Nevada makes it easy to buy, sell and operate a business. So much so, that giant companies like Tesla, Panasonic, Switch, Apple and Rackspace have taken up residence in the battle born state. More than 100 other companies have made the move to Nevada and generated 50,000 new jobs in the state. This kind of business climate makes it a great time to move a business to, or buy business, in Nevada.
The Nevada economy is growing quickly, but how are we able to achieve this growth and support this kind of influx of businesses? The Nevada government supports business ownership and operation. They have created a low-tax and pro-business environment that encourages businesses rather than depending on them. The government does not collect personal, corporate, franchise, estate, inheritance, or inventory tax. Through pro-business incentives like this, Nevada has become the #3 most business-friendly tax climate and the top alternative tech startup state.
All the incentives in the world do not negate how hard it is to start a business and make it profitable and successful. Finding capital investment is difficult in a sea of competing ideas. It takes most businesses years before they turn a profit and it is becoming more and more financially difficult to fund a business venture on your own. So, how do you take advantage of Nevada’s growing and supportive business environment? You buy a business.
Buying an existing business negates and minimizes the risk involved with investing so much of your time, effort and money. One of the benefits of purchasing a business is that you have the ability to observe how the business has been run and decide if it is a solid financial decision before you go all in. Buying a business lets others take the start-up risk, weeds out poor ideas that do not develop into cash flow, and ensures that you make a better investment decision.
More people should take advantage of Nevada’s business climate, and while the thought of making money off a unique idea is alluring, it can be risky. Consider making other people’s successful ideas even better, with the addition of your own concepts, by buying an existing business.
If you currently own a Nevada based business, you are a part of the Nevada family, making the state even better and taking advantage of incentives that few business owners get in the United States. An important element of business ownership is keeping in mind when it is time to pass the torch and sell your business. Selling can be a complicated process and an opportunity to lose what you have spent so much time building. Selling when business is good, identifying why you are selling, and preparing business documents and staff will ensure you leave a legacy behind at your business and get the most out of what you have built. The idea of selling may be in the distant future but preparing for it is always a good idea no matter where you operate.
If you are not based in Nevada and own a business, why not move here and take advantage of low taxes and the huge potential for growth that so many companies have seen here? The Reno-Tahoe region is ranked one of the best places to live and do business. Nevada is leading in industries like clean energy and drone technology. Nevada is also home to the University of Nevada, Reno, a Tier 1 university that generates brand new ideas and brings brilliant minds to the state that will join the workforce. Nevada has created an environment that lets both businesses and individuals thrive.
There is so much to think about when considering a business venture. Start-up, day-to-day operations, considering where you should base your business, and considering when it is time to prepare and sell your business are only a few. Nevada just makes it a little easier to manage it all and make it a success.