Nevada Small Business Challenges Survey reveals what new and existing businesses are facing in the post-pandemic era

Nevada Small Business Challenges Survey reveals what new and existing businesses are facing in the post-pandemic era

The Nevada Small Business Development Center This month the SBDC released its Small Business Challenges Survey 2022. The results showed that entrepreneurs interested in starting a small business in Nevada face significant challenges in securing debt and project financing, as well as difficulty in developing their business, such as developing a business plan and marketing strategy.

Among 225 respondents looking to start a scalable small business or startup, 58% claimed that securing funding was one of the top three challenges they faced while trying to start their business in Nevada. When it comes to developing a business strategy, 54% of these same respondents said that developing a comprehensive business plan and/or marketing strategy is a major challenge to the success of their small business.

“Unfortunately, equity financing remains out of reach for companies in Nevada,” said Winnie Dowling, Nevada SBDC Director. “While this is nothing new, it puts startups in the uncomfortable position of paying more money to get up and running, especially in our underserved communities. Knowing what the business needs is important for everyone.”

The survey was a partnership effort through the Nevada Center for Economic Development and the Governor’s Office of Economic Development (GOED), chambers of commerce, development authorities, and Nevada Economic Development Partners. Responses were captured in July and August of 2022.

The results of the survey also showed that existing businesses were affected by inflation and rising energy costs. Nearly 50% of 486 current business respondents claimed inflation is a major challenge, and 47% said making a plan to expand the business and find new customers poses a problem. Other challenges included hiring and retaining employees and navigating government regulations.

More than two years after the start of the global COVID-19 pandemic, these survey results show that small business owners in Nevada have weathered the fallout of the pandemic and are now focused on adapting to the post-pandemic challenges of inflation, employee attraction and retention, and business growth in an unstable economy. .

“This survey produced important data that will inform and support GOED’s SSBCI technical assistance application for which we will collaborate with the Nevada SBDC,” said Karsten Heiss, GOED Senior Director of Strategic Programs and Innovation. “It will help design a data-driven approach to program structure and service delivery that provides technical assistance to socioeconomically disadvantaged individuals and very small businesses.”

Nevada SBDC, which is hosted by College of Business Administration At the University of Nevada, Reno and with support from the United States Small Business Administration, has provided confidential, no-cost professional advisory services to small businesses in Nevada since 1985. SBDC Nevada clients are advised by professionals who use their educational and business expertise to provide practical, relevant advice to small business owners and potential small business owners.

Advice services include marketing, accounting, record keeping, loan applications, new business start-ups, capital formation, technology development assistance, business planning, and more. Ninety-eight percent of all businesses in Nevada are considered small businesses, and are therefore eligible for Nevada SBDC advisory services.

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