Fewer and fewer people like the idea of working for someone else. In fact, close to 67% of millennials’ career goal is to get in on the startup scene.
Owning a business is the goal right out of the gate for some. Getting on track to financial and personal independence is a lofty goal, but if you have the right idea and work ethic, the world is your oyster.
In New York City, a strong consumer base with lots of disposable income is an entrepreneur’s dream target audience.
Things are a little iffy right now due to the pandemic, but there are many benefits to starting a business in New York, the city that never sleeps. Learn everything you need to know in this guide for New York startups.
What’s Your Idea?
In order to be successful in business, you have to offer an idea, product, or solution that people need and are willing to buy. All successful startups in NYC or anywhere know what the current trends are and what product is needed in the market.
Make a Plan
New York has an abundance of options for financing, small business incubators, a very diverse workforce, and amazing technology infrastructure to make your idea into a business.
Before going ahead, carefully plan how it will all come together. Come up with a name, figure out how you’ll develop your product, how you will market your business, and how you will finance it.
Registering a business in New York as a legal business entity like an LLC or a corporation gives your company credibility and protection from personal liability if someone tries to sue your company.
Take Advantage of Networking Opportunities
Though so many of us are working from home on our laptops, New York offers many opportunities for professional networking. You can find mentors, officemates, employees, and potential partners.
Secure Your Domain Name
Once you come up with a name for your business, check to see if the name is available as a web domain. You can purchase the URL even if you’re not quite ready to launch your business. This will prevent anyone else from taking it. Leverage Technology To thrive in the competitive startup environment, leveraging technology and implementing robust business process management systems is crucial to streamline your business operations. It can revolutionize how you manage workflows, automate repetitive tasks, and enhance overall efficiency.
Obtain Business Insurance
Small businesses in New York are required to carry workers’ comp insurance and disability benefits insurance as well as auto insurance if you have any company vehicles.
Learn more about business immigration here. You’ll find real solutions for a truly mobile workforce.
Resources for New York Startups
There are resources available to New York startups and small businesses such as the New York Small Business Development Center (NYSBDC) and New York State SCORE (temporarily closed due to COVID). Do your research and use the resources available to you.
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