To Be or Not To Be In Business in 2018 - By Kelly J. Bullis
Updated: Feb 13
Once in a long while, there is one of those perfect convergences of all the right ingredients for an explosive business opportunity environment. We’re in one now!
Interest Rates are still low; Real Estate is still quite affordable; People are moving into Western Nevada at a faster and faster rate; The Tahoe Reno Industrial Center is booming; We finally have a full freeway in Carson City; Downtown has been remodeled and looks great; Employment is up; Businesses are fighting over good employees; Wages are rising, but still affordable; Retail is matured in the area; Construction is back; Lake Tahoe is full again; Nevada Gaming has weathered the Indian Gaming storm and is back; We have one of the most desirable places to live in the West; No Income Tax; Low Property Tax rates; Two great Universities; Nevada has an NFL team (if they can get the National Anthem protests stopped); US Tax rates are favorable to business; The U.S. GDP could pass 5% in 2018; etc.
Many folks are escaping from California and moving to Nevada. They are selling their houses for higher prices than Nevada housing prices, which means they will have money burning in their pockets to spend on all kinds of stuff.
What kinds of businesses are going to benefit most? Construction (all trades) initially; Repair trades (Plumbing, Electrical, HVAC, Windows, Autos, Small Engines, etc.) Landscape Maintenance and Installation; Of course all kinds of Manufacturing and Storage; Retail (Especially Furniture; Appliances; Flooring; Lumber; Vehicles; RVs, etc. as well as all the rest); Medical (we need a lot more Doctors since so many are now retiring); Entertainment (Food, Arts, Outdoors); Professionals (Engineers, Architects, Attorneys, Accountants, Real Estate, etc.); Transportation; Even Bankers. There’s more! A lot more!
Think out of the box. Do you have some special skill that others would pay for? Maybe you are a great hunting/fishing guide. Maybe you are really good at restoring historic cars. Perhaps you’re really talented at some very special niche market of products that everybody loves to tap into your expertise about.
Who shouldn’t go into business? Well, if you don’t have enough money to fund the startup, maybe being in business for yourself would not work. If you are not good at wearing many hats, you would probably be much happier as a highly skilled employee for somebody. If you are too much of a perfectionist and not very good at adapting to a changing environment, perhaps being in business is not for you. Can’t handle high stress very well, being a business owner is probably not a good idea.
Did I mention one of the best parts of being in business for yourself? You only get to work “half-days!!!” (The first 12 hours or the 2nd!) Weekends? Those are for employees. Business owners usually spend weekends getting everything finished and ready for the next week. It’s hard work to be in business for yourself, but the rewards can be put into one word … FREEDOM. You really get to be your own boss.
If you are interested in going into business, contact a CPA to go over all the details first.
Did you hear? Jesus said in Luke 14:28, “For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?”
Kelly Bullis is a Certified Public Accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com Also on Facebook.