How To: Start a Business in NYC
Starting a business in New York isn’t easy, but here are some things to point you in the right direction.
Conducting Marketing Research
An often overlooked step, but one that could make or break your company to-be. Shopping your competitors and getting to know the space and industry that you’ll eventually call home is vital to experiencing long-term success. That’s why it’s so important to get started early! You may even decide to change your industry after you’ve shopped the competition. Especially in New York City, where there are so many creatives, you may want to be certain of the space that you want to create your business in and the needs that you’re creating your business to solve.
Write and Share a Business Plan
Plan, plan, plan! You can often go wrong without planning, but you can very rarely go wrong with planning. Not a guarantee for the success of your business, but a highly recommended step. Plan out your investors, your e-commerce strategy, your social media strategy, whether or not you want to have a brick-and-mortar. Brick-and-mortar is a very intensive topic to brainstorm about, especially since real estate in New York City is pricey! All of these things (and more!) are important ones to think about while brainstorming the creation of your business.
Assess Your Finances
In order to get something out of this, you have to put something in. So investing is key to starting any business, but how much should you invest, and when should you back out in the case that the company is making a loss? These are great questions to know the answers to before starting your business. You can also hire or ask an accountant for help! New York City is full of creatives who want to embark on their own ventures, so there are many governmental resources you can apply to check out some NYC Small Business Loans to fund the company in its initial stages.
Build Your Team
After everything is settled, it’s time to think about team structure and people who you want to collaborate with in order to create a product or service that’s best for the overall society. There are many ways to go about this. Some people believe in matching teams up with their Myers-Briggs Personalities but there are so many ways to do this. Either way, the most important part of this step is to make sure that the people you are working with and the structure you’re setting them in paves the way for the company’s future success. Other than that, hire people that you want to work with personally!
Make it official!
Now all that’s left to do is register your company with the government and the IRS. Starting a company from scratch is stressful but will ultimately be very rewarding!
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