Vegas, Baby!
Rolling the Dice
Despite their worries, most entrepreneurs in Sin City are
relatively upbeat about the future of their businesses, and of
Vegas itself. "It can be hard to plan for the future, and the
city is definitely becoming very competitive, but what other cities
in America wouldn't want this type of growth?" asks Olson.
What's more, Olson notes, Goodman and other leaders are working
hard to address quality of life issues. Though libertarian Nevada
historically favors weak governments, Goodman and his aggressive
lieutenants have developed clean-air initiatives, and the mayor has
dedicated his term to redeveloping the city's downtown into a
cultural center. Meanwhile, the Las Vegas Board of Education has
embarked upon the most aggressive school-building campaign in the
country. Many believe the city's inherent advantages--an
entrepreneurial spirit, no taxes and a warm climate--almost
guarantee a positive future. "Even now," says Bishop,
"with Vegas' economy slowing, if I call someone in
Nebraska in December and suggest they come to Vegas where we're
barbecuing at Christmas time, to take a job or open a business,
they'll listen to me."
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| Feeling Lucky? | Recent
Vegas arrivals suggest that businesspeople considering moving to
Sin City use several strategies.- Extra,
Extra: Before moving to Vegas, many entrepreneurs read
the online edition of the Las Vegas Review-Journal or the
Las Vegas Business Press,/i>, the two newspapers with the
best business coverage. Both have columns on commercial real
estate, the labor market and other issues important to
entrepreneurs.
- Night
Owls: Entrepreneurs should also think about whether they
are willing to work late-night shifts, especially if they are in
industries that supply goods to casinos. Even businesses unrelated
to the casino industry are expected to remain open late in Vegas:
Mark Olson of Olson/Ballard Communications once had a dentist
appointment at 10 p.m.
- Call the
Bankers: Though lending has dried up a bit in Las Vegas
over the past year, many banks and other lenders such as the
SBA's Community Express program are still extending credit.
However, Sharolyn Craft of the Nevada Small Business Development
Center notes that loan criteria in Vegas have always been
conservative, especially for recent arrivals, since so many fail
and leave town. Entrepreneurs should visit Vegas and schedule
appointments with lenders before deciding whether to move to
Nevada.
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