TOP 8 SMALL BUSINESS IDEAS IN NEVADA

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.

• 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.

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.