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Starting a Construction business in Nevada

Date: 10/13/2020 | Category: | Author: developers

Starting a Construction business in Nevada

The commercial real estate industry in Nevada is thriving with the commercial developers and builders reporting a full workload. In a way, it can be said that the Nevada construction industry is on the upswing with new projects coming up in a variety of sectors including retail, industrial, recreation, hospitality, manufacturing, medical, restaurant and multi-family housing sectors. This indicates that the market conditions are perfect if you want to start a construction business in Nevada.

Introduction to Starting a Construction Business

Construction is a broad term that encompasses several areas right from developing buildings and infrastructure to dismantling or decommissioning of buildings or infrastructure. If you plan to start a construction business in Nevada then you need to identify which segment of construction you will be focusing on and that will also determine the licenses or permits required. You may have several queries pertaining to starting a business or how to register a construction company and this guide will provide you with an insight into Nevada state requirements and business requirements.

Nevada Construction Industry

The Nevada construction industry can be categorized under building construction (residential and non-residential or commercial), infrastructure and heavy construction, and industrial construction. You can start a construction business in Nevada as the industry has shown positive upward improvement off late. The industry employment in the Southern Nevada region has also doubled since 2012 due to availability of skilled labor. There has even been an outmigration of labor from California to Nevada making it easier to start your own construction business without having to worry about labor shortages.

Construction business is a booming industry in Nevada

The commercial as well as the residential real estate market in Nevada is on the upswing because of new projects coming up. There were a lot of construction projects that had been put on hold during the period of the “Great Recession” and those projects are now slowly coming back to life. You can start your own construction business in Southern Nevada, which is witnessing a lot of growth in construction of stadiums, sport complexes, and state of the art arenas. Today the Nevada construction market is considered highly active with investors and contractors alike. If you want to take up construction projects in this booming industry then the foremost requirement is to apply for and obtain a contractor license in Nevada.

Top construction projects that changed Nevada

Although Northern Nevada economic development has been responsible for diversifying the economy of the region by opening its doors to advanced manufacturing and IT companies, construction is still considered as the pillar of Northern Nevada’s economy. There have been several new construction projects that have and will be changing the Nevada economy and you can start a construction business in Nevada to be a part of such mega projects. The top three projects in Nevada are:

  • The Las Vegas Stadium: There are several mega-projects that are expected to have a positive impact on Nevada economy and the construction market. The Las Vegas stadium also known as the Allegiant Stadium is one such mega project. The construction of the stadium began on November 13, 2017 with an estimated budget of $1.8 billion with approximately $1.33 billion spent on construction. Due to the mega construction process, many new businesses got their contractor license in Nevada to work on this project.
  • The Las Vegas Convention Center: It is commonly referred to as the LVCC and is considered as one of the largest in the world. The Las Vegas Convention Center has exhibit space of 1,940,631 sq ft (180,290.5 m2) and can host 200,000 participants. In 2018, expansion plans valued at $890 million were sanctioned and this opened the doors for many to start a construction business in Nevada. It will undergo 500,000 sq ft of expansion with construction projects focusing on a meeting room, grand concourse, a signature facade in front, and a $53 million twin-tunnel Loop system.
  • AREA 15: One of the top construction projects in Nevada is the AREA-15 project, which is a new immersive art, entertainment, event and retail complex. It is a 126,000-square-foot building situated two miles from the famous Las Vegas Strip. You can start your own construction business to take advantage of the several commercial and residential construction projects planned in the near future.

Steps to start a construction business in Nevada

Whether it is the I-15 Tropicana Project construction project by Nevada Department of Transportation (NDOT) or the construction of a 2,000-unit, 20-block development featuring hotels and restaurants in downtown Reno, this is the best time to start a construction business in Nevada. Of course there are certain important aspects of starting this business and you will definitely need a construction company startup business plan to identify all your requirements. The following steps are necessary to ensure smooth setting up of your business in Nevada.

Prepare a business plan

The first and foremost step towards starting a construction business or any business is to prepare a business plan. A construction company startup business plan will include certain important aspects of the business so that you are able to identify the strong and weak areas and the initial finances you may require. Some of the important components of the business plan to start a construction business in Nevada are:

  • Business description: This is the most important area as this will define your construction business. There are several different types of construction companies based on the type of activity. For example, small renovation contractors with a contractor license in Nevada work on home modification or remodeling projects. Similarly, package builders have expertise in both designing and constructing buildings. This area will also include the mission, vision and values of your company.
  • Detail of Services Provided: Once you have defined the type of construction business you are planning to operate, you need to identify the services you will provide under that area of activity. As a part of the construction company startup business plan, you have to provide detailed descriptions of all the business related services. Let’s look at an example: If you plan to start a construction business in Nevada as a small renovation contractor then some of the common services offered are installing modular buildings, office build-outs, renovation and expansion, full-scale remodeling and renovations, remodeling of multi-dwelling unit, replace or repair plumbing, floor installation, and HVAC services among others.
  • Market Analysis: One of the key components of a construction company startup business plan is the market analysis. This analysis will provide you with various aspects of the target market, the target audience and existing competition. When you start a construction business in Nevada; your advertising and branding strategies will be based on market analysis.
  • Suppliers and vendors: When you start your own construction business, one of the important areas to focus on is the suppliers and vendors you will choose and what would be the cost of opting for their services. You will have to ensure the chosen suppliers and vendors provide you with high-end skill sets and materials at a cost that fits your budget. Some of the skills to look for in suppliers and vendors include work experience, area of expertise, safety performance, required insurances, and contractor license in Nevada.
  • Financial Information: This is integral to any construction company startup business plan as it will help you to identify the areas and amount of initial investment. You can also create a separate section for your assets, cash flows, loans, debts, and income projections.

Register your business

It is important to understand how to register a construction company and start a business activity in Nevada. It is important to first choose a business name and type of business you want to operate. You can form different types of businesses in Nevada like sole proprietorship, general partnership, private corporation, and limited-liability company (LLC) among others. The incorporation or formation of a new business is governed by the Nevada Revised Statutes. You can start a construction business in Nevada by submitting the necessary application form with the office of the Nevada Secretary of State. The process can be quite confusing but we at IncParadise can make the entire process simple and quick for you. As one of the top incorporation specialists and experienced registered agents in the state, we have helped incorporate several thousand businesses.

