The city of New York is home to around two million small businesses, which employ over four million employees, around half of the private workforce. This is not surprising as New York’s economy is the third largest across the country, making it one of the largest in the world. Therefore, if you are considering starting your own small business, then you may consider setting up in New York.
While it is normal for you to want to get involved in the hustle and bustle of business in New York, it is a competitive market, and it is important that you know your stuff before taking the plunge. Even though being around other like-minded business professionals and hopeful startups is the perfect environment to start your own business, it also means that there are a lot of other companies for you to compete with, some of which that may already be well-known within your industry. Therefore, there is a lot to think about before starting a business in New York, which is why we have put together this helpful guide of the essential things you should know.
You’ll Be In Great Company
There is no better environment for you and your business to develop and grow than surrounded by other business owners and entrepreneurs. New York has been dubbed the top location for opening up a small business in America, and many business hopefuls head there because it is one of the world’s largest financial centers. It is particularly popular in the entertainment and IT industries, not to mention the acknowledgment you get when you let a client know you have an NYC office. From finance to media, some of the US’s most notable companies are based in New York, including BuzzFeed and Etsy.
Register Your Business
If you do decide to go ahead with starting up your business in New York, then it is important that you register your business in accordance with the state requirements. Each individual state has different requirements for registering businesses, so it is important that you look into it carefully. Don’t assume that because you have registered a business in another state you understand the process, as this could lead to more problems for you further down the line. You should register your business with the Secretary of State’s office; it will cost you around $20 to reserve your business name for 60 days. From then on you will have to file articles of incorporation with the office, which will cost you around $125 and $200 for an LLC. It is crucial that you follow these steps carefully in order to be a fully functioning and recognized business within the city of New York.
Find the Right Location
New York City consists of five different boroughs that all sit where the Hudson River meets the Atlantic Ocean, meaning that there are a lot of different areas of the city to consider when finding the right location to start your business in. Finding a good location that suits you and your business in New York City isn’t going to come cheap, and that is a considerable expense that you should factor into your startup costs. However, to find the best location for your business, you should do some research online into which areas are most popular for most businesses. For example, in Manhattan, you will find a lot of finance businesses because the borough is so well-known across the globe for being a hotspot for financial startups. Finding the right location can make all the difference to your business.
There are Plenty of Accommodation Options
If you are considering starting up your own business in New York City, and it is the city in which you already live, then finding accommodation won’t be a problem. However, if you plan to move your business from elsewhere or want to relocate to start your business in New York then you should consider your accommodation options.
There are many apartments in New York that are available over a weekly, monthly, or yearly contract, which allows you to enjoy a trial period in the city without being tied down long term. You can find apartments with Blueground, which offers luxurious and private places to stay in a central location and with all the benefits of a hotel. This is a great option if you don’t already live in New York City and want to a temporary trial opening your business there.
There are a lot of different things you ought to consider before starting or moving your business to New York City, but using our hints and tips you can be prepared and ready for what business life in the Big Apple will be like!