The coronavirus wreaked havoc on economies all around the globe. However, few American cities have been hit as hard as Las Vegas. The hospitality industry, in particular, got crippled by an almost 3-month shutdown. This meant that Vegas hotels and casinos could only reopen in early June. Even so, August saw a 15.5% unemployment rate for Las Vegas residents, the highest among the largest US cities. If you happened to find yourself in Nevada when all of this went down, you are probably wondering what to do next.
It is a tricky time to be venturing out on your own. However, if you can find the means and have the expertise – more power to you. We have compiled a list of the best businesses to start in Las Vegas in 2020 and end the year on a high note. Let’s dive in.
The Las Vegas economy
Typically, the Las Vegas economy is driven by the hospitality industry – tourism, gaming, and conventions, in particular. In turn, these then drive the retail and restaurant industries. In pre-pandemic times, all of these would be viable options to start a successful business. You would be right to worry about the place being overly saturated with these businesses, though. Your decision, however, will be greatly impacted by your area of expertise, even if some business ideas would work out better than others. What you should aim for is a happy marriage between what Las Vegas needs and what you have to offer.
Opening a consulting agency is one of the best businesses to start in Las Vegas in 2020. It does not require a massive initial investment, and you can slowly grow it the more work you take on. It is a great option because you can hire professional movers and get your workplace ready in no time with only a little bit of money. Your area of expertise will be the determining factor here. It is also advisable to have some working experience in a particular industry before you start working as a consultant.
Sustainability is a big topic in Las Vegas as it is everywhere else, so that might be a great in for you if you have the knowledge and the skillset. Another option would be cannabis licensing consulting. This won’t require extensive knowledge of the topic beforehand. With regulations around the use of cannabis and the work of the dispensaries changing rapidly, getting familiar with the situation will be a steep learning curve but far from impossible.
Another way you could help other businesses grow is by offering admin services. A large chunk of the aforementioned cannabis consultancy work could be described as admin work, as it has a lot to do with the organization of the business and the regulations it has to adhere to. Bookkeeping, as well as tax and legal services, are even more straightforward admin operations. They are also destined for success as no other business can do without them.
In 2012, Tony Hsieh, the CEO of Zappos, launched a revitalization project of the downtown Las Vegas area worth $350 million. A large part of the investment went towards starting the Vegas Tech Fund. Its sole purpose is inspiring entrepreneurship in the tech sector. Tech offers plenty of opportunities for the best businesses to start in Las Vegas, from IT support and web design to e-commerce and social media consulting. If any of these sound like something you would do well in, look no further!
For a bit of a change of pace, let’s get a bit more specific. If you are a vet living in Las Vegas, starting your own business is a great idea. The pet industry is on a continuous rise, and Vegas residents are particularly soft on their pets. They will go above and beyond to ensure their furry friends are healthy and thriving. That is where you come in.
Even if you do not have a license to practice veterinary medicine, you could still get a piece of the pie in this niche industry. Pet hotels and businesses that revolve around pet grooming, food, and toys are also on the rise. Find a unique approach that will set you apart, and you are good to go!
Restaurants and catering
Nevada is a cultural melting pot. Any entrepreneurial idea that takes that into account is among the best businesses to start in Las Vegas. What better way to take advantage of a mixture of a million cultural influences than by opening a restaurant? No matter what cuisine or cuisines you plan on basing it on, you have a built-in audience in this great city. You do not even have to raise or loan a lot of money to start a small business. Food trucks or shipping container restaurants are still all the rage. They are also bound to return your investment manifold – and quickly!
In 2018, Las Vegas topped the list of US real estate markets on realtor.com. The real estate market has not faltered significantly since. People kept investing in property even through the pandemic. This is why real estate brokering is one of the best businesses to start in Las Vegas in 2020. California buyers and the city’s rapid economic growth make it a challenging environment, but one in which you will eventually succeed. Make your moves thoughtfully and let the Las Vegas entrepreneurial spirit lift you to new heights.
Author’s bio: Kathy Gleeson is a native Nevadan, living and writing in Las Vegas. She mostly covers topics related to moving and works with companies like Triple 7 Movers Las Vegas, though she has slowly moved to writing about the economy as well. She loves running her two dogs and spending time with friends.