So, You Want to Start a Business in New York City? Here’s What You Need to Know
Starting a business in New York City might seem difficult at first, but it’s actually easier than you might think. However, because of the high cost of living in this city, the market has become very competitive in many areas. If you want to start a business in NYC, it’s important to know what you’re getting into before you make any decisions. Below are some general tips on how to start a business in New York City, plus some specific types of businesses that are ideal for the city.
Why you should consider starting your business in NYC
If you’re wondering why NYC is such an attractive place for entrepreneurs, let us put it simply: This is one of, if not *the* best city in which to start a business. Why do we say that? Take a look at some facts about business growth: (1) Venture capital investment makes up over 30% of total economic output and has increased by 80% since 2010. (2) From 2011-2015 alone, NYC startups have raised $17 billion.
Where to start your search
If you’re looking for a storefront location or retail space, two good places to start your search are Cushman & Wakefield and Trammell Crow. If you’re considering leasing an office space for your startup or small business, check out commercial real estate brokers like CBRE. For startups operating out of just one room (many do), WeWork may be an option worth considering.
Where do you get support and funding?
While we’re by no means experts when it comes to starting a business, we can speak from experience. There are several great organizations that provide support and funding for local entrepreneurs. If you don’t have access to these funds (which is perfectly fine), there are other ways of getting financial help with your business. Crowdfunding platforms like Kickstarter and Indiegogo allow entrepreneurs of all backgrounds and ideas raise money for their businesses.
The 10 things you need to know before launching your startup
Although launching your own business can be scary and challenging, it doesn’t mean you shouldn’t go for it. To make sure you have everything covered and avoid unpleasant surprises further down the road, here are 10 things that every budding entrepreneur should consider before launching his or her startup. Get ready for takeoff!1) Protect your idea.
How much does it cost to launch a startup?
When you’re on your way to becoming an entrepreneur in NYC, you want to make sure you have enough capital with which to fund your new business. The majority of startups fail—and not just because they create bad products or don’t have loyal customers. Many new businesses fail simply because they run out of money before their idea becomes profitable. If you know how much money it will take for your business plan’s execution and subsequent growth stages, then you can better prepare yourself for what lies ahead.
Where can you find co-working space for cheap or free?
Co-working spaces provide entrepreneurs with an alternative place of work that they can rent by day or month. These types of offices are popping up all over New York City (and across America) at a fast pace and typically charge very little for usage. If you’re looking for a home base from which to start your business but have no budget for anything more than co-working space, try checking out these options: Grindspace, Brooklyn Superhero Supply Co., WeWork …
Legal advice for startups
When you start a business in NYC, it’s important to keep one thing at the top of your mind: being compliant. There are so many regulations and rules you have to follow when you run an enterprise here that it’s impossible not to be aware of them—but knowing them isn’t enough. You need expert legal advice and guidance for every decision you make regarding your startup. There is simply too much risk otherwise.