Craig's Corner - Wealth Planning Insights

Wednesday, October 29, 2014

Nevada Small Businesses Growing, According to New Study

Nevada may have been hit hard by the recession, but a new study shows that small businesses are surviving and thriving.  The Nevada Department of Employment, Training and Rehabilitation reports that businesses with fewer than 100 employees added 20,000 jobs from the first quarter of 2013 to the first quarter of 2014.

Overall, employment at small companies is still down from its high water mark in 2007.  There are currently 558,000 employed, 27,000 fewer than were employed during the earlier period.  On the other hand, employment levels were as low as 510,000 in 2010, so business has improved, with companies restoring thousands of jobs the past few years.

Small businesses dominate Nevada's economy, according the study.  Businesses with fewer than 100 employees represent over 98 percent of all Nevada work sites.  Small business employment primarily involves five industries: supermarkets, full-service restaurants, limited-service restaurants, physicians’ offices, and managing offices.

Business with very few employees -- one to four -- accounted for 60 percent of worksites.  Medium-sized, larger businesses and corporations accounted for only 1.9 percent.

Large private sector organizations also recovered in 2013, with organizations of 1,000 or more employees adding 7,500 jobs.  Leisure and hospitality, especially in hotel casinos, led this growth.  Businesses with 20 to 49 workers added 6,800 jobs during the same period, mostly in leisure and hospitality, but not casinos.

Starting or managing a business, small or large, is difficult in even the best of times but it is especially challenging in an uncertain economic climate.  Still many succeed, even in the worst of times.  If you are contemplating starting a business, selling a business, or making other strategic decisions, an experienced Nevada business lawyer can help you make the right choices.  For a consultation on your current situation or plans for the future, contact Las Vegas, Nevada business planning attorney Craig Stone at (877) 905-0890 today. 

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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