To Start a Business in Nevada, follow these steps:
Step 1: Choose the Right Business Idea
The first step toward business ownership is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals, and your natural abilities. This will help you stay motivated when the going gets tough and will greatly improve your odds of success. Need inspiration? Here were the most popular ideas among our Nevada visitors in 2017:
Find the Right Business Idea for You
Our free Business Ideas Generator will help you identify great businesses that match your interests and lifestyle.
Step 2: Plan Your Business
Successful businesses are built through careful planning. Before committing a significant amount of money and other resources toward your business, critically analyze your idea and create a game plan. At a minimum, you should have good answers to the following questions.
Naming a Business is one of the most important and challegning steps in getting started. You'll want to choose brand name that follow Nevada naming rules, resonates with your customers, and is available in Nevada and as a URL.
What problem does your business solve? What will set your product or service apart from the competition?
Sales & Marketing
Who are your potential customers? How will you get their attention and convert them into buyers?
People and Partnerships
What roles will you need to hire and what professional relationships will you need to form in order to succeed?
How many clients or sales will you need in order to break even? How much money will it take to get there, and where will you get the funding?
- Create a robust business plan to help navigate the early years of your business. To use this free tool sign up for the Business Center.
- Need Help? Find organizations in your local area that can assist you with planning.
- If you’re a solo-entrepreneur, setting up a virtual office can add credibility to your business by having a business address on Google search, protect your personal privacy, and provide you with a business phone line and a live receptionist to answer your calls. Save $200 on a virtual office today.
- If you’re a woman in business, find funding, tools and resources with this great new series Women in Business.
Step 3: Form Your Business
Registering your Nevada company as a legal business entity, such as an LLC or a Corporation, has two major advantages:
- Increased credibility
- Protection from personal liability in the event your business is sued
For most small businesses, registering an LLC is a great option. In comparison to other business entities, LLCs are easier to set up and manage and they have favorable tax treatment. You can set up an LLC in Nevada for as little as $75.
Form an LLC in Nevada
If you choose not to register your company as a business entity, you will be held personally responsible for the debts and liabilities of your business. In addition, unregistered business owners may need to file a Trade Name, also known as a "DBA." Find out if your business is required to file a DBA.
Secure Your Domain
We recommend that you check online to see if your business name is available as a web domain. Even if you don't plan to create a business website today, you may want to buy the URL in order to prevent others from acquiring it
Not sure what to name your business? Check out our Business Name Generator.
Step 4: Register for Taxes
With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can't hire employees or open a business bank account.
You should also be aware of important nevada taxes that may apply to your business:
- If you are selling a physical product, you’ll typically need to register for Nevada Sales Tax.
- If you hire employees, you will have to register for Unemployment Insurance Tax and and the Nevada Modified Business Tax
Step 5: Create Business Banking and Credit Accounts
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.
You can protect your business with these two steps:
1. Opening a business bank account:
- Separates your personal assets from your company's assets, which is necessary for personal asset protection.
- Makes accounting and tax filing easier.
Recommended: You can get $300 when you open a Chase Total Business Checking® account with qualifying activities. Learn More.
2. Getting a business credit card:
- Helps you separate personal and business expenses.
- Builds your company's credit history, which can be useful to raise capital later on.
Step 6: Set Up Accounting
An accounting system helps you track the performance of your business and simplifies annual tax filings. Quality accounting software lets you download your bank and credit card transactions, making accounting fast and easy. Learn more about the importance of accounting and how to get started with accounting today.
Recommended: QuickBooks has all the accounting features your small business will need.
Step 7: Obtain Permits and Licenses
To operate your new business legally, you will need to comply with federal, state, and local government regulations. In many cases, this involves obtaining one or more business permits and/or licenses. For example, a restaurant will likely need health permits, building permits, signage permits, etc.
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Step 8: Get Insured
Business insurance helps you manage risks and focus on growing your business. The most common types of business insurance you should consider are:
We recommend that all small businesses, including home based businesses, purchase a general liability policy. Businesses selling professional advice or services, such as consulting and accounting firms, should also consider a professional liability policy. In Nevada, businesses with one or more employees, including LLC members and corporate officers, are required by law to have workers compensation insurance.
Our recommended insurance provider can set you up with an insurance policy that is right for your business
Step 9: Define Your Brand
The strongest and most memorable businesses are built on a solid brand.
When developing your brand, think about what your business stands for. What are the core values that drive your business? Customers and clients are looking for companies that have a compelling brand, as much as they are shopping for high-quality products and services.
Your business name is the cornerstone of good branding and a successful business. To learn more about creating the best name for your business, read our How to Name a Business guide.
Step 10: Establish a Web Presence
A professional website is critical to the long-term success of your business, regardless of what industry you are in. A website allows potential customers to find your business online and discover the products or services you offer, and it also enhances your business’s credibility.
In addition to a website, you should also consider other avenues for promoting your business online:
- Setting up social media profiles (Facebook, Twitter, etc)
- Creating accounts on review sites (Yelp, Google Reviews, etc)
- Registering for a local Google profile
Nevada Formation Guides
- Cost to Form an LLC in Nevada
- How to File LLC Articles of Organization in Nevada
- Nevada LLC Operating Agreement
- Nevada LLC Name Search
- How to Choose a Registered Agent in Nevada
- How to Dissolve an LLC in Nevada
- Nevada LLC Annual Report
Elko SBDC Service Center
Here are the Principle Service Areas:
- Business Planning
Offers Free Service
The greatest strength of the SBDC is their free, confidential, 1-on-1 business mentoring for anyone who seeks it. Sometimes in order to be considered for mentoring from one of their professional business advisors, you may have to attend a class/workshop or at least present your business plan. SBDC's are located all throughout the state and you should use the SBDC closest to your location if possible, but you can often transfer to a different location if they do not fit your needs.
See more business resources in Elko
Here are the Principle Service Areas:
Offers Free Service
StartUp NV is a state-wide business incubator that provides mentorship, education, and connection to other business resources for entrepreneurs in Nevada. With locations in Reno, Las Vegas and 8 other virtual offices for rural areas, small business owners can pitch their ideas or submit questions through the StartUP NV website to get a free upfront consultation from them. They have partnered with a lot of community organizations with expertise in a variety of subjects (finance, marketing, legal, human resources) that are willing to provide mentorship at a discounted rate.
See more business resources in Las Vegas
Here are the Principle Service Areas:
Located in downtown Carson City, Adams Hub is a business incubator that offers startups, entrepreneurs, and freelancers a collaborative space with coworking and mentoring. Adams Hub offers 3 programs — coworking space membership, virtual 24/7 incubator, and private office incubator program. A coworking membership includes 2 free sessions of mentoring/counseling. A private office incubator membership gives entrepreneurs access to a team of mentors via SBDC, in addition to conference room usage, private office space, and other perks. The virtual incubator membership is a simpler version of the private office incubator, minus the physical space. Members can attend their monthly events like motivation yoga, lunchbox learning session, and roundtable conversations.