Incorporate your construction business in Nevada!

Get necessary licenses and permits

You will be required to apply for a Nevada state business license for your construction company. A state business license has to be renewed annually in Nevada. Some businesses may require multiple licenses or permits depending on the type of business. If you are starting a construction business in Nevada then finding the right business license or local permits may be perplexing but you can take advantage of our Business License Check service to help you identify the same with ease.

Apply for contractor licenses in Nevada

A contractor license in Nevada is one of the primary requirements for starting a construction business in the state. A contractor license will allow you to bid on construction projects, supervise any construction jobs, and basically run the business on your own. The biggest benefit of having a license is that it will create a professional image, which will strengthen your reputation in the long-term. There are mainly three types of contractor licenses required to start your own construction business in Nevada and they are:

  • General Engineering License (Class A)
  • General Building License (Class B)
  • Specialty License (Class C)

Insure your business

There are several types of insurance that have been specifically designed to protect commercial or residential property developers, contractors, and construction businesses. It is important to check out the available insurance options and what such insurance covers before you start a construction business in Nevada. Some of the most common types of construction insurance available include the following:

  • Builders Risk (Course of Construction) Insurance
  • Commercial and Contractor General Liability Insurance
  • Commercial Auto Insurance
  • Professional Liability Insurance

How can IncParadise help you?

The construction industry in Nevada has a huge potential for growth as there are several mega projects in the pipeline. This is the right time to plan and start a construction business in Nevada and starting a new business is never an easy task. There is a lot of documentation that needs to be worked upon and submitted and this is where IncParadise can provide assistance through its business relevant services. As one of the top registered agents in Nevada, we have experience of incorporating a variety of startups right from construction businesses to restaurants and home-based businesses.

At IncParadise, we will not only provide a range of additional services in Nevada including assistance with the process of new business registration with Nevada SOS but also effectively handle all your annual business compliances so that your business can enjoy a good standing in the state of Nevada. Get in touch with us today to know how we can help you and your business!

Are you ready to start a construction business in Nevada?

How to change your company name in Nevada

Date: | Category: | Author: developers

How to change your company name in Nevada

There are several reasons why business owners change business names in Nevada. The reasons for changing the name of a business are organization or owner specific. Some organizations simply change the name to remove brand confusion or to accelerate their overall success. If you are entering a new business market then changing a business name will align the organization with its new product offerings. A business name of any company is one of the most important branding components as it helps in creating brand awareness with your target audience.

Introduction to Changing your Business Name

If you are planning to start a new business in Nevada then the name of your company is going to be one of the most valuable assets. You can start a business with any available name and can also change your business name in Nevada in the near future. The name of a business is crucial to the very goals of any business as the customers are going to remember the business with the name itself. A business name in order to create brand recognition and value needs to be highly effective in establishing a strong identity while describing the type or activity of the said business. You can initially create your own business name change checklist to choose a name that identifies your brand the best. We have created this step-by-step guide that will provide an insight into how you can go about changing your business name including business name restrictions in Nevada, where to apply and how to choose the right name.

Business Name Change

There can be several reasons for changing a business name and once changed you will be required to change the business name with IRS or update IRS regarding the name change. Whatever the reason for changing the name of your company, it is important to remember that the new name should be available with the office of the Secretary of State. You can check business names in Nevada by conducting a name search. This will help you identify whether you can relaunch or re-brand your business with the chosen new name.

Why do you want to change your business name?

A business is a brand in its own right and sometimes you may need to change business name in Nevada and there can be several reasons for doing so. The reasons for name change of a business can vary from organization to organization as some want to do it as a part of their marketing strategy and others do it post a merger. It is important to understand that once you have decided to change a name, it is important to send a business name change letter to the state authorities and IRS, so that it can be updated for tax purposes and for other business filings.

Some of the top reasons to change a business name in Nevada are:

  • Trademark issue: There is no hard and fast rule that two separate companies cannot have the same name. Sometimes, businesses also have similar names that may sound almost the same. When this happens, company A can send a “cease-and-desist” letter to company B requesting that they stop using the said name. A cease and desist letter is a type of notice that is sent to a business or an entrepreneur to stop a specific action like copying of a trademark. This type of letter is normally a warning of impending judicial enforcement. It is hence highly recommended to conduct a name search or check a business name in Nevada prior to filing for name reservation.
  • Existing business names do not reflect your brand/goals: All types of businesses will experience growth over a period of time. This growth can lead to lateral expansion with introduction of several brands under the Umbrella Company or corporation. In such a scenario, if business owners or entrepreneurs feel that their business has outgrown the existing brand name then it’s time to change business name in Nevada. Some of the top and famous businesses in the world have gone through the process of name change like Quantum Computer Services became AOL, BackRub was changed to Google, Sound of Music changed to Best Buy, Research in Motion changed name to Blackberry, and Brad’s Drink became Pepsi-Cola.
  • If the business name is not unique/creative: Sometimes business owners reserve a name to get their business registered only to realize later on that the name doesn’t go with the brand or their products or services. In such a scenario, it is better to first prepare a business name change checklist, so that you don’t have to change the name again.
  • The name is confusing or hard to spell for customers: Sometimes, a business name can be confusing or hard to spell for a customer making it difficult for your consumers to find the office or find the business online. It is important to understand that a confusing or hard to spell business name will not be remembered. So, it is recommended that you check the business name in Nevada first and identify an easy name that also provides a clear picture of your brand.

How to change your business name in Nevada

If you are planning to change your business name in Nevada then there is a procedure in place that you will be required to follow. Whether you own a business corporation, a Limited-Liability Company, or any other business entity, you will have to submit the business name change letter or form with the office of the Nevada Secretary of State. Here is a step-by-step insight into changing business names in the state of Nevada.

