In order to make it in NYC, you can’t just rush into starting a business. In order to help you set up properly, we’ve put together a 2023 guide to starting a business in New York City.
Have all the basics set and ready
The first of our tips for starting a business in New York City is this: have all the basics down pat first before starting work on anything else. In other words, things such as the name of your business, the way you want to set up your business’ ownership, the general business plan, the licenses and permits you may need… All of these are essential, even if they may not seem like something urgent, and will absolutely save you from floundering down the line. It is impossible to make it in NYC without a solid foundation of your business, and it is this ‘basic’ planning that will help you create one. Of course, things such as the precise office address and similar can’t be pinned down until later. But at least have a plan for what general area you want your facilities to be in.
Start by hashing out your vision and its unique points
You need to understand that starting a business in New York City means facing a lot of competition. Even if you opt to run a tech startup focusing on a ‘new and innovative’ software, we guarantee you there’ll be at least a few other startups already trying to claim the market for this extremely niche software type you came up with. Similarly, the second you show any promise in the field, you can expect copy-cats to start popping up and muscling in on your expertise. So, solid digital marketing is essential from day one. And it needs to prominently feature the unique spin you’ve put on your business. You need to capture the attention of customers and keep it somehow. Otherwise, you risk quickly becoming overwhelmed by the more established competition.
You better budget for your startup carefully
Everyone knows that New York City is expensive, and that trying to make it here takes a lot of planning ahead. However, what a lot of people forget is how easy it is to step over your budget. After all, the city will provide absolutely everything your business could ever need. If you need commercial moving help, specialists are at your service with a single email. If you need help with marketing or IT, you’ll find perfect helpers even faster! All of this presents a lot of potential expenses that go over your budget, even if they seem perfectly justified. Especially when it seems that your idea is solid and that you’ll quickly start turning a profit. You probably won’t, and you should expect the first month or two, if not longer, of running your startup to be a serious challenge for your personal finances.
Have a thorough marketing plan ready
We touched on it already, but when starting a business in New York City, marketing will be what makes or breaks your startup. Now, because you won’t have a lot of resources on hand at the beginning, we actually recommend the cheaper marketing methods. For example, social media marketing is both free and extremely effective if done right. Setting up a website is not free, but the cost will always be worth it. And running a blog on it is, which can garner you a lot of attention potentially quickly if you hit upon good texts! It is definitely possible to make it in NYC, but the first period will test your creativity and the ability to market your startup.
Prioritize getting the best employees you can
No business can make it without solid employees backing it, and no matter how great your idea, you’ll quickly burn yourself out trying to do everything yourself. Thankfully, New York City is both home to great education facilities which provide a steady stream of graduates to hire and it is popular among young professionals who move here in pursuit of their own dreams. So, you should be able to hire good employees which will let you take your business further! Even if they don’t come with a ton of experience, taking a chance on their enthusiasm and creativity is often worth it.
Be ready to struggle for facilities
Unfortunately, in a city like NYC which has a lot of old, new and small businesses, getting good commercial real estate is difficult. You will have trouble finding the perfect office, storage and other space at a good price. Which means that your business probably won’t be located in the nicer parts of the city at first. Of course, as the experts from U.Santini Moving and Storage NYC point out, you can always get amazing moving and storage services anywhere in the city. So, this won’t affect your business much unless you let it. Your first and only priority should be to avoid bankrupting yourself just to finance your facilities and get your business running.
Get assistance for administrative tasks when you can
The final tip for starting a business in New York City that we can offer is to quickly find an employee who can help you with administration and finances. As a business owner of a startup, you’ll likely be very busy trying to keep everything running. Your expertise and direct involvement with the work will probably be what shoulders your business past the initial difficulties. This means that you won’t have a lot of time for administrative tasks, and they can easily creep up on you! Missing your taxes the very first year you are running a business is disastrous, and the blowback from that can absolutely put you out of business. So, both inform yourself on everything you need to do for your business, and make sure to get someone who can help you do it all as soon as you can.
Starting a business in New York City in a way that helps you reach success
With our 2023 guide to starting a business in New York City, you can set up your business in the best way possible. You’ll know what to look out for, and what you should prioritize in order to become a success story. Of course, patience and care are always needed, so be sure to plan every business move carefully before you execute it!
