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Startup Resources for Nevada Entrepreneurs

Date: 01/13/2020 | Category: | Author: Martin Pouzar

STARTUP RESOURCES
FOR NEVADA ENTREPRENEURS

Is Nevada the right place for entrepreneurs? Yes, most definitely! The state does offer several advantages to small or start-up businesses like incentives, no corporate or personal income tax, strong and flexible regulatory framework, protection and privacy. Apart from these advantages, an entrepreneur would require Nevada startup resources and this is where the Silver State stands apart from the rest – it provides the perfect “start-up ecosystem!”

All You Need to Know about the Nevada Startup Ecosystem

What is a start-up ecosystem and how does it work? A start-up ecosystem is a type of Nevada startup resources platform that is formed by people as well as start-up business that interact in the form of a system to further create new startup businesses. A startup ecosystem may constitute a variety of Nevada start-up resources including research organizations, funding organizations, service providers including legal services, support organizations like incubators, and government organizations like trade departments.

A healthy startup ecosystem finds ways to provide Nevada business resources to any start-up or entrepreneurs. Some of the components of such an ecosystem include:

  • Entrepreneurs and Entrepreneurship Education
  • Ideas and inventions
  • Research
  • Startup events
  • Intellectual property rights
  • Startups existing in various stages
  • Angel investors
  • Startup advisors and mentors
  • Different types of business focused people
  • Other organizations or individuals providing start-up activities

There are several advantages of a startup ecosystem especially for an entrepreneur or new business.

1. Financial Advantage

Financial advantage is one of the key factors that ensure a start-up ecosystem is strong and sustainable. There are several Nevada startup resources that provide a financial advantage to new businesses planning to register in the state.

The financial advantage lies in several venture capital programs designed as a part of Nevada start-up resources. These programs provide the capital necessary to jumpstart a project, business venture, or simply bring an idea to life. Some of the top financial programs that businesses can benefit from in Nevada are:

  • Battle Born Venture Program: This is a “Growth Escalator Venture Program” targeted at startups or small businesses. It is a venture capital program that is being overseen by the Nevada Governor’s Office of Economic Development (GOED) and falls under the US Treasury’s State Small Business Credit Initiative (SSBCI). It is one of the best Nevada business resources as it provides financial assistance to Nevada start-ups in industries like agriculture, aerospace & defense, healthcare, water, energy, logistics & operations, IT, manufacturing, tourism & gaming, and mining.

Some of the other top venture capital options for start-ups in Nevada include “VegasTechFund” by VTF Capital, Redhills Ventures LLC, and SilverRidge Ventures.

2. Business Advantage

Nevada start-up resources provide a strong business advantage and sustain the start-up ecosystem in the form of collaboration with other new businesses or start-ups sharing of experiences, accessibility to entrepreneurship training.

Most entrepreneurs face moderate to severe challenges in the emerging markets and this is where business advantages in the form of Nevada business resources help them to sustain their venture amidst the competition and challenges. Financial resources are important and second to that are a variety of business resources professional mentorship, networking opportunities, and facilities like co-working spaces. Let’s take a look at some of the business resources that entrepreneurs will have access to:

  • Adam’s Hub: This is a business collaboration hub situated in Carson City, Nevada with a mission to inspire entrepreneurs and start-ups to find ways to turn their big innovation or ideas into smart businesses. The initiative provides businesses with a state-of-the-art facility consisting of a collaborative workspace. Entrepreneurs can access educational tools, business services, and get valuable insights from hub advisors & strategists to successfully launch, accelerate, and grow their start-ups.

There are several other valuable Nevada business resources that entrepreneurs can benefit from like:

  • Asset protection for businesses of all sizes
  • Strategic location including proximity to California and the West Coast markets
  • Different types of industries that small businesses or start-ups can be a part of
  • Availability of highly skilled workers
  • Availability of a variety of services like mentoring, government contracting, business financing, certification assistance, sourcing bid and procurement opportunities among others.

Key Industries in Nevada

The state of Nevada is considered to be a major innovation hub and according to a report by Fortune, the Silver State has rapidly emerged as an “Energy Tech Hub.” The Tesla Gigafactory outside Reno has been joined by several other high-tech businesses involved in energy technology like electric cars, battery recycling, and futuristic transportation. This is where Nevada business resources play an important role in providing the necessary assistance to push tech or any other innovation.

Of course, there are several industries that entrepreneurs can consider for their start-up like manufacturing, which is considered to be the fastest growing industry especially in Northern Nevada. The key industries that will help a start-up business to grow and be sustained include:

  • Manufacturing Industry: One of the fastest growing industries, it provides businesses with 80 million square feet of affordable commercial or industrial real estate. One of the prime Nevada start-up resources in the manufacturing industry segment is the Foreign Trade Zone that helps in reducing or deferring duties.
  • Logistics, distribution and e-commerce: This is one of the leading industries that a start-up or any entrepreneur can venture into. There are distinct advantages that can assist with business growth and expansion like extensive transportation network, Air Cargo options, 65 trucking firms providing overnight delivery, and Opportunity Zones in the Greater Reno-Sparks area.
  • Clean Energy: This is another area where entrepreneurs can find a variety of Nevada business resources to assist them with a start-up. There are opportunities in different areas of clean energy like Geothermal Power, Bio-fuels, Wind and Solar power.

An idea is not limited to a specific industry and entrepreneurs can bring their idea to life in just about any industry because Nevada offers a strong platform and generous resources to help sustain such ideas.

Important Resources for Nevada Entrepreneurs

Start-up ecosystems are an important catalyst that helps entrepreneurs in exploring different business ideas and options. Nevada start-up resources help in keeping start-up ecosystems alive by providing entrepreneurs with necessary assistance and a platform to kick start their business. The question is where to find the right resources for Nevada entrepreneurs.

