By Steven Philip
Our love for and occasional gambling has taken us to Las Vegas more than once. It is the gambling capital of the US and many a times we could not help but wonder about the quality of life of Vegas residents. Of course, it's more fun and happening, but it is also quite costly to maintain a decent standard of living in the resort city.
What is LasVegas famous for?
LasVegas is famous for lavish resorts, 5-star hotels, casinos, fine dining, exotic entertainment and a bustling nightlife. LasVegas is the tourist central of the US. A huge chunk of the city's revenue comes from tourism and that does not make living easy for the residents.
What we don't know about Vegas?
Most of the residents have to deal with exuberant prices. From basic taxi fares to bus passes, everything costs a lot more than any other city in the neighborhood. Over the Last couple of years, thousands of residents and businessmen have gone bankrupt or are still fighting with crippling debt. Many of them have been moving to the fringes of the city or shifting to the suburbs to deal with the increasing living costs.
What happens to businesses in Vegas?
In spite of the high living costs, many businessmen have chosen Vegas to open up shop. This is primarily because of excellent tax advantages that include no personal income tax, no corporate income tax, no franchise tax and no unitary tax. However, real estate cost is a massive bummer in most cases. So is the average rate of interest for business loans and credit card loans provided by companies hosted in LasVegas.
Why do businesses fail in LasVegas?
Almost all of them have at least a few of these factors in common:
i. Poor cash flow and cash management
ii. Too little funding
iii. No business plan and insufficient research
iv. No marketing and promotion plan
v. No business experience
vi. Ignoring competition and not understanding target market
How to cope with business losses?
Donald Trump had to declare bankruptcy at least twice due to failing stints in LasVegas. However, unless you are a billionaire you should refrain from the dreaded Chapter 11. Bankruptcy makes sure you cannot apply for another business loan in the coming 10 years, besides seizing all your pledges assets anyway.
The smart way out is opting for business debt consolidation. Consolidating companies help, you pool all your debts, credit card bills and unpaid dues into one big sum and pay that off in small installments at lower interest rates. Usually, if you have a credit score of over 650 you can get an unsecured loan. Consolidation loans have helped a few thousand businesses in LasVegas turn around in the Last couple of years.
If you want to really pay off all your debts, debt consolidation is your smart solution.
Author Bio: Steven Philip is a financial advisor. He is the founder of a leading debt management company that helps thousands of businesses all across the US to manage their finances successfully.