From the magical Boreal forests in the Adirondack Mountains to the bright lights of Broadway, east to Long Island’s Montauk Point, and the vast protected wilderness in between, New York State is a diverse and prosperous place for starting a business.
The Empire State’s economy is America’s 3rd strongest, larger than Canada, South Korea, Russia, and Australia. And NYC is the 10th largest globally!
It’s busy, too, the 4th most populous and 7th densely populated state, so there’s plenty of passing trade.
And entrepreneurial funding, NY ranked 2nd in 2022 for VC investments (29.3 billion US dollars).
Ready to learn how to start a business in New York?
And remember, “If you can make it here, you can make it anywhere!”
Here are the steps you need to follow to start your own business in New York, we’ll explain more about each step below:
New York (or NYC) may be where dreams are made, but you need a great business idea to make them a reality.
The first place to begin when developing your business idea is you.
Consider why you want to start a business in New York (sure, money), but other factors are equally important, such as your lifestyle and the time you can devote.
Next, add your interests, skills, availability, and resources to the mix.
Then consider the likelihood of your business idea succeeding in your chosen location.
For example, suppose you enter the retail or food industry. In that case, you’ll need a high footfall of passing trade, so NYC, Yonkers, Buffalo, Rochester, or Syracuse would all be a safe bet. In contrast, agriculture start-ups would flourish in the Finger Lakes region.
And finally, think about your community needs and ensure your business idea provides a viable solution.
Stuck for an idea? Don’t schvitz it; here are some to consider:
We know NYC for its booming financial, business, healthcare, education, and manufacturing services. If your idea is in one of those niches, odds are you’ll do well.
But 98% of NYC businesses are small businesses, and some are in high demand throughout NY state, such as