The Nevada business resources for entrepreneurs can be categorized as under:

  • Entrepreneurial Meetups: This is a type of platform that helps entrepreneurs meet up with other entrepreneurs, action groups, marketing professionals, funders, and other start-up owners. A start-up or small business can use this platform to access required Nevada business resources like the “Las Vegas Entrepreneur Business Network” brings together entrepreneurs and business owners so that they can create contacts and form strategic alliances.
  • Entrepreneurial Events: Events are quite an integral part of the Nevada start-up ecosystem as they provide the opportunity for entrepreneurs to work forward on their ideas. Entrepreneurial events help in providing Nevada start-up resources in the form of networking and other events that:
    • Help create contacts for business and funding
    • Provide planning, advising, and counseling services
    • Focus on maximizing business value through informative lectures
    • Help in the development of entrepreneurial capacities
    • Promote mentoring workshop to help start-ups in growing, scaling up, or expanding
    • Showcasing how to increase cash flow
    • Enable entrepreneurs through marketing workshops
  • Startup Competitions: This is quite different from any other Nevada start-up resources as it provides entrepreneurs with the opportunity to win cash and other prizes. One example of such a competition would be the “Business Pitch Competition” organized as a part of the Governor’s Conference and where-in Nevada based start-ups have the opportunity to make a two-minute pitch and win $16,000 in cash and prizes. The CES 2020 at the Eureka Park is one such event that comprises of start-up competitions or pitch competition.

Grants and Incentives for Nevada Entrepreneurs

Nevada with a growing economy is a hub for futuristic innovation. It provides an interesting environment and strong platform for small businesses. It is never an easy path to walk, especially when an entrepreneur decides to flow with their idea. There are several areas that may worry an entrepreneur like finances or starting up cost and its sustenance as well as growth. This is where Nevada business resources for start-ups matters as it provides the necessary boost to any start-up idea.

One of the most important types of Nevada start-up resources are grants and incentives that Nevada entrepreneurs can access. The most popular grants and incentives programs for Nevada start-ups include:

Grants

It is important to understand that there are two types of grant options available to entrepreneurs and they are borrowing of funds (debt equity) or selling ownership interest in exchange for capital (equity financing). Of course, as an entrepreneur in Nevada, you can also choose from different types of grants that can be categorized under Federal grants, state and local grants, and industry specific grants. Some of the top Nevada business resources in terms of grants include:

  • Grants under Small Business Innovation Research (SBIR) program
  • Grants under Small Business Technology Transfer (STTR) program
  • Federal and State Technology Partnership (FAST) Program
  • The Small Business Administration (SBA) federal financial assistance program
  • The Zach Grant
  • The National Association for the Self Employed (NASE) Grants for small business

Incentives

There are a variety of incentive programs available for Nevada entrepreneurs and most of them are being provided by the Governor’s Office of Economic Development (GOED) and the Nevada Department of Business & Industry. These incentives are important Nevada start-up resources that will aid with the growth of a small business. Some of the top incentive programs that entrepreneurs can consider include:

  • Sales and Use Tax Abatement on equipment purchases
  • Modified Business Tax Abatement
  • Personal Property Tax Abatement
  • Data Center Abatement
  • Silver State Works Employee Hiring Incentive
  • Opportunity Zone Incentives
  • New Markets Tax Credit Program
  • Workforce Innovation for the New Nevada (WINN) program

IncParadise – Incorporation & Registered Agent for Nevada Business

The possibilities are infinite when it comes to transforming an idea into a self sustaining business model in Nevada. As an entrepreneur, you will find an abundance of Nevada start-up resources that you can access with ease. Nevada is a rapidly growing economy that provides just the right platform for start-ups and investors alike. We at IncParadise believe that once you form a business in Nevada, you will be able to benefit from the resources, incentives, grants, entrepreneurial workshops, and networking events. We will assist you with the entire process of incorporation or registration of your startup. Since, we are one of the top registered agents in the Silver State; we can help you to transform your idea into reality in the minimum possible time.

IncParadise offers entrepreneurs and start-ups with a portfolio of additional services that support Nevada business formation. Some of the additional services include filing of Nevada Initial List & Annual Report, Nevada Mail Forwarding services, Certificate of Good Standing, Foreign Qualification, and filing of DBA – Fictitious Name among others. Check our full range of additional services to derive maximum benefit for your business.

FROM YOUR STARTUP BUSINESS IN NEVADA WITH EASE!

Friendly State

Date: | Category: | Author: Martin Pouzar

NEVADA A BUSINESS FRIENDLY STATE IN THE USA

The primary driving force behind the rise in the number of small businesses in Nevada registration is its “business-friendly state” tag. Surely, Nevada offers a host of benefits to small businesses and medium sized enterprises (SME’s) but the low-regulation environment and streamlined new business documentation approval process lays the foundation for the pro-business environment.

Introduction – About Nevada

The state of Nevada enjoys a strong economy and is home to 254,337 small businesses. The Real Gross Domestic Product (GDP) of the state was $146.22 billion in 2018 and the economy grew at an annual rate of 3.3%. The city of Las Vegas is one of the most popular business locations in the state and is home to 55,856 companies. Why start a business in Nevada? There are several reasons why Nevada is a favorite among entrepreneurs and start-ups and this includes the various advantages the state offers.

