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Las Vegas Named in Top Ten Cities to Start a New Business
- 7-29-2009
- Categorized in: Las Vegas, News, Real Estate
Each year Entrepreneur Magazine names the top ten startup-friendly cities conducive to starting or growing a business. This magazine bases their city choices on availability of government incentives, population growth, affordability of commercial real estate and openness to new ideas. In the August issue of the publication, the city of Las Vegas was named as one of the top ten cities in the country to embody the entrepreneurial spirit.
Las Vegas may be one of the hardest hit cities in the nation in terms of the real estate market. After years and years of fast economic growth, the market has finally reached a turning point and home prices have dropped 35% to 45%. Las Vegas hotels and casinos are struggling to fill their rooms with tourists and unemployment is close to 10%. However, this is not all bad news for the entrepreneur. The costs of starting a new business in Vegas are very low and it is actually a prime time to set up shop in Sin City.
“The slowing economy has provided opportunities,†says Kara Kelley, president and CEO of the Las Vegas Chamber of Commerce. “Housing is more affordable than it has been in eight years. Smart business owners can take advantage of that.â€Â
A great example of a business taking advantage of the current recession is The Cupcakery. This New York based company now has two locations in Las Vegas and they will soon open a third on the Las Vegas Strip. “If you have a proven idea, the costs of opening a business right now are really inexpensive, "says Pamela Jenkins of The Cupcakery. “Commercial real estate has tanked. Now is a hell of a time to get in on a good commercial location.â€Â
Las Vegas may be one of the hardest hit cities in the nation in terms of the real estate market. After years and years of fast economic growth, the market has finally reached a turning point and home prices have dropped 35% to 45%. Las Vegas hotels and casinos are struggling to fill their rooms with tourists and unemployment is close to 10%. However, this is not all bad news for the entrepreneur. The costs of starting a new business in Vegas are very low and it is actually a prime time to set up shop in Sin City.
“The slowing economy has provided opportunities,†says Kara Kelley, president and CEO of the Las Vegas Chamber of Commerce. “Housing is more affordable than it has been in eight years. Smart business owners can take advantage of that.â€Â
A great example of a business taking advantage of the current recession is The Cupcakery. This New York based company now has two locations in Las Vegas and they will soon open a third on the Las Vegas Strip. “If you have a proven idea, the costs of opening a business right now are really inexpensive, "says Pamela Jenkins of The Cupcakery. “Commercial real estate has tanked. Now is a hell of a time to get in on a good commercial location.â€Â