Identify the new name

The first step is to identify a new name based on the company requirements or brand requirements. Once you have chosen a name you need to ensure the name is distinguishable from any other name on the records of the Nevada Secretary of State. This is made possible by conducting a check for business names in Nevada. One of the important aspects to consider is the “Restricted Word List”. This is a business name change checklist provided by the Nevada Secretary of State and is pursuant to Title 7 of the Nevada Revised Statutes. The restricted list is different for different types of businesses. For instance, a financial institution will not be able to use words like bank, banker, banking, banc, banco, banq, bancorp etc., in their names without prior approval from the Commissioner of Financial Institutions.

Get the approval of board of directors

Since the change of business name in Nevada requires you to file an amendment with the office of the Secretary of State, you will have to get the approval of the board of directors for corporations and members for an LLC.

Check business name availability

Once you have identified a new name for your business, the next step is to check the business name in Nevada for availability. There are several businesses that may have a similar name or even the same name as chosen by you. It is important to create a business name change checklist with multiple names so that you are able to reserve a name that is unique and is distinguishable from any name on the database of the Secretary of State. Let’s look at an example to understand this: If you want to change your existing business name to silver basin, silver city, or silver bay then upon conducting a Nevada business entity search, you will find that all names exist. So, you will need to ensure your name is unique.

Notify Nevada SOS

Once you check a business name in Nevada for availability and if your name is unique then you will be required to file a “Certificate of Amendment”. This amendment has to be filed with the office of the Secretary of State. The Nevada certificate of amendments to be filed will be different for different types of businesses like corporation and LLC.

Change licenses and permits

Once you change your business name in Nevada, you will have to ensure the change is visible on all your important business documents including business license and applicable local permits. If your business name change is due to the introduction of a new product or service then you may have to apply for new licenses and permits as well depending on the location of your business.

Notify the IRS

Once you have reserved your new business name with the Nevada SOS, it is important to change the business name with the IRS. The process of changing business names will vary according to the type of business. According to the Internal Revenue Service (IRS), you will not require a new Employer Identification Number (EIN) for change in business name in Nevada. IRS also states that if an EIN was recently assigned to a business and tax return has not been filed yet then you can send a “Business Name Change” request directly to IRS at Stop 6055, Kansas City, MO 64999.

Apply for a new EIN

If you change your business name in Nevada then the change needs to reflect on your EIN. Normally, you will not require a new EIN for business name change but may require one for special circumstances. If you are a single member LLC then according to the IRS, the business is considered as a disregarded entity and hence doesn’t require an EIN. If you change the type of business to a multi-member LLC then you will be required to send a business name change letter to the IRS and also have to apply for a new Employer Identification Number (EIN). If you don’t have an EIN tax ID and want to apply for one then we at IncParadise can help you obtain a new EIN.

Apply for a new EIN for your business in Nevada!

Update your business documents

Every business requires documents and these documents are critical to starting, operating, maintaining, and expanding a business. Once you change a business name in Nevada then you will have to ensure the new name is reflected in all important business documents. The important documents include company formation or incorporation documents like Articles of Incorporation or Organization, State Tax documents, annual report, compliance and regulatory documents, company bylaws for corporations, Non-disclosure agreement (NDA’s), employment agreement, and memorandum of understanding (MOU) among others. At IncParadise, you can benefit from free legal documents for your business like an operating agreement for a single member LLC or a partnership agreement or employer agreements.

Get a new company domain name

When you change your business name in Nevada, you will need to get a new domain name if you are hosting your business online. Domain name is basically the name of your website and you can conduct an availability search online prior to reserving your domain name. You don’t have to change the hosting of your website though.

Communicate with your customers

Once you change the name of your existing business, it is important to issue a business name change letter for all your customers, business clients, and vendors. This will ensure your customers are updated and at the same time informing them makes them feel valued.

How can IncParadise help you?

It is never an easy process to set up a business and then change business name in Nevada. The process of setting up a business itself is overwhelming and that is why IncParadise is there to help you through any challenge you may face while registering a new business or filing for reservation of a business name.

We are one of the most respectable registered agents in Nevada and in the nation when it comes to helping startups form their business with ease. We not only offer incorporation services but a host of value added services including Nevada mail forwarding, filing of annual reports, application for business license, and application for EIN among others.

Incorporate your new business in Nevada today!

Setting a home office for a Las Vegas business

Date: | Category: | Author: developers

Setting a home office for a Las Vegas business

Nevada provides an extremely friendly tax climate including no business or personal income tax. This along with state based and local small business incentives has created the perfect platform to start a home based business in Las Vegas. Over the last decade due to the high-speed internet access, small businesses in a variety of industries are being established from home. There is no dearth of home based business opportunities and this includes high end work in areas like graphic design, virtual assistance, photography and video editing, selling on big e-commerce websites like Amazon and eBay, home bakery and catering services, and social-media specialists among others. The greatest advantages of a home-based business are that you can work at your schedule and you will be your own boss!

Introduction to Home Office

A home based business in Nevada is one of the best ways to start a new business while keeping the startup cost on the lower side. Commercial space or brick and mortar office spaces can be quite expensive but operating your business from home using a virtual office service with mail forwarding options will not only be cost saving but also has long-term benefits. In fact, surveys conducted by many organizations including the GEM Entrepreneurship Report have revealed that many entrepreneurs are opting for home based business opportunities. Here are some interesting statistics:

  • Almost 50 percent of businesses in the U.S are home-based businesses and the total number of such businesses is 15 million
  • Almost 69 percent of startups have their foundation in home based business ideas
  • 72 percent of home based startups are being operated by women
  • It took less than $5,000 in initial startup costs for almost 44 percent of business owners

Tips to setting up a home office for your Las Vegas business

If you are planning to start a home based business in Las Vegas, it is important to know that small businesses operating from home are as essential to the Nevada economy as medium sized enterprises and large corporations. Starting a home business is like becoming an independent employer and hence you will be responsible for ensuring all home based business requirements are fulfilled. Since, you are probably new to starting a home business, let us share some tips that will help you set up a home office for your Las Vegas business.