Advantages of Incorporation in Nevada

The first question you would probably be faced with is – why start a business in Nevada? Nevada, like any other state in the U.S has its own advantages and disadvantages but there are several benefits that support overall business growth. Let’s look at some of the advantages:

Nevada Tax Benefits

State and Federal Taxes are applicable to startup Nevada businesses as well as existing businesses. What makes the state of Nevada different is the variety of tax benefits that new and existing businesses can derive. The benefits can be classified as under:

  • Pro-Business Tax Structure: The state of Nevada has been attracting new businesses and one of the catalysts is the pro-business tax structure. It has experimented with different business policies to ensure entrepreneurs and start-ups face minimal hiccups in forming and conducting their business. It is almost a “No tax” state and a start-up Nevada business can benefit from the following:
    • No Personal Income Tax
    • No Corporate Income Tax
    • No Inventory Tax
    • No Estate Tax or Gift Tax
    • No Unitary tax
    • No Franchise Tax
    • No Special Intangiable Tax
    • No Inheritance Tax
  • Tax Abatement Programs: If you have a “why start a business in Nevada” list then the tax abatement programs offered by the Nevada Governor’s Office of Economic Development (GOED) should be on the list. Tax abatements are applicable on different aspects and expenses of a business like capital equipment purchases and real or personal property. Tax abatement programs help you bring down the overall operating costs of your business leading to savings. Some of the top programs include:

Privacy and Anonymity

One of the finer aspects of the why start a business in Nevada list is the amount of privacy and anonymity that a start-up can enjoy. The best way to enjoy privacy is by hiring a reliable Nevada registered agent as they will ensure the business is able to avoid embarrassing situations especially in front of their clients. This is possible as an agent will receive any notices from the office of the Secretary of State as well as meet any state department officials like sheriffs on your behalf. As a result, a business in Nevada will also be able to maintain anonymity. Thus it is one of the greatest benefits of the privacy protection as it helps towards protecting business owners from creditors and litigation.

Whether you form an LLC or a business corporation, the state of Nevada ensures privacy to all shareholders, corporate officers, directors, vice-presidents, managers, and members among others. As a result, identities of primary members or directors of a Nevada business remain undisclosed.

Limited Liability and Statutory Protection

Why start a business in Nevada? There are several benefits and the pro-business law of Nevada makes it easier for businesses to form and operate in the state. A highly attractive state for new businesses, the state provides excellent limited liability protection and asset protection options to business owners.

A private corporation in Nevada can benefit from NRS 78.225 on stockholders liability. According to the statute, there is no individual liability applicable for a Nevada business except for payment for which the shares in question were authorized for issue or as specified in the subscription agreement.

Further, Nevada Statutes NRS 78.747 states that a director, stockholder, or officer of a business corporation will not be individually liable for any liability or debt of the said corporation unless such an officer or director is the alter-ego of the Nevada business entity.

One of the salient aspects of forming an LLC business in Nevada is that the business entity will not be liable for any personal debts of the members. Hence, any property or bank accounts of the limited-liability company cannot be taken by creditors thus providing the LLC with protection.

No IRS Information Sharing

The Internal Revenue Service (IRS) is a federal agency and it has an Information Sharing Agreement (ISA) with almost 33 states but Nevada is definitely not one of them. This is one of the salient aspects of the why start a business in Nevada list and benefits. It is important to understand though that the sole purpose of the Information Sharing Agreement (ISA) is to fight abusive tax avoidance.

Nevada, unlike other states has no information sharing agreement with the IRS and hence corporate or personal financial records are not provided to IRS. This is more so because Nevada does not have any corporate or personal income tax. This definitely provides anonymity and privacy to any Nevada business.

Stock Flexibility

One of the advantages that a Nevada business corporation has over other forms of businesses is the stock flexibility. This refers to the fact that corporate obligations towards real estate or services can be easily handled through the issuance of stock and the value of such stock can be determined by the director.

When you think about starting a business in Nevada; stock flexibility is definitely a reason to consider. In fact, a Nevada Corporation can issue a variety of stocks with different values and these stocks can be sold or exchanged for real estate, goods, cash etc. The information pertaining to the stocks have to be mentioned in the articles of incorporation.

There is another aspect that is beneficial to a Nevada business and that is the existence of stocks or shares in the form of “bearer shares”. Such a share provides direct ownership of the said stock by any individual currently holding the shares. This is quite beneficial in emergency situations like hostile litigants wherein it eases the temporary transition in ownership.

One of the highlights of bearer shares is that it provides privacy as well as asset protection.

Fast and Super Easy Incorporation Process – How IncParadise helps

If you have decided to register a Nevada business corporation then IncParadise makes the registration an easy process. In the state of Nevada, a business corporation can be formed by one or more persons and it is legally recognized under the 2010 Nevada Code-Chapter 78 Private Corporations.

IncParadise has been assisting several start-ups with the formation of Nevada Business Corporation. As one of the most reliable agents in the state, we provide an easy and transparent process. We can help you form a corporation by providing the following services:

  • Assist with the process of business name reservation
  • Assist with the filing of the articles of incorporation
  • Provide online assistance regarding any information pertaining to formation of a Nevada Business Corporation
  • Assist with the application process for a Nevada certificate of good standing for an additional fee
  • We can file the Nevada Initial List and apply for a Business License on your behalf
  • We can help you obtain an EIN (Tax ID) from IRS on your behalf at an additional fee
  • We will provide you with file stamped copy of Articles
  • We also provide company bylaws and ready to fill Stock Certificates

Apart from the standard incorporation services, you can benefit from our Nevada mail forwarding and other additional services accessible through a secure online account.

Enjoy Tax Advantages in Nevada for your Business!

Cost of Doing Business in Nevada

The state of Nevada is considered as one of the most competitive markets for new businesses. If you want to know why you should start a business in Nevada then the answer lies in one of the factors that make this state so attractive. That factor is low overall cost of setting up a business. Apart from the zero inventory tax, Nevada boasts of a strong transportation infrastructure and a favorable geographic location.

