential to start a restaurant in Nevada as it will also highlight the competition and provide an insight into revenue generation. If you want to start a restaurant business plan then the following will be some of the important components:

  • Executive Summary
  • Company Overview
  • Industry Analysis/Market Analysis
  • Marketing Plan
  • Menu
  • Employees
  • Restaurant Design
  • Financial Analysis
  • Location
  • Financial Analysis

Choose a location

Choosing a location is also known as location analysis and is a key component towards making the restaurant a success among future customers. You will require a restaurant business license in Nevada to make the restaurant operational and the license will also be issued based on the location. It is imperative you choose a location based on certain factors like:

  • The visibility of the restaurant and this should be determined by car and foot traffic patterns
  • Space requirements, for example, for every seat in the restaurant, you will require 5sqft of kitchen space
  • Parking options near the restaurant for customers and staff
  • Avoid high crime rate areas
  • If you have chosen a location to start restaurant delivery service then research the surrounding businesses in that location to understand if they are doing well or not
  • Focus on accessibility of the location bearing in mind that restaurants located near highway exits draw interstate travelers etc
  • The cost to start a restaurant in Nevada should be a bottom-line consideration as higher upfront costs prior to becoming profitable can drive it out of business

Choose a business structure & set up your business

One of the most important choices you will have to make prior to applying for a restaurant business license in Nevada and registering your business is choosing the right business structure. The structure that is quite common amongst startups is sole proprietorship as it is easy to form and will provide you with complete managerial powers. This type of business structure will be beneficial if you are planning to start a restaurant from home. If you are looking at renting commercial space and are thinking of tax implications then the most beneficial business structure would be a regular C corporation, S corporation, and a limited liability company (LLC). We at IncParadise can help you to register your restaurant business in Nevada as we are expert incorporation specialists and have helped with registration of over 15,000 companies.

Set up your choice of business structure in Nevada today!

Obtain necessary licenses and permits

One of the most important requirements towards making your startup operational is to apply for and obtain a restaurant business license in Nevada. Ideally, you will be required to apply for a general business license with the Nevada Secretary of State (SOS) and an applicable local business license specific to the county or city you are establishing your business in.

Check what type of Nevada licenses your business requires!

Set up your restaurant space and layout

Setting up your restaurant space and layout will ensure you are able to submit layout or floor plan to the city departments. This is helpful especially when applying for a restaurant business license in Nevada or for permits from the city planning department. You can always create the restaurant layout using floor planning software like ConceptDraw or SmartDraw. Some of the aspects to consider while creating your restaurant space and layout include:

  • There are several primary spaces that you need to consider for the ‘Floor Plan’ including kitchen, restrooms, bar area, dining area, entry/exit, and waiting area.
  • Placing and planning your kitchen area like an island-type kitchen plan provides a better workflow or you can go with the commercial kitchen layout or assembly line layout
  • To start a restaurant business plan you need to focus on restaurant space planning by calculating an approximate area per diner like 18-20 square feet per person in fine dining concept. You will also need to work out the table & chair spacing.

Form your menu items

The menu items should be created in accordance with the food concept that your restaurant is planning to promote. Whether you start a restaurant delivery service or fine dining, the menu is at the heart of the entire business. You will need to establish basic food items followed by anything exotic that you may want to offer. The menu will play a crucial role in determining the equipment required, hiring of chefs, and the targeted consumers. Once you start a restaurant in Nevada you can later on increase the menu items or create a menu that will be profitable and sustainable in the long run.

Hire employees

When you start a restaurant in Nevada, one of the biggest challenges you may face is that of hiring qualified labor. Since, this is the food-service industry, you will need to search for and find chefs, assistants in the kitchen, qualified administrative and cashier desk staff, food service, and cleaning and dishwashing. You will need to conduct background checks and screen applicants thoroughly. You need to also ensure that the restaurant business is in compliance with the Nevada regulations on minimum wage.

How does IncParadise help you?

