In Reno, Nevada, this week is National Small Business Week, a time to celebrate and acknowledge local entrepreneurs. Nevada’s Small Business Development Center serves as a valuable resource for business owners at all stages of their journey, whether they are just starting out, growing their business, or looking to develop it further.
Small business owners often face challenges such as adapting to inflation, finding new customers, and securing funding. June Gronert, owner of Iconic Things, shares her experience of starting a business without a background in retail and having to learn the requirements such as licensing and tax IDs. Despite the challenges, Gronert found her passion for crafting handmade vintage jewelry and repurposed ornaments after retiring seven years ago.
According to The Lending Tree, Nevada ranks 5th among all states for the highest rate of small business failures, with nearly 30% of small businesses failing within the first year of operation. This is higher than the national average of 23%. One of the main reasons for these failures is the lack of understanding of important business aspects such as competitive advantage, financial tracking, and cash flow management. Winnie Dowling