The Nevada laws are pro-business and it is fairly easy to set up a Nevada business. Some of the factors contributing to the low overall cost of doing business include:

  • Low licensing fee, annual fee, startup fee, and regulatory fee
  • The state has an abundance of highly economical commercial and industrial real estates
  • The utility rates for business or commercial operations are highly competitive and there are several incentive programs that provide rebates for electric utility customers like the Solar Energy Systems Incentive Program (SESIP).
  • A Nevada business will benefit from lower shipping and storage costs due to the state’s proximity to California or west coast markets.
  • Entrepreneurs and businesses can take advantage of the foreign trade zones (FTZs) in Reno and Las Vegas as such zones provide logistical benefits, duty reduction and elimination on specific goods and projects.
  • The state provides really competitive air cargo costs that will benefit those businesses that require shipping by air.
  • A Nevada business can benefit from the fact that the state doesn’t have any personal income tax, corporate income tax, unitary tax, and franchise tax.
  • The state and county provide start-ups the opportunity to save costs and grow by utilizing a variety of Nevada business incentives.

Nevada Government Support for Businesses

The Nevada economy and markets have been changing and evolving constantly while providing positive outcomes. Due to the low cost of doing business, the number of start-ups being formed in the state have increased. Businesses are flourishing thus creation of new Nevada businesses or industrial hubs like the City of North Las Vegas are also experiencing rapid economic development. Amidst all this, the support structure provided by the Nevada State to small businesses are playing a key role.

Some of the key factors in the “why start a business in Nevada” list are the numerous incentive and pro-business programs being implemented by the state of Nevada, Department of Business and Industry. Let’s look at what type of support infrastructure is

  • Procurement Assistance & Outreach (POP): Selling the products or promoting specialized services offered by a start-up Nevada business to the government can be quite an overwhelming process. Hence, the Procurement Technical Assistance Center (PTAC) implemented the Procurement Outreach Program (POP) with cooperative agreement with the Department of Defense (DOD) and Defense Logistics Agency (DLA) to provide assistance to small businesses in their efforts in contracting federal, state and local government projects.
  • Financial Resources: If you are checking your why start a business in Nevada list or how is Nevada different, then financial support is definitely a driver of businesses in this state. The support is being offered by Nevada Governor’s Office of Economic Development (GOED) through accessibility to various financial resources. Some of the popular financial resources include Industrial Development Revenue Bonds (IDRBs), the Silver State Opportunities Fund (SSOF), the Nevada Microenterprise Initiative (NMI), State Small Business Credit Initiative, Nevada Catalyst Fund, and the U.S. Small Business Administration (SBA) loan programs.
  • Nevada Opportunity Zones (OZ): Nevada Governor’s Office of Economic Development is responsible for implementing the Opportunity Zone program for new and existing Nevada business. The program is a type of tax incentive that has been designed to encourage long-term investments especially in low-income communities. There are specific areas that have been designated as opportunity zones and you will need to form your business in such a zone to derive benefit.

NEED HELP STARTING A BUSINESS IN NEVADA?

Nevada Doing Business As

Date: | Category: | Author: Martin Pouzar

NEVADA DOING BUSINESS AS
– EVERYTHING YOU NEED TO KNOW

One of the important considerations to be made while registering a business entity is identifying if you require a Nevada doing business as (DBA) registration. DBA refers to an entity that is said to be “doing business as” when the name they are operating under is different from their registered name.

Nevada DBA – Doing Business As

A Nevada doing business as (DBA) name is also known as an “assumed name”, “trade name” or “fictitious business name”. A business entity can assume any number of DBAs as there is no defined limit in the business laws. It is also important to note that unless you file for a DBA, you will not be able to conduct your business in any other name.

What is a DBA?

In order to understand Nevada doing business as (DBA), we need to understand what type of businesses requires DBA registration. A Nevada business would require a DBA registration if they want to transact business with any other name except for their registered name. In other words, every new or existing business has a “true name” also known as the legal name.

The legal name of a partnership or sole proprietorship would be the name of the business owners. The case is not the same for a business corporation, limited-liability company (LLC) or any other statutory business entity. The business name for such entities would be the name that has been mentioned or approved in their formation or incorporation documents. If and when a business entity requires a trade name, they will have to file a DBA or fictitious business name in Nevada. For example, if the owners of a start-up business named “Black Hat” want to conduct business as “Cryptic Linux” then they will have to file a DBA.

When you need a DBA?

If you are planning to register a new business in Nevada or have a business in any other state but are planning to start in Nevada using a different name then you will need to file for a Nevada doing business as (DBA).

It is important to understand that registering a fictitious business name in Nevada is not the same as incorporating your business and both have different processes. If you register the DBA without forming or registering your business entity in the state then the business will not be recognized under the law.

There are several reasons why a business entity or owner may need to register a fictitious business name in Nevada and some of these are:

  • New Name: The foremost reason for adopting a Nevada doing business as (DBA) name is if the owners don’t want to conduct business under their personal name. This is true for partnerships and proprietorships. If you are planning to register an LLC or business corporation then also the reason would be the same, which is not to use the legal name or registered name of the company.
  • Privacy: If you or your business requires privacy then you can opt for a fictitious business name in Nevada. In Nevada, once you register your business name or personal name for business purposes, it will automatically go on public record.
  • Distinctive Name: There are times when a business may register a name and realize that the name has no connection with the business. For Example: If you have a Plant Nursery and you have registered it as Joe Fish (owner name) or Green Leaf LLC then you can file for a Nevada doing business as (DBA) as Potting Plants. The name would provide a clear insight at what the business offers or its activities.
  • Bank Requirements: A bank may require an entity to register a DBA to facilitate the opening of a business account. This is true in cases of sole proprietorships and general partnerships. You may be required to show the bank copy of documents for a fictitious business name in Nevada filing or even assumed name certificates as proof.
  • Expansion: If your existing business is expanding into another area that is completely different from the current business activity then filing a Nevada doing business as (DBA) name will definitely be a distinct advantage.

