10 Simple Steps
You might be thinking if it’s all just chance and nothing really guarantees success, isn’t going into business a lot like playing the roulette table? Sort of, yeah. But, that being said, there’s one thing above all that increases your odds and that’s professional business planning. First and foremost, it structures your approach, gets financial forecasts in line, nails your pitch and optimizes your executive summary. Kick things off the right way.
Take Action: Seize upon our free and easy email-based Business Planning Course designed to get you from A-to-Z as pleasantly as possible. Plus, we provide tons of other great tools along the way.
This step needs serious consideration. Which legal entity suits your brand the most RELATIVE to Nevada taxation laws in Step 3? Corporations and LLCs are very popular for an assortment of reasons, but you may think otherwise. Once you choose though, you can incorporate and in the process secure your official brand name by filing/registering it with the state.
Take Action: As this part of starting a business can be rather sensitive, we’ve developed quick-guides for the most popular entities if you want to skip over to those.
Oh boy, here we go. Few states are mentioned more than Nevada in terms of building new brands in terms of tax/privacy-friendly areas. But there are some complexities and nuances you wouldn’t expect unless you happen to be a trained tax professional. Are there tons of upsides? Absolutely! But there’s fine print as well. To get an idea, check out this article from Stephen Fisherman on saving money by incorporating in Nevada.
Take Action: Bookmark the Nevada Dept. of Taxation because the website will come in handy BIG TIME if you’re doing this without the help of professionals or an incorporation provider.
Your business will need to get licensed and obtain a retail sales permit if applicable (keep in mind the U.S. Government owns nearly 90% of Nevada land). And yes, you can apply online or order the forms be sent to your home using the website linked below. If you aren’t opening a restaurant or a casino or something, it should be very easy to navigate their regulatory environment.
This is the easiest part. Simply find a great Nevada banking institution and set up shop. Make sure to do a little homework though because there’s lots of competition. Who has the best features and kickbacks to help boost financials? Who gives the best incentives?
Of course there’s Vegas and the astounding nightlife, but beyond that you’ve got wonderful areas around Battle Mountain to the north, Reno and Carson City next to the green hills of California, with Phoenix and Salt Lake City not too far away. Over the last decade many wonderful areas have opened up and expanded throughout the state to cater to such business growth and expansion. Dig in and don’t be shy!
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
Well, there’s always gambling, right? Why not? When it comes to funding your dreams, nothing should be off the table. As long as it’s legal and wont ruin any of your personal/professional relationships…the sky’s the limit. To say you have plenty of access in Nevada would be an understatement of the century though, honestly. All that matters is how much you’re willing to leverage.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like Lake Tahoe and hiking boots. You can also browse our guide on How to Finance a Business to start generating ideas.
No one’s saying your site needs to be as well-designed as Stratosphere Tower or have as much eye-candy as The Strip, but to be taken seriously your brand needs a digital presence. Maybe all you require is a responsive one-pager, or landing page, or maybe a sleek ecommerce theme, which are much easier and less expensive to design these days.
Take Action: If you could use some help in this department the first step is finding the right platform, which thankfully there aren’t too many yet. Head on over to this easy Business Website Builder Guide to get a head start.
Both online and in-the-flesh, it’s fun marketing products and services in Nevada because the culture’s so start-friendly. Your only real challenge is establishing real connections with your niche. Just look at the way Casino’s use incentives to get people in the door and partaking in the food, drink, and entertainments.
Take Action: Along with your core offering, what types of incentives are in place to do business with you instead of your competitors? Remember, this has tons to do with your brand story, where you came from and where you’re going.
Now don’t forget about Startup Savant when you become a big shot. As the saying goes, “Success makes for a stale ending.” It’s the journey towards success that has all the bread and butter. To stay on top of your game and motivated, we’ve got a steady stream of useful insight from fellow change-makers and universe-gamblers we like to call ambitious creatives.
Take Action: Tap into our weekly newsletter filled with tips, tricks, lessons, and inspiring stories directly from ambitious professionals like you.
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