Reno is a great place to operate a business, and its small, locally-owned business community is rich. (Rich in the sense that there are many small business, not rich in the sense that all small business owners drive Ferraris.) The abundance of small businesses makes it easier for residents to buy local and support the community. They also create a unique culture as many small businesses bring character that is unmatchable by chains and larger corporations. The business environment and incentives in Nevada are the reasond so many small businesses have emerged, and I believe the business environment will create the incentive for new businesses to attract to the area.
Northern Nevada and Reno in particular has been cited frequently over the last few years as a great place to conduct business. The most recent award I saw was from the Kauffman Foundation, who ranked Reno as the #1 Most Populous and Highest Startup Density for the MSA size class. Others include: Nevada was also ranked as the #12 best state for business by Chief Executive Magazine. Nevada was ranked by the Tax Foundation as #3 most business friendly tax climate in the US. Reno frequently ranks as a great place to live, and you can check out a more comprehensive list of honorable mentions on EDAWN’s website. (Photo Credit)
If I owned a business and I considered relocating to Nevada, a few things I would be interested in would include:
- The cost of doing business, specifically taxes and regulation: (There are no corporate income taxes, no taxes on corporate shares, no franchise taxes, etc)
- Quality and affordability of life for my employees. (No income tax, 5.8% the national average for the cost of living, minutes from world class recreation, tier 1 University.)
- The location in reference to other business hubs. (20% of the country can be reached in one day through major shipping carriers, 53 departures per day from the airport, 7-8 flights per day to the bay area, 3 1/2 hour drive from the bay area.)
- Generally: What Nevada can offer me that other places can’t. (What is already mentioned above. Unfortunately Nevada does not have any big incentives for interested companies.)
Nevada can deliver on the items above. Since Northern Nevada is hungry for new business, I think new businesses are treated with open arms more than they would be in places like the Bay Area. This allows for new businesses in the area to stand out more. I read a pretty interesting article recently from the Reno Gazette Journal that described how EDAWN facilitates the process of showing an interested business the area. I was surprised to read that Reno’s Reputation is almost never brought up by companies interested in the area. “We don’t ever lose a deal for a perception of the city if we get to show them the real Reno-Sparks.” -Mike Kazmierski
The business environment has allowed for small businesses to be successful, and I’m curious to see what types of companies will develop in the future. If renewable energy ever gains steam again, Reno could see a boom in that industry as it has an incredible supply of solar, geothermal and even wind energy. If the Reno Collective and start up row gain enough momentum, Reno could become a major tech hub and steal some of the brightest minds from the bay area. Reno has already become a desired destination for logistics and distribution companies, and we could see a further expansion in those industries. Or perhaps Tesla will move here and that will open the door to more manufacturing plants? Maybe every company will decide they don’t want to move to Reno and we will see no growth at all?
What do you envision for the future business climate in Reno? Do you think certain industries will be more prominent than others? Leave me a comment and let me know.