Do you want assistance with DBA in Nevada?

How to choose a fictitious business name

There are specific laws in place when it comes to adopting a fictitious business name in Nevada. It is important to note that there are some limitations applicable to adoption of certain fictitious names pursuant to NV Rev Stat § 602.017 (2017). In order to choose the correct DBA for your Nevada business entity, you need to consider the following:

  • A person or individual cannot adopt any Nevada doing business as (DBA) name that has “Corporation,” “Incorporated”, “Corp.,” “Limited Liability Company”, “L.L.C.” or “LLC” in its title unless they own a business corporation or Limited-Liability Company.
  • You can brainstorm concepts or ideas pertaining to a DBA in the same way that you would choose a standard business name.
  • You need to ensure that the chosen fictitious business name in Nevada is distinguishable from any other name that exists in the records of the County Clerk. You can conduct your search with the county where you are planning to operate your business from. For example: If you are planning to form a business in Clark County then you can search for a DBA in their Records Search System.

How to file a Nevada DBA

It is important to know that in Nevada, a DBA is not filed at the state level and instead you will have to file it with the County Clerk’s office. The filing requirements as well as fictitious business name in Nevada requirements may vary from one county to another.

Nevada DBA Forms

If you plan to establish your Nevada business in Clark County you can file the DBA directly or We at IncParadise can assist you with the filing to save time. The fee for the Nevada doing business as (DBA) filing with the Clark County Clerk’s Office would include the following:

  • NV Clark County DBA filing – $75
  • USPS Shipping of Certificate – Free
  • USPS Express Mail Shipping of Certificate – $30.50
  • USPS Express International Shipping of Certificate – $74.25

Your Nevada DBA will expire 5 years from the date of filing and you will have to renew same from the respective county clerk office.

How IncParadise can help you with Nevada DBA

IncParadise is one of the most reputable registered agent in Nevada and we can assist you with the process of business formation as well as Nevada doing business as registration. We provide DBA filings in Clark County, Nevada and this ensures you are able to use your fictitious name for conducting business in cities like Las Vegas, North Las Vegas, Henderson, Boulder City, and Laughlin.

We can also provide assistance with finding the right fictitious business name in Nevada and thus help you avoid using any names that the state of Nevada may find to be deceptive. This will ensure timely filing of the DBA.

GET YOUR DOING BUSINESS AS!

Small Business Ideas in Nevada

Date: | Category: | Author: Martin Pouzar

TOP 8 SMALL BUSINESS IDEAS IN NEVADA

Nevada, also known as the “Silver State” has a strong and growing economy driven by a variety of industries including tourism, machinery, mining, food processing, gaming, logistics, aerospace, and manufacturing. It provides the perfect platform for a small business in Nevada to leverage from existing infrastructure, business incentives, financial aids, and a skilled workforce.

Why is Nevada a great place to start a small business?

A report was published by CNN-Money that Nevada is among the top 5 states for starting a business. This is primarily due to the fact that there are no capital gains, income, corporate capital gains, and corporate income tax in the Silver State. It also has the lowest property taxes in the nation and this is quite an advantage for a small business in Nevada.

If you have any small business ideas Nevada then it will definitely bear fruits in terms of growth and success due to the various benefits and advantages the state offers. There are several reasons why a number of small businesses and start-ups have chosen Nevada as their base of operations. Let’s look at what has made this state so popular amongst entrepreneurs.

  • Diverse Industries: Nevada is home to several big organizations from a variety of industries. The silver state provides a unique combination of low population density, natural resources, strong transportation infrastructure, and opens spaces, so that a start-up or small business in Nevada can derive maximum benefit.
  • Emerging Opportunities: There is a rise in emerging and exciting opportunities in different industries that will be able to accommodate almost any small business idea in Nevada. These opportunities are being created due to the increasing focus on innovation and use of technology.
  • Programs and Incentives: One of the salient benefits of starting a small business in Nevada is the several programs and incentives offered by the state. The Governor’s Office of Economic Development (GOED) is responsible for offering a variety of incentives to small businesses right from tax abatement to employee hiring incentives.

Nevada is one of the few states that offer low overall cost of forming a start-up but the question is what type of start-up would be the most profitable?

Top 8 small business ideas in Nevada

Nevada is home to a variety of small businesses and medium enterprises (SME’s) including Caesars Entertainment, Switch, Las Vegas Sands, Allegiant, Johnson Electric, American Retail Group Inc., Sierra Pacific Power Company, GES Global, AMERCO, Sierra Nevada Corporation, MGM Resorts International, and Skagen Designs among others. The innovation and technology enabled environment in the state helps small business ideas in Nevada grow. Let’s take a look at what type of start-up would do well in the state.

1. Bed and Breakfast

One of the top industries in the Silver State is tourism. If you start a small business in Nevada as a bed and breakfast establishment then it will help you align your business in the industry while ensuring tourism related accommodation requirements are fulfilled. If you already own a commercial or residential space in the state then this type of small business will be easier to start.

2. Social Media Consultant

In the age of the internet, every new business has to carve its niche in the market. The use of social media is one of the key elements of marketing and branding strategies. Hence, it is definitely an industry specialization that a small business in Nevada or start-up can focus their investment on.

3. Toy Making and Gifts Industry

An integral part of the Nevada Manufacturing Industry, toy making, has witnessed a positive growth since the state became a hotspot for tourism. In fact, Las Vegas hosted the first of its kind – ToyFest West 2019 and thus brought the toy and gift industry into the mainstream industries. Toys and gifts are currently being considered as one of the trending small business ideas in Nevada.

