You may be wondering what type of business to set up in Las Vegas. After
all, the city has built its reputation as a gambling center for the US and
maybe even for the world. So what type of business should you set up that
would flourish in the city?
One reason to do business in Las Vegas is because the city government
offers tax breaks since nearby California already poses as a direct
competitor. Given California’s reputation as the showbiz capital of the
world, Las Vegas has its work cut out to show that there is more to it
than just gambling. Taxes which could be charged in other places such as
estate tax, unitary tax, gift tax, inheritance tax, franchise tax for
income, personal income tax, and corporate income tax are absent in Las
Vegas. There are some taxes that Las Vegas charges such as property tax
and sales tax but these are at around the same level as other states.
Another reason to set up shop in Las Vegas is because real estate prices
are equally competitive meaning small to medium sized businesses would be
able to watch their bottom line and reap profits at the same time. This
drop in real estate prices could be due to the ongoing recession which has
lowered property prices significantly. You may also find that landlords
are willing to bend over backward just to accommodate potential tenants.
If you opt to relocate your business to Las Vegas, you may also be
pleasantly surprised that there is also a skilled work force to tap in the
city. In addition, a small business owner can rely on free services from
the Nevada Small Business Development Center at the University of Nevada
for setting up a business in Las Vegas. The city wants to encourage
diversification of businesses so new business owners can expect much
support via this business development program.
Before you relocate to Las Vegas, it is important to find the correct
location for your business. Look for a place where potential demand is
high, especially if you are selling something that is new and untested.
Look for a location where there are many other businesses whose employees
could be potential customers for your own business. In turn, select a
business that could serve those people well.
The advantage of choosing the right location is that you need not spend so
much on advertising, because people will spread word about your business
via word of mouth. Also, if your location has heavy foot traffic, you will
probably get a lot of walk-in customers that way.
Since the workforce is quite talented and skilled, that means less cost in
training for a small business owner. In addition, the lack of income tax
means that you can afford to pay less for your workforce and they would
still stay because they can survive and thrive on the wages that you pay
them. This makes the state more competitive compared to other states.