There are many advantages in Nevada for businesses and entrepreneurs. However, minority-owned businesses have historically been less successful in the state. Many minority-owned businesses don’t have access to needed capital. Along with capital, they need proper management and training in order to contend for contracts and stay alive in the market. Beginning next year (2018), Assembly Bill No. 436 will require the Secretary of State to ensure that information for private and public programs to obtain financing and certifications are available to disadvantaged business enterprise.
The term minority-owned business does not refer just to ethnicity. Women-owned businesses are considered minority-owned businesses, as are Veteran owned businesses. On the surface, a minority-owned business starts out like any other. But many minority-owned business owners don’t have an adequate understanding of what it takes to be successful in business. They rush into things instead of and asking relevant questions. It’s important to do the market research and that’s where these programs can help.
Government programs exist to help small and minority-owned businesses compete by providing training and access to set-aside contracts. These programs include certified business development programs for small disadvantaged businesses. There are many programs in place for veteran-owned and woman-owned businesses that provides training opportunities and one-on-one business counseling. Some programs work with small, disadvantaged business owners to target and win federal contracts; other more informal programs simply provide the opportunities.
If you’re a minority, woman, or veteran business owner looking to establish an enterprise in Nevada, consider seeking legal counsel from a local Las Vegas business lawyer. They will be able to assist and provide you with the legal foundation your local business needs.