4. Consumer Technology

This is a highly new and innovative area that is raising some storms with the “smart-tech for homes” invasion. The truth is that consumer technology is one of the leading futuristic small business ideas in Nevada and the Silver State is just the place to transform your start-up dream to reality. The Consumer Technology Association (CTA) organized CES 2019 in Las Vegas and this was the world’s largest tech show. You can even showcase your innovation in CES!

5. Meal Prep Service

Thanks to technology and increased awareness for nutritious and wholesome meals, the meal prep service is becoming one of the fastest growing businesses in Nevada. This area of food catering or food preparation is just perfect for a small business in Nevada. The investment required will vary according to the offering, which can be a senior citizen diet meal to high protein meals.

6. Jewelry Making

This is quite a niche area when it comes to small business ideas in Nevada. There are two different aspects of jewelry making to consider and that involves the type of jewelry that you plan to sell, will you be selling it online or through a store, the targeted audience etc. One of the interesting innovations is the introduction of lab-created or lab-grown diamonds and it is fast re-shaping the jewelry industry.

7. Apparel and Fashion

Clothes and fashion walk hand-in-hand as they complement each other. Clothes determine the fashion trends and fashion provides the necessary branding platform for clothes. There are plenty of choices for a small business in Nevada in the apparel and fashion industry. You can choose to be a retailer for a big brand or get creative with designing and manufacturing your own style of fashionable apparel. A 2010 report by the U.S. Bureau of Labor Statistics revealed that the average expenditure of consumers was $1,700 annually on apparel, footwear, and other related products.

8. Luxury Furniture Business

Furniture businesses have existed since time immemorial but this is the age of innovation, minimalistic design, and conveniently luxurious furniture. You can launch your small business in Nevada in the luxury furniture industry as there is a rising popularity in multi-functional luxury furniture. This type of furniture is attracting smaller households that require maximize utilization of furniture while minimizing use of space.

There are several other small business ideas in Nevada that you can invest in and they vary from the tourism and gaming industry to accommodation, food and beverages, manufacturing, and information technology.

Nevada is a state that has a pro-business environment and laws and hence any good business idea will help you carve a niche in the market. If you already have a concept or have an idea for a small business in Nevada then we can help you bring that idea to life by providing assistance in business formation or incorporation. Our assistance can be in the form of registered agent services and customized as well as additional services for specific business requirements like Nevada mail forwarding, filing of annual report in Nevada, corporate or LLC kits, and filing of EIN among others.

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Marketing Strategies for Nevada Business

Date: | Category: | Author: Martin Pouzar

TOP 10 MARKETING STRATEGIES FOR NEVADA BUSINESS

The success of any Nevada business depends on several factors but one of the prime catalysts is a strong marketing strategy. Marketing is basically a structured process and its objective is to target and engage new and existing customers of a start-up or small business to generate sales. A strong marketing strategy can help not only in improving the commercial focus of a business but also become an influential driver of business growth.

How marketing plays a role in growing your Nevada business?

A small business in Nevada or a start-up needs to target both short-term gains and long-term growth and the best way to do so is by implementing a sound marketing strategy. It is important to understand first what marketing really is and what roles it will play towards the growth of your business enterprise.

Sound marketing strategies and practices play the role of being the sales enabler for your Nevada business. In fact, what marketing really does is gather field or market intelligence from potential and existing customers along with information pertaining to competition. It also transforms it all into a deliverable services or products that focus on enabling the overall growth of the start-up or new business in Nevada.

Marketing plays a key role for small business in Nevada in the following ways:

  • Creates a brand: One of the most important roles of marketing is to create a brand! Your Nevada business and its product or services are an essential part of the process of branding. It creates high visibility for your company by telling customers what to expect from products and services offered by you. It also highlights how your products or services are different from that of your competitors.
  • Clear decision making: A small business in Nevada has to start by setting goals and creating strategic marketing plans so that it can achieve growth in local, national or international markets. A strategic marketing plan enables businesses to make clear decisions by considering various opportunities and threats that a start-up may face from their external environment.
  • Strengthens Growth Strategies: An important aspect of marketing is the formulation of Nevada business growth strategies. These strategies focus primarily on a product – market matrix that presents opportunities, threats, resource requirements, returns and risks.
  • Customer Connect: Marketing is essential towards driving growth for start-ups and an integral part is creating a “strong bond or connection with the prospective customer”. Marketing provides a Nevada business with a path defining the different ways through which it can identify what the customer needs and how the company can fulfill it.
  • Creates strong digital presence: In the age of the internet; marketing helps in strengthening the digital presence of a small business in Nevada.

Top 10 marketing strategies you can try for your Nevada Business

As an entrepreneur, you are probably wondering how to create a marketing strategy perfect for your start-up business in Nevada. It is never an easy path when it comes to starting a business and growing it. It all starts with an idea but how do you bring the idea to life? You will have to ensure there is enough visibility of your products or services. This can be quite a cumbersome process and hence, we have listed some of the top marketing strategies that will provide the much needed boost to your start-up business in Nevada.

