RENO, Nev. (COLO) – This week is National Small Business Week, an opportunity to recognize local entrepreneurs. The Nevada Small Business Development Center is a statewide resource for business owners looking to start, grow and develop their businesses.
“Starting a business, having a small business, comes with risks. It's not for everyone,” said Winnie Dowling, executive director of the Nevada SBDC.
According to The Lending Tree, the Silver State ranks fifth among states with the highest small business bankruptcy rate. Nearly 30% of small businesses go bankrupt within the first year of business. The national average is 23%.
“It's hard. If you don't fully understand your business, your competitive advantage, how to track your finances, how to ensure cash flow. It's going to be challenging.”
The most common challenges faced by small business owners are adjusting to inflation, finding new customers, and finding financing.
“The biggest challenge in the beginning was not having any experience in the retail industry. I had to thoroughly learn what was required, things like licensing and tax IDS,” says June, owner of Iconic Things. Gronert added.
Gronert specializes in handmade vintage jewelry, repurposed necklaces, ornaments, and seasonal cork. She found her passion seven years ago, after her retirement.
“Well, what did they say, no pain, no gain,” Gronert said. “But on the other hand, I encourage them to take small steps, try it out and see how it works out.”
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