In December of 2013, the Small Business & Entrepreneurship Council ranked Nevada as the second-most friendly policy environment for small businesses. The council takes into consideration policy measures and costs; this is the second year in a row that Nevada has been granted “silver” status.
Nevada also came in third place in a Forbes.com poll on Best Places to Do Business. Why is Nevada topping the charts for small business owners? Simply, there is less taxes and less regulation. Unlike other states, Nevada is not expecting small business owners to carry the onus of overspending; they have responsible budgets that are followed closely.
According to the Small Business Association (www.sba.gov), the state of Nevada had 45,000 small employers (less than 500 employees); 2,076 large employers (more than 500 employees); and 177,181 non-employers. (http://www.sba.gov/sites/default/files/allprofiles12.pdf). Most of Nevada’s small businesses are very small, as 78.9 per cent do not have any employees.
What does this mean for you? If you are thinking of running your own business, it is not necessary to hire employees and become “large” all at once. A successful small business starts small; think about what you’re talented at. Do you love working with your hands? Do you have a trades license? Do you love being around kids? Even if your small business starts out as a hobby, it is always a good feeling to build something with your own two hands; your time and investment will result in something that gives people joy, or a useful service or product. The sky is the limit!
What are the benefits of running a small business?
Be your own boss
One of the biggest and most enticing benefits of running a small business is the fact that you are your own boss. If you think that something within the company should be done differently, you do not have to go to “management” to make changes – you are the boss. You are the driving force behind the company.
Better chance for profit
Being self-employed can be scary, but if you have a good idea and the smarts to follow through, you can go a long way. Instead of having to share a profit with others, or being paid only depending on how many hours you’ve put in, you can participate in your company’s success directly. If you have landed a large contract, you get the benefit – not someone else. Your hard work directly pays off.
Create your own hours, vacation time
How many times have you requested time off and been denied? How often have you run out of vacation time because of sick leave? When you run your own small business, you do not have to worry about getting approval for time off. If necessary, you can even run errands or complete necessary tasks during the day all via your phone or e-mail; it’s your business!
If you are thinking of starting your own business, or if you are looking to move your small business, Nevada is one of the best places to be!