Nevada ranks top 5 in states to start a business

Published: Mar. 23, 2023 at 12:13 PM PDT
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RENO, Nev. (KOLO) - There are now 33 million small businesses in America and over 300,000 of them are accounted for in Nevada.

Nevada has one of the highest start up business survival rates, according to a recent study conducted by Capital on Tap. Nevada’s startups have an 83.2% chance of surviving after the first year, making it the fourth best state to start a business in.

Nevada’s small business development center, located here in Reno, is not surprised.

Winnie Dowling, the State Director for Nevada’s Small Business Development Center said, “That does not surprise me at all. Nevada is a great place to start a business. First and foremost, we have relatively smaller or fewer taxes than other states. We have no state income tax and no business corporate tax.”

Nevada does not levy tax on inventory, franchises or inheritance but receiving a grant as a new firm is the biggest challenge. The SBDC was established 38 years ago and has assisted 3,000 startups a year.

”The SBDC is here to support anybody that might want to improve their credit, show opportunities to where to find that funding,” said Dowling. “It could be through a local organization or a city or a county that is giving our extra advantages, that’s a possibility.”

Dowling also recommends startups to ask their family or friends to invest or find a unique niche or service. Building from the ground up is a challenge but using your resources is important to get the momentum going.