It may seem like a difficult proposition to start a business in Nevada but with the help of IncParadise, you sail smoothly through the registration phase of your business. We possess the knowledge and experience-based efficiency required to help business incorporation or formation in the state of Nevada. This knowledge and experience along with a professional team have enabled us to provide a wide range of business specific services.

We are one of the top registered agents in the country with a team of experts ready to provide answers to any business related query you may have. When you start a business in Nevada, you will be able to benefit from our mail forwarding services, which will allow you to receive all your mails at a secure location. You can also save time by taking advantage of our “Mail Forwarding App” compatible with Android and iOS devices and can be used as a mail scanning service and to receive instant mail notification among others.

Incorporate your restaurant business in Nevada today!

Starting a tax preparation business from home in Nevada

Date: | Category: | Author: Martin Pouzar

Starting a tax preparation business from home in Nevada

Often considered to be a recession proof business, you can start tax preparation business Nevada right from your home. There are several different types of businesses that you can choose from and yet the role of a tax preparer is known to be highly lucrative. There are many people who run a home based tax preparation business while others see tax preparation for small business as another way of earning additional income.

Introduction to tax preparation business

Tax preparation is a process of preparing tax returns and this includes income tax returns, which is created for the purpose of compensation for any person or entity other than the taxpayer. Tax preparations are fast turning into one of the most popular especially among those who want to start home based businesses in Nevada. Hence, we have created this detailed guide that will provide you with an insight into how to start a tax preparation business at home and also answer queries pertaining to the role of a professional tax preparer and the important requirements towards becoming one.

Professional Tax Preparer

According to the Bureau of Labor Statistics, there is a great demand for tax preparers in the United States and this is expected to grow by almost 14 percent by 2022. In fact, the IRS had processed in excess of 250.3 million Federal tax returns as well as supplemental documents by the end of 2018. A large percentage of returns and tax related documents were prepared by either a certified public accountant (CPA) or a professional tax preparer or a tax preparation franchise. This increasing demand of professional tax preparers is one of the reasons why more and more entrepreneurs are looking to start a tax preparation business in Nevada.

Who can be a professional tax preparer?

If you are someone with an interest in accounting and want to prepare tax returns then you can become a professional tax preparer. The reason why people often start a tax preparation businesss in Nevada is because it is considered to be a lucrative part-time or full-time business. You can even start this business right from your home and can also operate it as a secondary business.

There are several types of professional tax preparers including Certified Public Accountants (CPA), Enrolled agents (EAs), and Non-Credentialed Income Tax Preparers. You can choose to operate as any of the above types of professional tax preparer although it is important to ensure you have fulfilled all state based requirements. The requirements are different for individuals and those wanting to be involved in tax preparation for small business.

What does a tax preparer do?

If you are planning to start a tax preparation business in Nevada then it is important to understand the role of a professional tax preparer. The basic role is to help in preparing income tax returns on behalf of businesses as well as individuals. The tax preparation will include calculating taxes, filing and signing of returns. As a professional tax preparer, you will be working with clients and the IRS as one of the roles is to represent the taxpayer during Internal Revenue Service examinations of their tax returns.

If you start a tax preparation business in Nevada then one of the important roles will also be to assist your client with tax court issues and tax audits. If your primary focus is tax preparation for small businesses then your role will include assisting clients with being compliant where state and federal tax codes are concerned and simultaneously also help in minimizing their tax burden. It is essential to remember that the role of a professional tax preparer is dependent on the credentials and representation rights.

Steps to start a tax preparation business in Nevada

As a tax preparer, you will be able to enjoy several benefits throughout your career including high income, job security, and flexibility. If you are planning to start a home based business in Nevada for tax preparation then it is important to know the various requirements especially in Nevada and on the Federal level. You will also be required to apply for certifications and tax identification numbers as it will help increase your credibility and thus be able to handle tax preparation for a small business. In order to help you understand the requirements, we have created a step-by-step process of how you can become a professional tax preparer.