1. Name Branding

A business is known by the name. A name defines the business logo and they should be such that higher retention value gets created, like it is at Apple, Nike, or Linux. The name and logo of these companies define the brand. A start-up business in Nevada needs to ensure their name and logo are in sync and provide an insight into the type of business it is. Some of the options for developing a name are:

  • Use the founder’s name like HP (Hewlett-Packard)
  • You can describe what the business does like Delta Airlines, FedEx
  • You can describe an experience or image like Disney, Sprint
  • You can describe the type of product like Jaguar, Land Rover
  • You can use a non-traditional or innovative word like Nike, Amazon
  • You can create your own word like Google

2. Official Website

This is a must have for every small business especially in the digital age. A website is the face of the company and at the same time it acts as the branding vehicle. If you are an e-commerce company like Amazon, a shopping cart and product listing within the website can lead to high sales. A website can be brief with the basic informative pages related to the start-up Nevada business or it can be an in-depth website with articles and blog posts linked to products and services. There are several tools that you can use to create your website and these includes:

  • WordPress
  • Constant Contact
  • SiteBuilder
  • BigCommerce
  • Shopify
  • Weebly
  • Squarespace
  • Wix

3. Run A/B Testing

A/B testing is a fairly new concept that you can try out for your start-up business in Nevada. It refers to two variations of a single website design or content or copy, which is tried with random customers. Here is an example to understand this well: you can design two different landing pages of the same website and upload them. The pages will be randomly served to different visitors to the site. The type, demography, age and other related information of the visitors to each of the landing page will be tracked to check which page performs better. This is how A/B testing will help you determine if changes or additions are required to bring about the necessary improvement in conversions.

4. Digital Marketing Strategy

An important part of the overall marketing strategy of any Nevada business is defining a digital marketing strategy and tools to be used. A sound digital marketing strategy can help start-ups to thrive in the competitive landscape. Some of the tactics that will definitely keep your business one step ahead include:

  • Optimize your website or blogs for mobile platform
  • Increase your organic engagement rate on social media platforms
  • Create and share engaging webinars with strong marketing and informative content on start-up Nevada business
  • Work out ways to connect and interact with your target audience in real-time
  • Create a targeted email list for sharing products, services, and discounts

5. Create Visibility on social media

Social media is the most powerful platform for small businesses and start-ups. It may come across as highly intimidating at first but the first step will help a small business in Nevada to gain the required momentum. It is a platform appropriate for implementing both branding and marketing strategies. As start-ups can create visibility and target their prospective customers by making posts on future products or services as well as post existing product photographs. Some of the top social media platforms including Instagram, Snapchat, Twitter, Facebook, and SocialDrift among others.

6. Start Blogging

One of the most effective ways of engaging your audience is by starting a blog. It is considered to be a content marketing tool that a small business in Nevada can use to amplify their message directly to the customer. A blog will let you provide information pertaining to your company, history, ideas, introduction to and salient benefits of product or services, how the customer would benefit, business events, summer sales, pictorials, and much more. The more informative your blog is; the higher will be the customer engagement. You can choose to start with a free blog or you can book a domain name and start a blog with the business name. You can also use specific blog marketing tools to maximize impact like Buffer and Tweriod.

7. Content Marketing

One of the top marketing strategies for businesses in Nevada is content marketing. Content is and will always be the king and it is needed to build trust. When a prospective customer reads the content on social media sites or your blog, they should be able to make the decision of buying the product or service. Call to action is an integral part of content marketing for small businesses in Nevada. In order to make content marketing, a success you need to focus on 3 key areas and they are:

  • Content production: This is the first and most creative aspect of content marketing. If you have identified your target base and the market then you need to create content that is search engine friendly (SEO), informative, and engaging.
  • Content Syndication: Once content has been created, it needs to undergo syndication. It has significant SEO benefits for a small business in Nevada like generation of backlinks and enhancement of domain authority (DA). Some of the content syndication platforms include Inbound, Medium, and Slideshare.
  • Content Sharing: The final step is to enable the content created by you to be shared by the customers. The shareability factor of any content depends on how engaging and useful it is to the prospective customer.

8. Search Engine Marketing (SEM)

Search engine marketing is considered as one of the most effective ways of attracting prospective customers and generating revenue, especially for a small business in Nevada. SEM as it is commonly known will help your business grow in a highly demanding and competitive marketplace. Some of the important elements that every small business should work with include:

  • Paid search marketing
  • Logical keyword grouping for higher click-through rates
  • AdWords and Bing Ads accounts for start-up Nevada business
  • Search Engine Marketing Ad Auction
  • Maintaining high Google AdWords’ Quality Score
  • Use high-end web analytic tools

9. Search Engine Optimization (SEO)

Search engine optimization (SEO) is a process by which a start-up business in Nevada can increase the quality as well as quantity of website traffic. This in-turn helps in increasing overall brand visibility leading to higher footfalls and revenue generation. If you implement SEO as a part of your marketing strategy, then it will work through several vehicles like image search, academic search, specific product related search, video search, and news search among others. It is a proven method that helps generate a good return on investment. Some of the tools you can use include:

  • Google Search Console for a start-up Nevada business
  • Keyword research tools like SEMrush
  • Email marketing and project management tools like BuzzStream
  • Link building tools like Linkody
  • Tools for analyzing website performance like HubSpot’s Website Grader

10. Affiliate Marketing

The final element in your marketing strategy should definitely be affiliate marketing as it is still one of the most effective tools for generating sales. A small business in Nevada can incorporate an affiliate program through which business rewards can be given to one or more affiliates for each new customer they bring in using their own marketing or sales strategies.

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Nevada LLC Asset Protection

Date: 11/12/2019 | Category: | Author: Martin Pouzar

HOW DOES BUSINESS ASSET PROTECTION WORK WITH NEVADA LLCs

A small sized start-up or a medium sized business planning to register in Nevada will definitely enjoy the many benefits the state offers in terms of taxes and business incentives. There is however a consideration that most businesses are required to make, which is the organizational type or form. A Limited Liability Company is the most opted form of business due to the asset protection Nevada LLC benefits that its owners or members enjoy. The question is how asset protection works in Nevada and how a business can benefit from it.

