Navigating the Challenges of Starting a Small Business: Nevada Small Business Development Center Offers Resources and Insights”.

Small Business Week is being celebrated this week, providing an opportunity to acknowledge and appreciate local entrepreneurs. The Nevada Small Business Development Center serves as a valuable statewide resource for individuals who are starting, expanding, or enhancing their businesses. Winnie Dowling, the Executive Director of Nevada’s SBDC, cautions that starting and owning a small business can be risky and challenging, and not everyone is suited for it.

Nevada ranks 5th in the country for the highest rate of small business failures, with nearly 30% of businesses closing within the first year of operation. The national average for small business failure is 23%. It is crucial for business owners to have a good understanding of their industry, competitive advantage, financial tracking, and cash flow management to navigate these challenges successfully.

Small business owners commonly encounter obstacles such as coping with inflation, attracting new customers, and securing funding. June Gronert, owner of Iconic Things, a business specializing in handcrafted vintage jewelry and repurposed items, shares her experience of starting a business after retiring. Despite facing initial challenges due to lack of experience in retail