Surviving the Pandemic
Covid-19 undoubtedly took its toll on businesses throughout the nation, and Reno’s small businesses were no exception. According to the 2020 NSBDC Annual Report (https://nevadasbdc.org/wp-content/uploads/2021/06/2020-NSBDC-Annual-report-WEB.pdf), during the pandemic, Nevada saw the highest state unemployment rate in history, at more than 28 percent. However, according to recently released data by Nevada Gaming Control Board, Nevada casinos hit $1.23 billion in revenue this May. And while the gaming industry is gaining momentum, much of Reno is coming back to life, along with it. The Reno Gazette Journal, reported in May that the Reno-Sparks area is seeing a resurgence of events, as well as convention and group business. This is a good sign for businesses currently operating in Reno and those interested in new business opportunities.
Reno is a great place to start a business, and not just because Nevada offers some major tax breaks. (For LLCs, there are no franchise nor personal income taxes.) Northern Nevada has seen a huge boom in the technology industry, which has brought more people to the area. This in turn, opens a variety of opportunities for entrepreneurs interested in setting up shop in Reno. According to Inc.com, opening a Tesla Gigafactory outside of Reno earned Elon Musk an estimated $1.4 billion in tax breaks. Free land and other incentives from the state influenced Musk’s decision to open near Reno, as well. One of those incentives may be the fact that Nevada does not require business owners or shareholders to be residents of the state. While Tesla has been joined in Reno by other mega business moguls such as Apple, Amazon and Zappos, there’s plenty of room for small businesses, too. Reno no longer is just the land of gaming. In addition to fields of healthcare, entrepreneurial startups, and technology-based industries, Reno boasts many locally-owned and operated breweries, gyms, restaurants, boutiques, and more.
Have an Idea?
Ready to bet on Reno? The Nevada SBDC (Small Business Development Center) is happy to be your free and confidential sounding board. Plus, they have the resources to help you get started. They recently secured a Google Challenge grant, which along with partnerships with local, state and federal business assistance organizations allowed for the launch of the Nevada Entrepreneur Network. The network is aimed at providing business support and networking opportunities for new ideas and new businesses. Learn more, here: https://nve.network/; or by calling the Nevada SBDC at 800-240-7094.