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For many Americans, the thought of owning your own business is synonymous with the American Dream. For those who have made the plunge into the world of business ownership and self-employment, you know that it is a process to ensure that your business is going to succeed. And for those who are still standing on the sideline, contemplating the logistics of starting a new business, you are probably wondering how to start a business in Nevada. Lucky for you, the experts at Silver Shield Services are here to help you through the process. Before you can start your business, there are a few things that you need to consider and do. We’ve compiled a list to help you through the process.

Check your level of motivation and readiness to become a business owner.

  • Are you starting a business for the right reasons?
  • Do you have what it takes to be a business leader?
  • Are you passionate about what you want to do?
  • Are you willing to work long hours? What about weekends?

How unique/feasible is your business idea?

  • How unique is your business idea?
  • What makes your business idea stand out from all the others?
  • What is going to make your business successful?

Create a business plan and do market research.

  • Many businesses fail to recognize the importance and value of a well-designed business plan. Therefore, many businesses do not succeed.
  • A good business plan will show that you have considered every possible aspect of your business, and are ready to face the challenges that come with owning your own business.
  • Developing a business plan showcases your management skills.
  • A good business plan will help to demonstrate to potential investors that you know what you are talking about when it comes to your business.

Selecting a business entity.

  • It is recommended that when selecting the right entity for your business, you consult with an accountant or an attorney to ensure that you are selecting the entity that will be the most beneficial for you and your business. Select an entity that will protect you and your investments.  A breakdown of the differences between a C-Corporation, S-Corporation or LLC can be found here:

Determining the right location for your business.

  • One of the most important decisions you’ll need to make as an emerging business owner is the location of your business. High-visibility and high-traffic locations come with a higher price tag for rent. How important is it that your business is highly visible from the street?  Why incorporate in Wyoming?  Why incorporate in Nevada?

Get financing lined up.

  • Figure out what the total startup/acquisition costs are going to be for your business. How much are you going to need for initial rent, inventory, and payroll? Get your financing lined up so that you can afford to start a business and open your doors.

Learn about specific licensing and permits.

  • Each county has different requirements for obtaining a business license and permits to operate. Find out the specifics that you’ll need to comply with in order to operate your business.

Marketing plan.

  • Now that you have everything lined up to start your business, it is important to decide how you are going to start advertising for your new business, and plan the grand opening. Marketing plans should be lined out in your business plan so that you know how you are going to go about advertising your business. You should also calculate how much funding has been allocated towards advertising.

Prepare for opening.

  • Now that you are in the final stages of preparing to open your new Nevada business, it is time to purchase inventory to stock your business for the grand opening, and prepare whatever else you may need.
  • Hire staff to run your business. Consider what positions key personnel will hold, and what qualifications employees will need that are unique to your business.

If you think that you are prepared to open a new Nevada business, or still have questions as to how to start a business in Nevada, contact Silver Shield Services. At Silver Shield Services, we have been helping new businesses get started off on the right foot in Nevada. Contact us today to see how we can help you get your new business started and on the path to success!