Las Vegas exudes a vibrant and luxurious lifestyle and vibe. This reason alone is enough to invite budding entrepreneurs to start their journey here making it the state with the 2nd-highest rate of new business owners in the country.
However, without the proper know-how, determination, and will-power, many give up too early. Worry not, because here is a step-by-step guide you can follow for starting your business venture in Las Vegas.
1. Think of a business idea.
Every business starts with an idea. However, your business idea should be aligned with your interest, personal goals, and abilities. This will give you the determination to keep going through your journey.
2. Plan your business.
Careful planning is essential for a business to succeed. Your business plan should cover the areas regarding the business name, products and services, marketing and promotion, people and partnerships, financial planning, and goals for your business.
3. Form your business.
For most startups, registering as an LLC is the smartest way to go. Compared to other business structures, LLC is more comfortable setting up, managing, and having favorable tax treatment. For instance, the Las Vegas LLC cost is $75 for Articles of Organization that can be filed online or via paper with the Nevada Secretary of State.
4. Tax registration.
The EIN (Employer Identification Number) is used to identify a business in its federal tax filings. With the absence of the EIN, you will not be able to open bank accounts nor hire employees for your business.
5. Bank and credit accounts.
When starting a business, you should have a dedicated business banking and credit accounts. A mixed personal and business account often poses risks in the event your business is sued.
6. Create an accounting system.
To keep track of your business’s financial performance and help simplify tax filings, you need to create an accounting system. There is accounting software that you can use to download your bank and credit card transactions which will make accounting fast and easy.
7. Apply for permits and licenses.
To fully legitimize your business before you can operate, compliance with federal, state, and local government regulations is necessary. This means obtaining one or more business permits and/or licenses which often include building permits, signage permits, etc., depending on the type of business you will run.
8. Get insurance.
For you to be able to focus on your business without worrying much about risks, it is advisable to have insurance. The standard types of insurance for businesses include General Liability, Workers Compensation, and Professional Liability insurance.
9. Promote your business.
To promote your business, you need to start by establishing a strong brand. Once you have finalized your brand, promotions for your business can be done in conventional marketing or a more trendy way through social media.
Following this simple guide will give you a more constructive idea of what to do and how to start your dream business venture. Now that you have sufficient know-how on starting a business venture, you are a step closer to achieving your goals.