Over the years, movies and T.V. shows have portrayed Las Vegas as an ultimate party destination where you may come across poker tables, slot machines, fancy bars, and cocktail servers. However, that’s not all. Las Vegas is gradually gaining reputation as an ultimate destination for entrepreneurs. In addition, given the pace at which is entrepreneurs are showing interest in Vegas, it will be soon ranked amongst the leading hubs for startups.
How the Sin City became an Entrepreneurial Hub?
In a matter of few years, Las Vegas transformed from a party hub to a paradise for entrepreneurs. Moreover, this transformation was quick. The transformation began when Zappos’s CEO, Tony Hsieh pumped in $350M fund for creating an entrepreneurial atmosphere in Vegas. The Downtown Project, as it is now popularly known as, was aimed to make Downtown Las Vegas a destination for inspiration, innovation and entrepreneurial vision. For the first time ever, Las Vegas is more than just a tourist destination and entrepreneurs have an excellent opportunity to set up their business.
Following are a few reasons why you might consider launching your startup in Las Vegas:
Low Cost of Living:
It is an undeniable fact that most start-ups face cash crunch during their initial years. Therefore, as a founder, you would want to restrict your expenses as much as possible. In such a case, if you start your company in Las Vegas, a place where cost of living is extremely low, then you can minimize your expenses and use the remaining amount for fueling your startup.
Whether you’re looking for penthouse condos or quaint houses, Las Vegas has all sorts of accommodations that might easily fit into your budget and style expectations. While Vegas may certainly have a reputation for its colorful party scene, it is equally ideal and refreshingly beautiful place to live with your family.
While Las Vegas may be a small town, but when it comes to resources, it is no less than big cities. If you compare it with popular startup destinations like New York City or San Francisco, the tech scene is ideal for a budding startup. There are innumerable funding opportunities, conferences, and most importantly work force keen to join the startups.
Majority of big cities where you might want to launch your startup have wide ranges of tax breaks. However, when it comes to Nevada, it has a healthy tax climate, which attracts entrepreneurs from different corners of world. Given the absence of taxes, most cities are finding hard to compete with Las Vegas. Following are some of the major tax breaks that you will be receiving in Las Vegas:
- No Gift Tax
- No Personal Income Tax
- No Business Income Tax
- No Franchise Tax
Isn’t it awesome? Who wouldn’t want to launch his startup in such a tax friendly environment?
Buyer Friendly Market:
In recent years, recession has drastically affected the real estate business across the world. Its impact can be seen when you buy commercial real estates in Las Vegas. The cost of per square foot has fallen considerably, which is helping entrepreneurs to buy properties at affordable prices. However, if you’re not ready to buy property, the odds are that you will easily find numerous affordable leasing deals.
You can begin with staying at a hotel and researching the startup scene in Las Vegas. Also, rather than blindly booking a hotel which might cost you a fortune, you can visit http://reviewsofvegashotels.com to find an ideal hotel for your stay. This will make your trip comfortable, enjoyable and smooth. So, when do you plan to set up your business in Las Vegas?