The 7th most extensive, the 34th most populous, but the 9th least densely populated of the U.S. states, Nevada is officially known as the "Silver State" because of the importance of silver to its history and economy.
Starting a business here would be a great choice for many reasons. Nevada is definitely a state that is situated among the first half of the US states from an economic point of view.
Top industries in Nevada include:
· Cattle ranching
· Printing and publishing
· Food processing
Questions to ask yourself before starting a business:
1. Why do I want to start a business?
2. What kind of business do I want to start?
3. How will my skills help the process of running a business?
4. What is the financial goal I am seeking to achieve?
5. What sacrifices do I have to make for this business to be established?
Choose the right idea
When deciding on what business you would like to own, you need to consider your skills and passions. Owning a company that keeps you motivated and very engaged can provide you with a great income in no-time. Try to fill a market need and brings something extra in order to clearly contrast your competitors.
Choosing an idea is only the beginning. Having a great name that perfectly reflects your company’s values, products or services is essential. Something funny or catchy is always easy to remember and that is the whole point.
Research, research research
This may be the most important steps of starting a business. Knowing the marketplace and filling a real need is vital for your business’s success and development. The easiest way to grow and attract prospects is to know everything there is to know about your competitors. Being a step ahead is a must. As technology has a huge impact and changes many – sometimes unexpectedly – aspects of running a business, every business owner or future owner should be up-to-date with technology.
Also doing research regarding the steps of starting a company – which most of the time can be quite tedious and energy consuming – will definitely simplify the process, as you will know what to expect and it could ultimately save you a lot of time.
Advertising & Marketing
According to the SBA (Small Business Administration) advertising is a key element when it comes to a business’s development path. You’ll even find this on their website: "Advertising, if done correctly, can do wonders for your product sales, and you know what that means: more revenue and more success for your business."
Investing in the right marketing tools and ditching traditional advertising methods could be game-changing for your business. The most efficient and effective methods are – luckily for entrepreneurs – free or come at a very small price. Using Social Media and hiring an expert at least in the first few months of operations could be vital.
· Create and maintain your brand’s identity
· Inform prospective customers about your services and products
· Occasionally remind them about different bonuses and offers
· Properly promote your company to future prospects and even investors
· Always try to attract new customer by widening your target audience
· Understand your target market and use marketing methods suitable for them
· Attend industry conventions and offer products at different fairs
· Figure out if online or offline marketing suits your business model
· Create a strong online presence
Pick a business structure
The business entity that you pick will ultimately define the ownership type and the owner/s’ responsibilities, each structure having different advantages. It all depends on what you want. Consulting a tax practitioner – which can be either an accountant, attorney, enrolled agent etc. – may be the best idea if you are a first-time owner or have little knowledge about taxes and business-related procedures.
These are the most commonly used business structures:
The simplest and most common form of business, the sole proprietorship is a company owned and operated by a single person. The earnings are reported on the individual’s income tax return. Owners usually make estimated tax payments, because the income taxes are not automatically withdrawn from their business income.
This type of business is owned by at least two individuals who each contribute money, property, labor or skills. A partnership is not a taxable entity, which means that each partner has to report the earnings – similarly to sole proprietorships.
A legal entity created under state or federal law with an existence separate and apart from its members or stakeholders, a corporation reports business income on a corporate income tax return and may need to file estimated tax payments. Additionally, corporations also have reporting and registration obligations to the Secretary of State.
S Corporations are not usually taxable entities, shareholder including their share of income (or loss) on their personal income tax return – as partnerships and sole proprietorships.
Limited Liability Company – LLC
This type of entity is a business typically owned by one or more individuals. It has combined aspects of partnerships and corporations. LLCs must register with the Secretary of State.
Create a business bank account
Separating your personal bank account from your business account will help you easily keep track of your funds. This way you will be able to simplify accounting and also look more professional and credible in front of your future customers. Having a business bank account is especially important if you choose to own a corporation or an LLC because it will help you protect your business’ corporate veil.
Why do many businesses fail?
Last but not least, let’s find out a few details about why many companies don’t succeed in today’s market.
A lot of startups and small businesses fail these days because the owners underestimate the importance of a well-built business plan. The plan should serve as a guide throughout the business forming process as well as for the ongoing growth and development process.
Another important reason when it comes to business failure is the fact that not enough research is done. Knowing from the start the kind of investment that you’ll be facing is highly important. A lot of time and money will be required until you can call yourself a very successful owner. But patience, time, ambition and dedication will definitely help you get much closer to that dream.