Get the necessary education & training

The first step towards how to start a tax preparation business at home is to get the necessary education and training. You may be surprised to know that there are no strict educational requirements and the minimum education requirements for a professional tax preparer is a high school degree or General Educational Development (GED). Of course, completing formal education or specialized training in tax preparation will benefit you in the long run and especially if you plan to start a tax preparation business in Nevada.

The question is who provides education that will help you with your endeavors? There are several schools and companies that offer courses and training related to tax-preparation. These training programs will provide you with the education and confidence necessary to start a home based business in Nevada. The programs have been designed to impart specific knowledge like preparing taxes, conducting interviews with clients, and provide advice to clients regarding tax-paying strategies.

Your professional horizon will increase as a tax preparer if you obtain a bachelor’s degree in accounting, finance or business as such a course will also help attain knowledge pertaining to tax laws and regulations in the United States. If you are looking for a truly professional edge then earning a credential through the Accreditation Council for Accountancy and Taxation® (ACAT) can be highly beneficial towards your tax preparation business plan.

Obtain Preparer Tax Identification Number (PTIN)

One of the essential requirements for a professional tax preparer is obtaining a Preparer Tax Identification Number (PTIN). If you are planning to start a tax preparation business in Nevada that will be involved in assisting and preparing clients for filing their U.S. federal tax return, refunds, or claims then you will be required to apply to the Internal Revenue Service (IRS) for a PTIN. There are two ways in which you can file the application and they are:

  • Apply for your Preparer Tax Identification Number (PTIN) online by creating a new user account
  • Download, complete, and submit PTIN application form W12 by post to the IRS

The normal processing time for a Preparer Tax Identification Number (PTIN) application can vary from 4-6 weeks.

Decide business name and register business

An important aspect of how to start a tax preparation business at home is identifying a business name and registering your business in Nevada. Every new business has to identify a unique business name that should be compliant with the Nevada Business Code and then reserve it with the office of the Secretary of State. Similarly, depending on the type of business like LLC or a business corporation; you can start a home based business in Nevada only after you register the entity with the Secretary of State.

The process of name and business registration involves being compliant with all Nevada business laws and submitting detailed documentation along with a fee. This process can be extensive and confusing, which is why IncParadise can help you with the process of registration of business entities and thus you can start a tax preparation business in Nevada quickly. This will help you save time and ensure you are in compliance with all Nevada business laws. IncParadise is an incorporation specialist with experience in helping startups and small businesses established in Nevada and other states in the US.

Set up your new Nevada business with IncParadise today!

Comply with Nevada state licensing requirements

Nevada is considered as one of the best places to start a new business because of the several tax advantages and small business incentives the state offers. If you want to start a tax preparation business in Nevada then in order to conduct your business, you will be required to apply for a business license. According to Chapter 76 of 2015 Nevada Revised Statutes, the business license is mandatory for all Title 7 entities, which includes Limited Liability Companies (LLC), Corporations, Limited Liability Limited Partnerships (LLLP), Limited Liability Partnerships (LLP), Limited Partnerships (LP), and Business Trusts. As a business or entrepreneur, you need to comply with all Nevada state licensing requirements including qualification for state as well as municipal/county licenses. You can check Nevada SOS for business license document or application preparation and submission guidelines. IncParadise offers information sharing and support through a detailed Nevada Business licensing guide, which will help you to determine the rules and regulations of the state and the county where you are planning to establish your business.

Obtain an Employee Identification Number (EIN)

When you are working on a tax preparation business plan, it is important to identify various business requirements in advance like the need for an Employee Identification Number or EIN. This is a unique nine digit number that is assigned by the Internal Revenue Service (IRS) to facilitate the filing of tax returns. If you are planning to start a home based business in Nevada then you can order your EIN directly through IncParadise as it will save you time and the long process that a startup has to undergo.

Apply for your tax preparation business EIN today!

