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