Identify your need

One of the key home based business requirements is identifying your business or office needs. These will depend on the type of business you are planning to set up. One of the areas that will also help identify your need or type of business is your existing skill sets and talents like creativity, out-of-the-box thinking, knowledge of digital programs etc. Let’s look at an example: If you are planning to start a home based business in Las Vegas dealing with graphic design or web design then you will require equipment such as a high end PC, high speed internet, printer, a large work table, and even original software. In such a scenario, it is always best to create a detailed list of equipment, so that you know in advance, what the initial cost of setting up your home business will be.

Choose a dedicated area

One of the considerations that you need to make when starting a home based business in Nevada is that the immediate environment should allow privacy. If your home has a spare room then it will be the best place but what if a spare room is unavailable? This means that you can fulfill home based business requirements of a dedicated work area by utilizing other options like changing a part of the living room to a work area or using the garage space. You can also install partition walls or vertical dividers to make your work space separate from living space especially if you will be meeting up with prospective clients.

Choose a business structure and register your home business

It is never easy to transform your home based business ideas into a fully operating business but it is possible once you identify a business structure and register the entity. In the state of Nevada, there are several forms of businesses to choose from right from sole proprietorship to Limited Liability Company, Corporation, and General Partnership among others. Whatever structure you plan to operate with, you can start a home based business in Las Vegas by registering it with the Nevada SOS. IncParadise can assist you with the entire process of registration as we have experience in helping more than 10,000 businesses in fulfilling their state requirements and getting started. You can benefit from that fact that we are expert incorporation specialists who also provide new business formation information and guidance.

Register your home based business in Nevada!

Set up a business mail address

If you are launching a home based business in Nevada then like any other business, you will need to set up a business mail address. One of the best ways to get a business mail address without actually compromising privacy is by opting for a top tier mail forwarding service in Nevada like the one offered by IncParadise. One of the salient aspects of a good mail forwarding service is that it will provide you with a street address where you can receive all your important mails.

A mail forwarding service caters to a variety of needs of small enterprises as well as a home based business in Nevada. When you bring your home based business ideas to life by forming a business entity, you will receive business mail pertaining to market information, client documents, business documents, bank statements, and much more. If you opt for your home address then you will have to painstakingly sort junk mails from relevant mail and that can be time consuming. On the contrary, when you opt for virtual mailbox and mail forwarding services offered by IncParadise, you get to have a secure account for receiving mails. IncParadise also offers additional mail forwarding services like mail sorting and mail scanning services.

Looking for a dedicated mail forwarding service in Nevada?

Obtain the necessary business licenses or permits

This is the technological age where easy access to the internet has made businesses global. This has also made available many opportunities for entrepreneurs to start home based businesses in Las Vegas. Businesses from home are actually becoming quite the trend because more often than not, such a business is also considered as the stepping stone for future bigger enterprises. One of the home based business requirements that you need to fulfill to make the business operational is filing for the required business license.

When you start a home based business in Las Vegas, you will need to first apply for a state business license with the office of the Nevada Secretary of State. The state business license has to be renewed annually. You may also require a home occupation permit governed by the Las Vegas, NV Unified Development Ordinance LVMC 19.16.180. The purpose of this ordinance is to ensure you are conforming to the Operational Standards and other home occupation licensing requirements. Depending on the type of business you are planning to set up, you may require single or multiple licenses. One of the best ways to identify your licensing requirements is through our Business License Check services.

Get a business phone number

If you are planning to start a home based business in Las Vegas then it is best to have a business phone number that will be separate from your personal number. This is especially good for businesses that deal with a lot of clients, vendors, associates etc. There are quite a few advantages and they are:

  • You will be able to keep your personal cell or phone number private
  • You will be able to increase home based business opportunities using your business number as it will be there on all promotional materials including business card
  • A dedicated business phone number means you will be taking calls only during business hours
  • The business phone number will have its own voicemail so that you can call back
  • You can set custom messages on voicemail making it sound professional like “Thank you for calling XYZ. Please leave your name, number, and query so that we can get back to you.
  • With a separate business phone number, there will be more consistency in business listings

Open a business bank account

One of the important home based business requirements is maintaining a business account. The business account is separate from your personal banking account and hence will be easier to maintain as it will have separate accounting records. You can start your account in the same bank as the personal savings account or you can find information on the top banks offering business accounts. A business bank account creates certain benefits to a home based business in Nevada. Some of the top benefits are:

  • Your business accounting records will be well organized using a business checking account
  • When you separate your business transactions from any personal transactions then it helps in monitoring the profitability of your business
  • A separate business bank account helps you to file taxes accurately
  • It helps in increasing home based business opportunities by ensuring you are able to accept credit cards using the business checking account
  • You can even set up a business credit acceptance system or a merchant account using this type of banking account
  • If your home based business in Nevada is a partnership venture then a business account will provide the flexibility of multiple signers to access the account

Set office hours

One of the finer aspects of a home based business in Nevada is that you will be able to benefit from flexibility of working hours. This said, depending on the type of business, maximum performance and efficiency can be achieved only if you adhere to a fixed schedule. There are several home based business opportunities available but you will be able to focus on getting new clients and delivering work or projects if you fix office hours. The office hours don’t have to be necessarily the standard 9am – 5pm but whatever you feel fit. It is also important to remember that your clients will call you up within the office hours and at the same time, you need to ensure the work time doesn’t have too many distractions. The bottom line is that you need to strike a balance so that the business benefits from it.

How can IncParadise help you?

A home-based business is the new trend as more and more entrepreneurs find that it is a cost effective option for a startup. You can also start a home based business in Las Vegas today and we at IncParadise can help with any process related to new business formation. We understand that home based business requirements are different from most standard businesses and at the same time there is a lot of similarity in the form of annual licensing requirements.

The shift of work space from a brick and mortar office to a home based business in Nevada has created the need for a virtual office. At IncParadise, we believe that a virtual office should focus on specific requirements of modern day startups and entrepreneurs. We created our virtual address and mail forwarding services in Las Vegas, Nevada focusing purely on home based business requirements. Our mail forwarding and virtual office program has many benefits including an actual street business address to receive your mail. You can even use this address on your promotional material and business documents.

Incorporate your home based business in Nevada!

