Maybe you finally quit your corporate job, or perhaps you decided to move to NYC. Whatever the reason, starting a business in New York is an exciting endeavor. Here are 3 tips you need to know about getting your business up and running in the Big Apple.
Know What You Want to Sell
It might sound obvious, but before you start a business in NY, you need to figure out what you want to sell. You might be selling a service, or perhaps you’ve created something that you want to sell.
If you invented something, before you go all-in on it, it’s highly recommended that you work with a patent lawyer in New York. This is important because you’ll want to make sure that your idea is not already patented by someone else, and the lawyer can also help you figure out if it’s worth getting a patent for your idea.
Determine Your Location
Are you planning to have a brick-and-mortar store, or will your business live strictly online? If you choose to have a storefront, you need to carefully think about the neighborhood in New York that you want to be located in. Do you want to work in Manhattan, the cultural and financial capital of the world, or do you prefer a quieter area like Brooklyn?
You’ll also want to consider your budget since rent is not exactly cheap in New York. If spending thousands on rent each month is not something you can afford, basing your business online is likely a better option (at least to start).
Register Your Business
Before you can legally work in NY, you must correctly set up your business and get it registered. This includes doing the following:
- Determining your business name (it’s a good idea to check with a trademark lawyer to ensure the name isn’t already trademarked)
- Selecting a business entity (LLC, sole proprietorship, etc)
- Registering it with New York’s Tax Department
- Apply for an EIN
- Obtain any necessary permits
Once you’ve done that, you can open up a business bank account, apply for business loans, hire employees, and get business insurance.
New York City is a great place to start a business filled with countless opportunities. Take time to get your business set up properly, and then connect with the community to spread the word about your new business.