Restaurants, stores, and other companies commonly want to expand to New York City, for greater convenience and a larger immediate market. However, the Big Apple also one of the most notoriously difficult places in which to keep a business alive.
New York is constantly changing, and businesses that aren’t successful are quickly replaced by other businesses with more potential. How can you start a business in NYC and keep it successful? Read on for some tips!
1. Think Outside the Box
It sounds like a cliché, but the truth is that New York City is such a huge metropolitan melting pot that your idea should be creative if your business hopes to stay afloat. For example, some restaurants have sprouted up around the city that fuse two cuisines in creative ways—sushi burritos, perhaps. Businesses like these will attract more attention than unoriginal ones.
2. Get the Necessary Licenses and Permits
Don’t let your opening date get delayed due to legal complications. What’s more, don’t let your business fall under legal woes after you’ve gone through so much hard work to open it. Hire an attorney to ensure that all the paperwork for licenses, permits, and other contracts have been properly filled out and sent in a timely fashion.
3. Know Your Tax Obligations
If you are going to be a successful entrepreneur in New York City, you have to first be educated on your tax responsibilities: federal, state and local. Speak to an accountant, who can help you learn more about the tax code. Also make sure to obtain a tax identification number for your small business.
In the weeks or months prior to your small business opening, promote your business as much as possible! Enter into a partnership of mutual benefit with neighboring businesses that might be willing to display pamphlets or fliers for your small business in the time frame prior to your opening date. You might consider having a grand opening ceremony and promotional event all rolled into one. Get people excited about your company.