Choosing your business location in Nevada

Date: | Category: | Author: developers

Choosing your business location in Nevada

Nevada is considered as one of the best locations for starting a new business and the Revolutionary Tax Code is just one of the compelling reasons. It is known as the “Silver State” although both gold and silver mining play an important role in its economy. The state is geographically bordered by California, Arizona, Idaho, Utah, and Oregon. One of the important reasons why entrepreneurs choose a business location in Nevada is because of its strong transportation infrastructure within the state and connecting to the rest of the nation.

Introduction to Choosing a Business Location

On October 31, 1864, Nevada became the 36th state and thus opened its door to new businesses. The Silver State always had a rich environment that has been shaping its history as well as culture and somewhere that has played a key role in developing its business base. If you choose a business location in Nevada then this guide will provide you with relevant information regarding why business location is important and the business location factors to consider.

How to choose a business location?

When you start a business in Nevada, one of the most important aspects to focus on will be business positioning. This type of positioning includes marketing and promotion but one factor that entrepreneurs often fail to address is the location of your business. Every new business should have a business plan and within that should be the business location strategy as it plays an important role in defining your customer base and accessibility of your business.

Why is business location important?

When you start a business in Nevada especially as a new business or startup, you want to create a maximum impact and a positive customer experience. The location of any new business is a part of a strong marketing strategy as it will not only help in attracting the targeted customers but also help in attracting the right talent as well as business partners, vendors, and associates.

A business location strategy can help you with the process of identifying the right type of business space taking into consideration the following factors:

  • Type of business: The type of business activity is a great determinant for space and location. Let us look at an example to understand this: If you plan to start a business in Nevada in the restaurant industry then you will require space depending on the type of restaurant. A fast food joint will require less space as compared to a fine dining restaurant but the location for either businesses has to be prime. A restaurant has to be located in places where people visit frequently or in the office district. On the contrary, a manufacturing unit will have to be in an entirely different location because it will not have direct customers and will require large spaces
  • Cost of business space and location cost: When you choose a business location in Nevada, the cost is also an important factor. Businesses that are completely online can opt for Nevada virtual offices along with mail forwarding but if your business deals with customers and business associated through physical contact then having a business space is necessary. There is no best way to choose a business location especially because space will be costly in the central districts of a city including shopping districts and malls. Some of the factors that influence cost of business space include proximity to local amenities and services, and the type of lease terms. The traditional route of taking a storefront or brick and mortar space on rent can be expensive depending on its location.

How a good location helps your business?

There are many factors that have an important role to play when you choose a business location in Nevada. A good location influences the ability of a business or startup to market itself but more than that it also helps in determining competition, total operational cost, taxes a business is required to pay, regulations and zoning codes, and lastly, convenience and safety for consumers. There is always a best way to choose a business location and most importantly, a location should always look at long-term advantages for the business vis-à-vis short-term gains. Let’s look at some of the benefits of a good location for your business.

  • Customer accessibility: The greatest advantage of a good business location strategy is that it will help you identify a location that is highly accessible to your customers, business associates, suppliers, and vendors. When you choose a business location in Nevada that is convenient for customers to access especially if you are selling products or services then it sets a clear path towards achieving long-term growth and success.
  • Ease of transportation: One of the important business location factors is transportation of goods especially for businesses that are dealing in finished products, dairy, food and beverages etc. If your business is located close to primary access points for public transport this will ensure timely delivery.

Factors to consider when choosing a business location in Nevada

Business location matters! You may have a great business idea and are planning to launch the most innovative product or service but if you are unable to choose a business location in Nevada that can target the intended audience then the startup may not generate the required profits. This is exactly why you need to have a business location strategy or a business location analysis. Let us look at some of the factors to consider when choosing a business location in Nevada.

Style of Business Operation

This is one of the best ways to choose a business location as the style of business essentially refers to the type of business activity. Some of the most common styles of business include:

  • Service business: If you start a business in Nevada in the service industry then it will revolve around providing customers with mostly intangible goods like consultation, transportation, repair, accountancy, home improvements etc.
  • Hospitality Industry business: This is a huge industry and your startup can be in any segment of the industry like restaurants, travel agencies, hotels, inns, event management, catering, motorway services, takeaways, and much more. The segment will be the determinant of business location.
  • Merchandising business: If you start a business in Nevada in the merchandising industry then it will involve selling of tangible goods. Merchandising businesses can be either retailer or wholesaler classifications and the business location strategy will be different for retailers and wholesalers.
  • Manufacturing Industry: You need to choose a business location in Nevada to set up a manufacturing facility. The space will be dependent on the type of manufacturing, staff employed, and equipment. Such businesses normally take advantage of Foreign Trade Zones (FTZ) as locating businesses in such zones offer such businesses many tax based and other incentives.

Start your new business in Nevada!

Accessibility and Convenience

One of the most important business location factors is accessibility and convenience. Accessibility and convenience is also determined by the type of business activity. For example, a restaurant in a business district will be highly accessible and convenient for the long-term and walk-in customers while a retail store should be in a location where heavy footfall will not be a problem and it will be accessible by all modes of transportation. When you start a business in Nevada, location is considered as a highly competitive factor especially if your business is in the service or retailing industry.

At the same time, it is important to understand that high-traffic and convenient locations are prime real estate and hence highly costly. So, the best way to choose a business location is by conducting research on location convenience while keeping the cost factors in mind.

Competition

Proximity to your competition can actually make or break your business and hence it is one of the key business location factors. Competition has both advantages and disadvantages but it mainly prepares your business in a way that you are able to focus clearly on your core audience. When you choose a business location in Nevada, it pays to be one step ahead of your competition especially if they are situated in the same vicinity because they can affect your overall operating costs as well as sales. For example: If you have chosen to establish your business in a populous area then the probability of competition is higher but then so is the probability of getting more customers. If you want to stay away from competitors then you need to ensure your location is not too far away from your target audience.

Business Expenses

Business expenses can be overwhelming at times and hence a strong business location strategy will be helpful in ensuring certain unnecessary location expenses are curtailed. If you choose a business location in Nevada that is prime or real estate then the rent will be much higher as opposed to commercial property in other areas. Let’s look at an example:

If you are planning to start a business in Las Vegas, Nevada then lease on commercial space can vary from $14.4/Sq Ft per year in Renaissance Drive, Paradise, Las Vegas to $35.4/Sqft per year in Downtown Las Vegas. Small office spaces can vary on the lease rates from $6 – $28/Sq Ft per year.

