Starting a small business is one of the best ways to enjoy more freedom in your life. When you run your own business, you have more control over your day-to-day work life and more ways to boost your income level.
However, there is a process you’ll need to go through in order to start a small business. The following are the six most important steps you’ll need to go through in order to successfully set up and start a small business in Las Vegas or the surrounding area.
Coming up with a business idea and plan with the potential to be profitable
This is probably the most difficult step in setting up a business. Everything starts with an idea and some knowledge of the industry you’re going to enter. You also should have an idea of why your company will perform better in your industry than other competing companies currently are performing.
Having an idea is just the start. On top of having a good idea, you need to put some work and research into developing a detailed business plan. Your detailed business plan should include descriptions of how you will handle developing your product or service, marketing your company’s offerings, networking with partners in your community, and planning out your company’s finances.
Determining a name and location for your business
It’s also important to come up with a company name that helps your startup business stand out. One of the most important factors when it comes to successfully choosing a business name is finding a name that no other businesses in your area has, and you need to think of a name that will be memorable to prospective customers and will be easy to market.
You also need to figure out where you’ll be doing business from. If your business venture is not something you can operate out of your own home, you’ll need to procure a space for conducting business. Most likely, you’ll be wanting to rent a space at first. If customers will be visiting your facility, make sure you choose a location that comes across as professional, welcoming, and safe.
Filing for your business’s EIN number with the IRS
One of the (thankfully, rather easy) steps in the process of starting your own business is getting an EIN number from the IRS. EIN stands for Employer Identification Number. However, you’ll need this number whether you’re employing staff or not. Basically, your EIN number is like a social security number for your business.
You will most likely be able to get your EIN yourself by simply visiting the IRS website. By doing an online search for “EIN number IRS,” you should be able to find the page on the IRS website where you can get an EIN. It’s important that you don’t lose this EIN number once you have it, so that you can use it to file tax documents for your company and file for licensing.
Creating your business entity and licensing it with your state
While getting an EIN is simple, deciding which type of business entity you want to form can be a little more complicated. In fact, you might want to discuss this issue with an attorney before you may a decision. You will have to choose whether you want to form a sole proprietorship, LLC, corporation, or another type of business entity.
There are numerous factors that will help you determine which type of business you will be forming. These include whether you will be working alone or with a partner and the projected size and value of your company.
Once you’ve decided which type of entity to form, you will want to license your business with the Nevada Secretary of State’s Office. You can do this either by paper or over the Internet. If you are forming a corporation, you’ll need to file Articles of Incorporation. If you are forming an LLC, you’ll need to file Articles of Organization.
Registering with your state’s taxation department
The next step to forming a small business in Las Vegas will be to register with the Nevada Department of Taxation. Your business will be expected to pay both federal and state taxes on earnings. However, you won’t only want to register with the Nevada Department of Taxation in regards to business taxes. You’ll also want to do so if you’ll be selling physical products. In this case, you will need to be collecting sales tax on all of your sales. This means you’ll be required to have a sales tax permit.
Licensing your business with your city
Regardless of what part of the Las Vegas area you’ll be operating from, you’re probably going to have to license your business with the city. If you’re operating from the city of North Las Vegas, you’ll need to file a paper form to submit an application for a city business license. However, if you’re living in other areas like in Boulder City or Henderson, you may be able to apply for a business license over the Internet.
When you’re starting a small business, it’s important to make sure you don’t miss any of these important steps. Fortunately, there are plenty of helpful online resources as well as Las Vegas small business events and associations that can help you along the way. And when it comes to small business funding in Las Vegas, give us a call and see what we can do for you!