Protecting Assets by Forming Nevada LLC

Nevada is considered as one of the most favorable destinations for forming an LLC. Apart from the salient benefits the state provides, “limited liability” in itself is one of the greatest assets a Limited Liability Company can enjoy. Limited liability in the simplest of words translates to separating business assets from personal assets, so that creditors of the business are unable to touch personal assets. This is an integral part of asset protection for a Nevada LLC although some states like Nevada also have other types of asset protection plans to help businesses.

For some time now, asset protection has been an integral part of estate planning as trusts for members of a family are there to protect and preserve asset or property for use and benefit in the future. The question is – does this work for businesses as well?

When a business starts operating, at some point there is bound to be wealth creation and accumulation. The accumulated wealth creates the greater concern, which is losing it. Hence, there has been increasing emphasis on asset protection for Nevada LLCs. A Nevada Limited Liability Company plays a dual role when it comes to planning for asset protection and they are:

  • Internal Trap: A Nevada LLC has been designed to trap any liabilities connected to business or asset. It traps them inside the entity itself and as a result, a member of the said LLC is not personally liable for such a liability.
  • External Insulation: A Nevada LLC has the power to insulate its assets from the creditors of each individual member and thus protecting member assets.

Nevada LLC – Popular for Asset Protection

There are several states that provide asset protection and yet, asset protection for a Nevada LLC is considered the most popular. It is more so because the Silver State has some of the best protection laws in the nation for limited-liability companies. At the same time, it is important to understand that in order to maximize asset protection benefits in the state, a business entity will be required to obtain the utmost protection possible. How do you obtain a high degree of asset protection?

In order to enjoy asset protection for a Nevada LLC fully, you will have to consider your liabilities in advance so that you are able to structure and fund the limited liability company (LLC). The liabilities to consider are:

  • Liability related to business debts: these types of liability are those that arise from LLC transactions
  • Liability related to personal debts: these types of liability are those that arise from debts incurred due to personal or non-business activities.

Most often than not, businesses have the misconception that all assets within an LLC would automatically be protected from debt or liability but that is not the case; you need asset protection for a Nevada LLC plan to ensure that protection. This is not all, business owners may not realize but the greatest risk to their assets is from businesses and not personal transactions. The good news is that Nevada asset protection options provide a Limited Liability Company the platform to structure and operate in a manner that will negate the risk of assets being exposed to liability.

Nevada Law for LLC

Nevada is one of the few states considered to have a strong legal environment that is pro-business. The 2017 Nevada Revised Statutes, Chapter 86 – Limited-Liability Companies, NRS 86.371 states that a member or manager of an LLC formed under Chapter 86 of NRS cannot be held liable for any debt or liability of the business entity. This is an integral part of the asset protection in Nevada LLC laws.

The Nevada laws are favorable when it comes to asset protection and this is largely due to a provision that exists for the creation of a domestic asset protection trust (DAPT). Currently there are 17 states that have DAPT laws and these include asset protection of Nevada LLC laws. DAPT jurisdiction in Nevada is the strongest as compared to other states because of specific features mentioned in NRS Chapter 166.

There is a provision in Nevada law for asset protection for Nevada LLCs through a Charging Order. This order provides protection to assets by allowing a judgment creditor to receive distributions from a Nevada limited-liability company just the way a judgment debtor would receive. The laws of the charging order are governed by NV Rev Stat § 86.401 (2013). Let’s look at the following example to understand this well:

A creditor of a Limited Liability Company obtains a charging order from the Nevada court or local jurisdiction ordering the LLC to pay any distributions of property or money amounting to $40,000. In such a scenario, if there are no LLC distributions then payment would not be possible. As a result, the assets of the said LLC would be protected.

Protecting Personal Property

Although, a charging order may provide some relief to an LLC but not always, as a court order does have the power to freeze all your assets – how do you protect personal property in Nevada?

What is personal property? It is defined as any property or asset that you own excluding real estate. It could be your bank account or jewellery or even stock certificates and intellectual property. In order to understand asset protection for Nevada LLCs, you have to understand the fact that creditors find specific assets to be more attractive and valuable as compared to others. At the same time, creditors also consider the liquidity of a specific asset for satisfying the judgment brought against the LLC.

Once you have registered your Limited Liability Company in Nevada, the asset protection Nevada LLC laws will come into effect. Your assets or personal property that has been transferred to the LLC will receive the same protection as your business. As a result, the probability of your business being exposed to liability or getting sued is reduced considerably. Even if a creditor obtains a charging order to satisfy the judgment using LLC’s assets, he or she will be entitled to the LLC distributions only.

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Asset Protection Trust in Nevada

Before you can think of the asset protection in Nevada LLC option, you need to identify, discuss, and then implement an asset protection strategy. Although, there are no specific trusts for a limited-liability company in Nevada, you can always opt for the Domestic Asset Protection Trust (DAPT). What is a DAPT?

A Domestic Asset Protection Trust is a type of irrevocable trust that allows the trust creator to become a discretionary beneficiary and at the same time offers significant protection to the assets held in the trust. There are features of NRS Chapter 166 that imparts immense value to the DAPT and asset protection Nevada LLC. The features are:

  • Statute of Limitations Period: A DAPT jurisdiction like Nevada has a statute of limitations period, which should expire so that any assets in this trust can be protected from the creditor. Nevada has one of the shortest periods.
  • No Exception Creditors: Nevada is one of the two states where no statutory exception creditors are applicable. This simply means that an exception creditor is someone with the ability to access DAPT assets post the statute of limitations period.

There is another type of asset protection for Nevada LLCs option that businesses can explore. This option is known as the Nevada Asset Protection Trust (NAPT) and it requires the LLC to transfer its assets into the NAPT, which is also an irrevocable trust. The NAPT provides insulation to LLC assets from any future judgments, lawsuits, and creditors. In order to operate this trust, an LLC will need to meet certain requirements. For instance, one of the trustees needs to be a Nevada resident.

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