Apart from lease payment, you will also be required to pay utility bills and taxes in your chosen area. The bottom line is that you don’t want to start your new business with high expenses.

Availability of Talent

One of the important business location factors is talent or employees. Most small to medium sized startups will require employees initially and hence, you need to ask yourself: Am I choosing a business location that will enable me to find good talent?

Demographics play a key role in business location and two different aspects of demographics that will drive your business location strategy are customers and employees. If you start a business in Nevada and your perceived customer base is local then employees can be selected from the local community as they will play a strong role in generating customer loyalty. Simultaneously, you need to also focus on the skills that your work force will require. Some of the questions that you need to ask and address are:

  • What skills do your prospective employees need?
  • Can you find people with required skills or talents in the chosen location or community? Once you choose a business location in Nevada, you need to find out if there is sufficient housing available for employees in a price range they can afford
  • Are affordable public transportation options available for your employees to bring them to the place of work?

Local zoning ordinance

Sometimes, you will not be able to choose a business location in Nevada that addresses your specific needs due to zoning laws. According to the laws some areas may be defined as strictly residential and hence any commercial activities from such premises would be deemed as illegal. The zoning code will be different for different states and can be viewed under the Unified Development Code for the city of Las Vegas, Nevada. The best way to choose a business location is by following the local zoning code and finding out which are the best locations for your type of business. The zoning code may also include information pertaining to subdivision regulations, landscaping, signage, urban design, and basic architectural standards.

State and Local taxes

Nevada has the distinction of being the state with the 2nd-highest rate of startups or new business owners in the nation. If you are planning to start a business in Nevada, one of the important requirements is state and local taxes. It is a known fact that state and local taxes paid by new businesses each year can have a significant impact on the bottom line of the business but at the same time, these taxes also have a positive influence on economic growth and employment. Nevada does not have corporate income tax but it does have gross receipts taxes. To ensure tax compliance, you will be required to apply for a unique 10-digit ID called the Taxpayer ID. It is assigned to a new business entity by the Nevada Department of Taxation and you can find information pertaining to taxation requirements with the help of this informative guide to Nevada business taxes.

Infrastructure

One of the important business location factors is good infrastructure. Infrastructure consists of transportation available for customers, staff, and delivery or receipt of goods, banks and ATM, parking space, and the building itself where your office or retail outlet will be located. These important components of a business infrastructure can be beneficial to any business in determining long-term sustainability. It is always recommended to choose a business location in Nevada that has good road connections, proper power and water supply, special access for people with disabilities, and parking place for employees.

State and Local Government Incentives

One of the reasons for Nevada being such a popular destination for entrepreneurs is the availability of numerous state and local government incentives especially for startups or new businesses. If you start a business in Nevada, your business will be able to benefit from local government incentives offered by the Governor’s Office of Economic Development (GOED). These business incentives include sales tax abatements and deferral on capital equipment purchases, abatements on modified business tax (MBT), and employee training grants among others. In fact, one of the best ways to choose a business location and enjoy incentives is through locating your business in the Opportunity Zones and the Foreign-Trade Zones (FTZ). You can find detailed information on various business incentives on our Nevada Page.

Federal government incentives

There is a long list of state and local government incentives that your business can benefit from and that is not all; there are Federal incentives as well. These incentive programs are offered by the U.S. federal government that can vary from general workforce development to industry-specific incentives and energy efficiency grants. The federal incentive programs are offered by different federal agencies like U.S. Trade and Development Agency (USTDA), Export-Import Bank of the United States (EXIM), Overseas Private Investment Corporation (OPIC), U.S. Department of Agriculture (USDA) and the Office of Textiles and Apparel (OTEXA) among others. If you choose your business location in Nevada then you can take advantage of the following federal incentive programs:

How can IncParadise help you?

When you choose a business location in Nevada, it is important to understand that a good location can play a crucial role in boosting the long-term performance of your business significantly. In this modern technology driven market, businesses:

  • Can operate completely online
  • Can be home based
  • Can operate from traditional brick and mortar space

Home based and online businesses will not require a business location strategy and in case they do need an office address then there is always our mail forwarding service and virtual office program to opt for. If your business activity will involve leasing commercial space then IncParadise can help you with registering and incorporating your startup at your preferred location in Nevada. We are specialists in handling various facets of a new business registration process and providing several business specific additional services.

Do you want to register a business in Nevada?

Starting a pet care business in Las Vegas, Nevada

Date: | Category: | Author: developers

Starting a pet care business in Las Vegas, Nevada

There are several sectors and businesses that have witnessed a spike in growth in the last 5 years. As a result, many entrepreneurs have invested in startups in such sectors. Entrepreneurs are working towards transforming their pet care business ideas into operational businesses and this sector is showing promising growth. The growth of this industry is dependent directly on pet ownership and according to a report by American Pet Products Association (APPA), more than 68 percent of households in the US have pets. In fact, the report revealed that 35 million households in the US have children but 84.6 million households have pets. As ownership grows so does the need for pet care and, if you start a pet care business in Las Vegas then you will be able to benefit from a growing market.

Introduction to a pet care business

A report by the American Pet Products Association (APPA) revealed that the expenditure on pet care in the United States was over $72 billion in 2018 and this is expected to increase exponentially as pet ownership increases. If you are planning to start a pet care business in Las Vegas then you will need to get insight into the pet care industry, which comprises large corporations and small startups and freelancers. We have created this guide to provide you with information necessary to transform your pet care business idea into a startup. The guide provides an insight into the pet care industry in the US, types of pet care businesses, creating a business plan, scope of your business, obtaining insurance, getting pet supplies, and incorporating your business.

