The time has finally come. You’ve summoned your inner entrepreneur. You’ve “stuck it to the man” like you’ve been telling your spouse and/or best friend you would for the past few years. You’re ready get rolling down the path of starting your own business, and … you feel completely lost.
Fear not! Many have walked this road before, and while it may seem daunting … even impossible at times, you can conquer the struggles of starting your entity in Nevada. Here’s how.
“Fail to plan and plan to fail.” Yes, it may sound cliché, but this statement rings especially true when considering starting an entity in Nevada. From the initial stages of conceptual design to physically writing your business plan, planning is an absolute necessity to starting your business. Unfortunately, there’s no room for that “sway with the wind and follow my heart” mumbo-jumbo here. You can follow your heart wherever it goes, just have a plan when you do so.
After creating your business plan the time comes to register your business with the state. Visiting the Nevada Silver Flume website (a government website for starting new businesses) will prompt you along a series of different questions, such as what type of business you are starting, your business name, a description of your new entity in Nevada and more.
Your new (hopefully soon to be Fortune 500) company is registered, and it’s time to get cracking on the fun stuff: federal and state licenses and registrations. Again, check with the Nevada Secretary of State website for information on which licenses you will need to operate your business legally. Failing to research exactly which documentation you will need can cost you a lot of money in the future, so doing it right the first time is imperative. Researching business practices and state laws are also important during this time, so don’t forget about those either.
Once you’ve officially registered and licensed your business, let the financing begin. No stage is more important than the other when starting an entity in Nevada; however, this must be done correctly and effectively. From choosing an accountant (such as VAST) or establishing company operating plans and bank accounts, how you handle the financial side of starting your business may determine how it ends as well. Set yourself up for success and consult a professional.
While choosing a location, equipment and employees requires insight specific to each operation, you’ve already began to walk on the racetrack of small-business ownership. For more information on the steps listed above, you can also visit the U.S. Small Business Administration Website. As always, feel free to consult VAST with any questions regarding your entrepreneurial endeavors to learn how we can assist you when starting an entity in Nevada and beyond.