If you are looking for the perfect location for your business, consider Las Vegas. As a businessperson, you already know that opening a business anywhere is a gamble. So why is Las Vegas so good for this purpose? It is not only about the low cost of living and low taxes but also about how this environment is designed to attract business and promote entrepreneurship. However, it is not one without challenges.
Before you start a company anywhere, it is recommended that you visit the location and conduct thorough market research. This research will tell you whether your company will strive in a particular location or not. Remember that each biz is unique and depending on what is being sold, it may succeed or fail. Thorough market research is therefore in order. This article will explain some of the main reasons why you need to consider investing in Las Vegas and starting your company there.
It is a 24-hour economy
This city never sleeps. So do most of the other states in the US; however, the nightlife here is incomparable. Vegas is around the clock city with biz events at day time and best parties at night. When starting your biz, you may have to world all the time, and you need an economy that will support that. You can also land most of your best customers at night if you market yourself correctly. It is easy for you to get access to great events and show for your entertainment. There is always a concert going on. Best shows in Las Vegas can make a perfect night. After a long week, you can enjoy some fun leisure entertainment activities over the weekend. These tickets are also easy to get online. You will not be alone working on business proposals at 2 a.m.
Of course, you need some recommendations and business ideas for Las Vegas. Here are some of the best business to start in Las Vegas:
- Real estate
- Mining stock
- Food and drinks delivery
- Casino
- Social media and content businesses
- Health and fitness businesses
- Events and showbiz
Low cost of living
As you start your biz, you are looking for ways to minimize costs so you can save as much as possible. According to research, the costs of living here is much cheaper than the national average. Because of the parties and the thriving nightlife, most people assume that it is an expensive place to live. However, in Las Vegas, you will only need $4,105 to maintain the same life standard that you can have in Boston for $5800 and $7200 in New York. For a businessman, this means that you can quickly move your biz there without worrying that the initial costs will be too high. The lower costs of living also mean a lower minimum wage.
Taxes
Its cost of living alone is pretty convincing. Another great reason why you need to consider Vegas is because of its friendly tax climate. You will enjoy the fact that there is the absence of several taxes that reduce this tax burden. It is difficult for any other state to compete in this aspect. The main taxes exempted include:
- Business income tax
- Personal income tax
- Gift tax
- Franchise tax
- A limited tax which increased altogether
Clearly, these costs can be repurposed and used as capital for the biz.
It is the perfect buyer’s market
Another significant advantage that Las Vegas businesses can gain from investing in Vegas is the reduced costs of buying commercial real estate. The costs were initially between $4-6, but they are now at $2 per square foot. As a business, you want to ensure that you can buy a building. It is cheaper in the long run and allows you to redecorate it in whichever way you want, so it suits your biz. These costs make it easy even for small businesses to buy a piece of property. If you do not have enough money for that, do not worry. Today, landlords agree to pay the build-out of a simple space with cement floors and bare walls. What does this mean for you as a business owner? It means that you can easily brand the building to suit your company’s goals and theme colors. Not only is this cheaper for you, but it is also convenient and great for small businesses that do not have a lot of money to spend on branding.
It is fun
Vegas is fascinating. When you need to unwind and relax, it is easy to find a place that is running even at late night. It is the wild west of entrepreneurship. There are no rules as long as you respect other people’s hustles. It is also a tight-knit and friendly city for those starting.