Pet care business in Las Vegas, Nevada

Las Vegas has a vibrant life and economy making it one of the best cities for startups and small businesses. It is also a great place to start a dog care business as there are almost 6 dogs per 10 households. In fact, according to a survey by “realtor.com®”, Las Vegas is ranked #3 on the list of dog-friendly cities in the country. The city of Las Vegas is home to pet hotels, an exclusive gated pet community with off-leash social club, indoor play park for dogs, and canine friendly apartments and condominiums among others. Las Vegas also has its own “Licensing Ordinance” for pets, which dog owners have to apply for. All this translates into the fact that there is an unusually high requirement for pet or dog care services and an opportunity to bring your pet care business ideas to life.

Pet care industry

If you are planning to start a pet care business in Las Vegas, it is important to understand this industry, the opportunities, the future growth prospects and much more. According to a 2018 report, the market size of the pet care industry is valued at over $190.1 billion and it is expected to witness a Compound Annual Growth Rate (CAGR) of 5.2% between 2019 and 2025. The growth of this market is due to the following reasons:

  • Greater adoption of a variety of pets including dogs, cats, and rabbits as well as other common and uncommon pets
  • Higher disposable income to support pet food, lifestyle, and health
  • A rising prevalence of zoonoses or zoonotic diseases leading to higher spending on pet healthcare
  • Rising demand for pet insurance
  • Need for mobile pet grooming services

As a business proposition, you can start a dog care business in Nevada as the economic activity of this industry has been highly growth oriented. A strong pet care business plan will help you in establishing your startup in the Las Vegas market. The U.S. Pet Industry including pet care generated economic activity valued at $221.1 billion in 2015 with $78.9 billion in expenditures. The total expenditures in this market four years later in 2019 were $95.7 billion with pet food and treats accounting for $36.9 billion while vet care and product sales accounted for $29.3 billion.

It is important to note that there are a variety of industries that are responsible for driving the growth in the pet industry from a broader national economic viewpoint and some of those industries include dog and cat food manufacturing, veterinary services, meat processing, and pharmaceutical preparation manufacturing among others. When you start a dog care business in Nevada these industries will be supporting your business directly or indirectly. The economic impact of the Nevada pet industry in 2015 was valued at a total output of $948,441,000. The industry has many opportunities for new dog or pet care businesses but first you need to create a pet care business plan, so that you can maximize your benefits.

Things to consider before starting a pet care business in Las Vegas, Nevada

One of the essential components of a pet care startup is the pet care business plan as it encompasses every aspect of the business right from the scope of your business to registering the entity and applying for licenses or necessary permits. It is considered by economists and analysts as a “Recession-Proof Industry” because during 2008-2009, the spending for pet care was 1.1% of total spending, which was approximately $430.80 per American household and since 2011, the average spending has increased to $502.05. So, yes, the industry is growing but starting a new business and sustaining it are two different areas. There are certain important things that you need to consider before you can start a pet care business in Las Vegas successfully. Let’s take a look!

Choose the Scope of Your Business

As the pet industry continues to evolve and grow, the opportunities to start a dog care business in Nevada have also grown multi-fold over time. The factors for this growth are due to the changing behavior of pet owners and the role of pets in American households. The first step is to prepare a good pet care business plan and it should take into account the scope of your business.

The scope of your business basically helps you to determine the type of services you are thinking of offering based on market research, industry dynamics, and pet owner requirements. In order to start a pet care business in Las Vegas, you need to identify what options are available or viable in terms of services being offered. After all, there is a lot of difference between a dog walker, vacation pet sitting services, and pet boarding services. Some of the most popular business options include:

  • Pet Clothing and Accessories
  • Pet Care business insurance
  • Pet Sitting
  • Dog Day Care
  • Vacation pet sitting
  • Pet Training
  • Pet Boarding
  • Dog Walking
  • Dog Grooming
  • Pet Massage Therapy
  • Pet Food
  • Pet-Supply Store
  • Pooper Scooper
  • Veterinarian
  • Gourmet Pet Treats

Write your own Business Plan

A pet care business plan is the most important aspect to consider prior to setting up your business in Nevada. It is essentially a roadmap of your business right from how you will begin operations to where you want to take the business in terms of goals and objectives. A well drafted business plan can help you to not only start a pet care business in Las Vegas but also take into consideration the future obstacles, market requirements, and possible expansion. It is also important to remember that the content of a business plan will depend entirely on the type of dog care services you want to provide. Some of the important aspects of the business plan are:

  • Purpose and potential: This area focuses on why you have chosen a specific area, for instance, if you are trying to enter the pet care business insurance market then what is the purpose and what is the existing and future potential.
  • Experience: It is all about credentials but at the same time, you have to stress on any experience however small you may have had in the pet care industry. Sometimes, people start a pet care business because they love animals.
  • Continuing-education: One of the ways to start a dog care business in Nevada and make it successful is by identifying opportunities for education like attending pet workshops and training. You can also opt for certification courses like the ones offered by the Professional Animal Care Certification Council (PACCC).
  • Choosing Services: It is important to identify which specific service you will be offering whether Vet services or multiple services which includes vet services and a pet care store.
  • Marketing Plan: A strong marketing plan is integral to any pet care business plan as it outlines the various platforms and vehicles used for marketing including offline and online platforms. A marketing plan will also include creating a budget used exclusively for marketing or promotional activities.
  • Gauge your Competition: When you start a pet care business in Las Vegas, you will have to face competition. It helps in gauging your competition in advance so that you can offer something different, something better than what your competitors are offering. You will also need to highlight your Unique Selling Point (USP).
  • Financial Plan: A financial plan is probably one of the toughest to create and the most essential part of any pet care business plan as without a solid financial plan, your business might not achieve sustainability. You need to clearly lay emphasis on various expenditures as you expect along with a plan of how revenue would be generated. You can also create your own or download a “start-up cost checklist” to help you prepare the plan.

Choose a location to start your pet care business

If you want to start a dog care business in Nevada then location is important. The location of your business should also complement your business objectives or goals. Let us look at an example: If you are planning to offer dog boarding or grooming services then you need to have enough space for dogs and their owners, their equipment, as well as adequate parking space out in the front. In reality, a dog training facility will require a much bigger space with a lot of green areas. Once you have scouted your location, you will need to form your new business and simultaneously apply for pet care business insurance while making inquiries with the city hall regarding zoning regulations and restrictions if any.

