For many entrepreneurs, starting a small business is the easy part. The difficulty is surviving for longer than five years–with the odds equivalent to the results of a coin toss. Yet small businesses continue to comprise 99% of all New York City businesses.
As a melting pot of cultures and ethnicities, New York maintains an entrepreneurial spirit that is always catering to the various needs of diverse people. Nevertheless, to beat the odds of creating a successful long-term small business in this world-renowned city requires hard work and planning. Keep these four things in mind when you start a small business in the Big Apple:
Make sure you pick a location that is ideally suited for your small business. Depending on the type of industry, you have to choose between either an ideal location or a cheaper rent. New York City is overall an expensive place to rent, but some regions will be understandably even pricier. Other factors to consider are the proximity of competition and demand in the region. Take the time to weigh the pros and cons of all your possible business locations and choose one that will maximize profits in the long-term.
2. Business Plan
The key to a successful business is a professional business plan. Put the time and effort into creating long and short-term goals with detailed plans of how you will bring your company to the next level. Keep in your mind how the benefits and limitations of operating in the bustling city of New York will influence your plan.
3. Licensing and Permits
Every small business will need licenses and permits, but being situation in the heart of a major city will mostly likely lead to additional local requirements. Familiarize yourself with New York’s laws to avoid any troubles down the line. If you need advice for your specific business’s needs, visit www.Biz2Credit.com and talk to a representative.
4. Minimum Wage
At the end of 2015, New York’s minimum wage is slated to increase from $8.75 to $9. Mayor Bill de Blasio is calling for an increase to $13, but Governor Cuomo seems hesitant about the amount. Cuomo has unveiled a potential budget plan to raise the city’s minimum wage to $11.50.
All in all, New York City is a great place to start a small business. Direct any further questions or concerns to www.Biz2Credit.com.