New York City is a market unlike any other. With so many people, crammed into five small boroughs from so many different places and cultures, the city takes on its own ecosystem. That ecosystem can be an entrepreneur’s dream or nightmare depending on how they respond to it. If you envision setting up a business in New York City, be warned to consider the competition and environment. There are challenges you will face nowhere else in the United States. That being said, there are many advantages that can give the small business a leg up. The following tips will help you navigate this complex ecosystem and make sure you keep doing business in New York City.
Embrace Competition In NYC
The never-ending competition in New York City will surprise you. With about 8 million in residence, you can safely assume any idea you can found your business around already has several competitors. You should always carefully consider the competition. But, it should never discourage you. The competition creates a lot of benefits around it. For example, high competition will drive a lot of skilled workers to New York looking for better pay. Additionally, as Cary Kane, a New York City labor and employment lawyer, states, “Employees working in New York are protected by many employment laws.” As a result, a huge pool of talent is there, ready to be hired. Fast competition also means the market is dependent on innovation, which benefits smaller companies. Ultimately, this competition will make you a better entrepreneur.
High Taxes Are Balanced With High Incentives
It’s often commented that New York City is tax happy. It is true that the cost of doing business in the city is inflated by a long list of state and city taxes. However, particularly for the start-ups, these taxes are balanced by a long list of business incentives offered by the state. The result is the two balance out and on average you’ll come out ahead. As with many things in New York City, it pays to do research. Most often you’ll find what the state takes away is made up for by what it gives.
Get Creative With Work Space
Since property of any sort is at a premium, avoid it if you can. As prices on office space have risen, co-working spaces have become common across the city. These offices rent individual desks and office space in a larger office environment to small companies. Everything in a normal office, from safe storage to conference rooms, can be purchased for just the time you need it, saving you money. These co-working spaces can be a real-life saver for small companies just starting out.
Remember,New York City is really a series of neighborhoods tied together. If your company intends to offer local services, you need know these neighborhoods and their residents. Like all good settled communities, there are ways they treat business inside the community and out. If you’re company’s going to survive, it needs to be part of these communities. Take interest in what’s going on and talk to residents. The same goes for your online presence. If you carry the customers’ local pride, it will translate into fervent brand loyalty. New York maybe a big city, but everything that goes on there is local to each community.
Learn To Hustle
The ordinary sort of networking doesn’t work in New York City. You’ll have to hustle to attract people’s attention. This means focusing your networking on a handful of essential people. Spend time researching these people in detail. Work out plans to sell them on you and your company. In NYC, every investor hears thousandsof elevator pitches. Figure out how to actually start a conversation and get them interested in you before making the business pitch. In a place as saturated with investors as New York, the only way to network is build sincere relationships by any means necessary.
New York City can be foreboding for those starting out, but it’s also a place of unrivaled opportunity. In effect, it’s the same risk reward relationship there as anywhere else. A bigger reward will always come hand in hand with bigger risk. However, New York Citycan be conquered if you have the know how and work ethic. These tips will help you build your business New York and set down a permanent presence. In the end, if you’re smart and can stand the pace, New York City can be an exhilarating place to work in.