Starting a Business in Vegas

April 7, 2018

An invigorated workforce, affordable costs of doing business, and a collaborative atmosphere all contribute to Vegas’ status as one of the best cities to live and start a business. More and more business owners are opting to either start their businesses in Vegas or move their operations to Vegas – and it’s not hard to see why.

According to the Downtown Project team, their goal is to “build the most community-focused large city in the world by inspiring and empowering people to follow their passions to create a vibrant, connected urban core.”

Examples of Thriving Vegas Businesses

Zappos

Zappos began in San Francisco, CA, but moved to Las Vegas in 2013. CEO Tony Hsieh was attracted to the customer service-oriented Las Vegas workforce and the significantly lower cost of doing business. Now, Zappos is helping to transform the Downtown area into an inspiring, collaborative community.

PR Plus

What began as a PR firm operating out of a garage has grown into a reputable company with clients including Pawn Stars, the Grammys, and The Cupcakery. With such a large client base and an opportunity-rich market, the company has found plenty of success and is now based in a premium office near the Strip (for which they pay about $0.99 per square foot).

The Cupcakery

Pamela Jenkins, owner of The Cupcakery, saw a gap in the growing Vegas market, capitalized on that gap, and found major success. She noticed a lack of true mom-and-pop shops in the Vegas area and opened a cupcake shop that quickly earned a cult following in the city. Jenkins took advantage of the low business costs and an enthusiastic customer base to build her brand.

The Advantages of Starting a Business in Las Vegas

Many people are turning to Vegas to start their business, for reasons such as:

• Lower (and nonexistent) taxes. Since the city relies heavily on gaming tax, Vegas business owners don’t have to pay personal or corporate income tax, estate tax, or unitary tax.
• Free services for non-gaming operations like business plan development and assistance getting licensed and establishing your business.
• Cheap rent. After the recession hit Vegas, rent for commercial spaces drastically dipped. Now, business owners can find spaces for as cheap at $1 per square foot.
• Constant inspiration. The growing job market and creative atmosphere makes Vegas a constant source of creative inspiration. An increasing number of young, motivated entrepreneurs are flocking to the city, adding to the already infectious energy.

How to Start a Business in Las Vegas

So you’re convinced that Vegas in your company’s new home. What’s next?

• Choose a name that resonates with your target market. You may have an advantage when it comes to naming your business, especially if your market is untapped. Have fun with this and make sure your business name and branding reflects the Vegas culture.
• Take your time choosing your business location. This applies to both storefronts and offices. There are many options, so don’t be afraid to be picky. For the most bang for your buck, explore downtown Las Vegas, where companies like Zappos have found success.  Find your location early to establish a business address.
• Decide which type of entity you want to form. Whether your business will be a sole proprietorship, an LLC, or a corporation, these details need to be nailed down so that you can be fully prepared when you apply for your business license.
• Register with the Nevada Department of Taxation so you’re fully prepared when you apply for your state license.
• Once you’ve completed the above steps, you can apply for a city business license. Depending on where your business is located, you may have to go through the City of Henderson Licensing Bureau, the City of North Las Vegas, or Boulder City.

Tips for Success

Don’t be afraid to push boundaries.

The Las Vegas business culture is one born from innovation. If you have a big idea or want to shake up the way things are typically done in your industry, go for it!

Take advantage of the atmosphere.

One of the biggest draws for most companies looking to move to (or start in) Vegas is the inspiring atmosphere. The booming job market and growing economy are cultivating an energy that is sure to spark inspiration.

Collaborate.

This city is full of world-class talent. Connect with others who you can help and who can help you.

Starting a business in Vegas comes with a multitude of perks – some obvious, some pleasantly surprising. Lower taxes and cheaper rent contribute to the significantly lower costs of doing business. From a motivated workforce to an entire community dedicated to the growth of the Vegas economy, your business is sure to be well-supported in its quest for success.