Choose a name

Once you are ready to turn your pet care business ideas into reality, it is time to identify an appropriate business name. While identifying a business name, you need to check the “Restricted Word List” as highlighted by the office of the Nevada Secretary of State. You will have to ensure the name is compliant with all requirements as mentioned in Nevada Statutes & Regulations. Once you have checked for name availability, the next step is to reserve or register the name of your business with the Nevada SOS. You will have to identify and reserve a business name before you start a dog care business in Nevada.

Choose a business structure and form your business in Nevada

Once you have decided to start a pet care business in Las Vegas, it is important to choose the right business structure. There are several types of business structures you can choose from in the state of Nevada like Business Corporation, limited-liability Company, general partnership, sole proprietorship, and limited partnership among others. Different types of businesses have different structures, tax benefits, application and formation processes, and advantages. Whatever business structure you choose, IncParadise can help you with the process of registration. We are an expert incorporation specialist and can help you bring your pet care business ideas to life!

Open a bank account

When you start a pet care business in Las Vegas, one of your first important tasks to undertake is opening a business bank account. Most often than not, business owners opt to have a separate business account to ensure their business and personal accounts are not mixed. This is helpful from a purely financial perspective as it will be easier to maintain your books and file taxes. You can choose the same bank for both accounts or different banks. There are several reasons why dog care businesses in Nevada choose a business bank account and they are:

  • It will ensure accurate bookkeeping
  • It will reflect the image of a serious business person and not an hobbyist
  • If you plan to incorporate your pet care business ideas then it is mandatory to maintain a separate business bank account as per IRS
  • The account will be helpful if your business has a point of sale system (POS) or accepts credit card transactions

Review your budget and financing

Budget and financing is integral to any pet care business plan as it will help you in identifying the immediate financial requirements and also your financial limitations or constraints if any. It is not easy to start a dog care business in Nevada unless you have identified all possible expenses and how you will manage the expenses if it exceeds your budget. Hence, it is important to ask yourself the following questions:

  • Depending on the type of dog care business, do you think you have the finances required to start basic operations?
  • Are you open to the idea of taking out a loan if you exceed your budget on expenses?
  • Have you considered the pet care business insurance and licensing costs?
  • Do you have a partner or will you be shouldering the entire financing of the startup upfront?
  • Are you planning to build in a vacant space or you will be negotiating a lease?

The above questions will provide you with an approximation of the start-up capital required.

Obtain necessary licenses and permits

The Animal Control services in Nevada are responsible for regulation of pet grooming parlors, pet shops, and any other animal or pet related businesses. If you start a pet care business in Las Vegas then you will be required to apply for a business license in accordance with the Las Vegas, Nevada Code of Ordinances. For example: if you start a commercial kennel then it has to be a licensed establishment according to Ord. 3618 § 20, 1991 and on the other hand, if your pet care business ideas deals with professional animal handler services then you will require a permit for the same as per Ord. 3618 § 40, 1991. Apart from these, any new business being formed in the state has to apply for a state business license with the office of the Nevada Secretary of State (SOS).

It is important to know that business licenses will have to be renewed annually. If you start a pet care business in Nevada you may require single or multiple business licenses. Our Business License Check service can assist you with identifying any specific business licenses that your business may require.

Know about the taxes

The Internal Revenue Service is responsible for taxation of new and existing businesses. The different taxes that are charged by IRS are:

  • Income Tax
  • Self-Employment Tax
  • Estimated Taxes
  • Excise Tax
  • Employment Tax

If you are planning to start a dog care business in Nevada then it is important to check with the IRS what taxes you may be required to file. It is important to understand that the type of business structure will also determine the tax structure.

Obtain insurance

Pet care business insurance is an integral part of any type of pet care services or business. When you are dealing with pets including dogs, they are practically in your care and accidents can happen. If you invest in good pet care insurance then it will help you to safeguard your business. It is important to know that the type of insurance you need to obtain will vary according to the type of pet care business. For example: if you start a dog care business in Nevada that is focused on pet grooming services then a general liability and business income protection insurance will be beneficial in the long run.

Get pet supplies

Whether you are focusing on a pet shop in Las Vegas or a dog grooming center, purchasing pet supplies can be useful. Normally, pet stores keep pet supplies but in reality any type of pet care business can offer them or retail them. If you start a dog care business in Nevada, it is essential to source dog or cat supplies from only an affordable and reputable wholesale supplier. Apart from internet research, you can check with local pet breeders and local pet shop owners for supplier recommendations. You can also find information by attending pet industry trade shows and other related events.

Promote your business

When you start a pet care business in Las Vegas there are several components that will make your business successful and one of them is promoting your business. You can generate revenue only when prospective pet owners and the intended target audience within the geographical area you are serving know about your business. You may have one of the best pet care business ideas but without proper promotion, you will not be able to establish a customer base or maximize the potential for earning. Some of the areas that will assist with proper promotion include:

  • Creating a website and detailing all that you offer including an online store if required
  • Maximizing the use of various Social Media platforms to reach out to the customer base
  • Encouraging referrals from friends, family, and previous clients
  • Listing your business with local associations like the Southern Nevada Association of Professional Pet Care Services (SNAPP)
  • Listing your business in all types of local Nevada pet business directories
  • Following traditional marketing routes like newsletters, mailers etc
  • Attending local pet related trade shows, events, and workshops

How can IncParadise help you?

The scope of the pet care business in Las Vegas is tremendous as the number of pet owners have increased exponentially and so has their requirement for specialized pet services. The first step is to start a pet care business in Las Vegas and the process may seem very detailed and painstakingly long. IncParadise, as one of the reputed registered agents in the state that can assist you with the process of pet care business formation or incorporation.

We at IncParadise have the experience of helping with registration of small businesses right from LLC to C and S corporations. We also believe that each business has unique requirements and hence we provide a range of additional services that you can choose from including filing of annual reports or lists, application for business license, and obtaining a state license among others.

Ready to start a pet care business Nevada?

Starting a clothing retail store business in Las Vegas, Nevada

Date: | Category: | Author: developers

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?