Open a Business Bank Account

Maintaining a separate bank account for your business will definitely have long-term benefits especially when it comes to tax preparation for small business. Some businesses like sole proprietorship or single-owner LLCs can have a single bank account for personal and business but this may create issues where privacy is concerned. Whether you are planning to register a limited liability company or a business corporation, you can start by opening a business bank account as it will also help increase business credibility. We understand that you may have several questions related to opening a business bank account and hence we have created a detailed guide that will help you identify account related requirements.

Obtain Electronic filing identification number (EFIN)

One of the important aspects of how to start a tax preparation business at home is obtaining an Electronic filing identification number (EFIN). Today there are over 1.2 million tax preparers in the US and in order to successfully perform such a role, obtaining an EFIN from the Internal Revenue Service (IRS) is necessary. The EFIN will help you to e-file tax returns on behalf of your clients. The norm is that if you start a tax preparation business in Nevada and will be filing 11 or more tax returns in a specific year then you will be required to e-file these returns. How do you obtain an Electronic filing identification number (EFIN)? You need to do the following:

  • Create an e-services Account on the IRS website using specific information like Social Security number, email address, etc. The registration for e-services account involves a two-factor authentication process also known as Secure Access.
  • Submit your application for an authorized IRS e-file provider. The application process is not simple and several types of information will be required as a part of the process including identification information for your tax preparation firm, Principal and Responsible Officials, and fingerprints among others. This information is taken so that the integrity and security of the e-filing system can be protected. It is important to know that the IRS can take a maximum of 45 days to approve your e-file application.
  • If you are planning to start a home based business in Nevada for tax preparation then passing a suitability check is necessary for obtaining EFIN. The suitability check is a type of background check conducted by the IRS on the individual or firm applying for an EFIN

Get tax preparation software

If you are planning to start a tax preparation business in Nevada then it can be quite a rewarding business and using tax preparation software or tools can make your work much easier. There is a wide variety of software and tools available thanks to advancement in technology and they are an essential aspect of any tax preparation business plan. These software can help you with different tasks ranging from filing basic returns to audit support including personalized audit assessment, providing industry-specific deductions, review of mortgage tax deductions, and protecting tax information. Some of the top tax software programs include TurboTax, TaxSlayer, Jackson Hewitt, H&R Block, and Liberty Tax among others.

Market your tax preparation business

Whether you are a tax preparer or CPA with an intention to start a home based business in Nevada, an important catalyst of growth and success of your startup is marketing. Every business consists of several components that help in the smooth functioning of the business like electricity, qualified employees, internet, phone etc. You will be required to pay bills and salary to employees and that revenue can be generated through clients and marketing plays a key role in ensuring you are able to reach out to prospective clients. You need to focus on creating a marketing strategy first as it will be integral towards a successful tax preparation business plan. There are several cost effective ways through which you can promote your business including creating a proper website, writing a blog, using tax accounting programs and highlighting it in your press releases or e-mailers, word-of-mouth promotions, community involvement, and active participation on social media platforms among others.

Maintain business compliance

Anyone can start a new business but long-term growth and sustainability is dependent on several factors like the ability to maintain business compliance. If you start a tax preparation business in Nevada then you will need to maintain compliance with Nevada state and federal business laws as well as US Tax Compliance laws.

You will also be required to meet any and all internal and external business compliance requirements including filing of proper paperwork, filing documents required by the state like annual report or initial report, business licenses and permits, and record keeping among others.We at IncParadise can provide assistance through our business specific basic services including that of annual report, mail forwarding, and business licenses among others.

IncParadise is there to assist!

If you are planning to start a tax preparation business in Nevada then it is time to get it registered in the state. We at IncParadise can assist you with the process of registering your tax preparer business in the state and also represent you in front of the Secretary of State as your chosen registered agent in Nevada.

When you sign IncParadise as your registered agent, you will be able to take advantage of a variety of additional services created specifically for startups and small businesses like mail forwarding service, virtual office, filing of initial and annual reports, application for business licenses and much more. We are one of the top registered agents in the country with a team of experts ready to provide answers to any business related query you may have.

Start your tax preparation business in Nevada