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If you want to do business in New York City, you need to prepare well and know exactly what’s required from you. In this article, that’s what we’re going to help you with. Once you’ve finished reading, you’ll have all the necessary knowledge and information you need to start your adventure in New York City’s entrepreneurial community.
Things that are required to do business in New York City
Even though New York City is one of the most expensive cities to rent office space, it’s one of the best places for starting a business. If you have decided to take this step, congratulations! Here’s what you need to know to prepare for starting or moving your business to NYC.
Create a business plan
Before starting a business in New York City (or anywhere else, for that matter), you need to create a thorough plan and consider all aspects of your business. Even though you’re probably excited to kick off an idea, you need to be patient and develop a coherent and detailed business plan first.
Keep in mind that you can always go back to your initial plan and make updates if needed. Here are just some examples of what your business plan should address:
- A detailed description of your product or service as well as pricing.
- What makes your product or service unique, and how is it different from your competitors’?
- Ownership and management structure of your business.
- If needed, a hiring plan.
- The research of your targeted market and ideas for attracting and then retaining your future customers.
- How much money you have, how much you need to launch your business, and how much time you would need to break even.
On the other hand, if you already have a business and plan to relocate it to NYC, the first thing you need to do is organize a successful office relocation. For instance, let’s say you’re moving your office to Queens. To have a hassle-free move, make sure to hire Queens-based experts who have experience with commercial relocations.
Get creative and name your business
Choosing a good company name is one of the most important aspects of running a successful business. Your name will indicate who you are and what you offer to your customers. The name itself can have a massive influence on whether the potential customer will decide to trust you or not.
Once you think of a great name, you need to make sure it’s unique. Research and make sure that your competitors haven’t already taken it. Once you’ve chosen your business name, you can register the domain and start introducing it to a broader audience. After this, you’ll be ready to register your business entity.
And in case you’re moving your existing business to NYC, take that relocation as a chance to start fresh and implement changes that will further improve your working environment. For instance, you can reduce stress at your workplace and find ways to help your employees feel good in the office. Happy employees are productive employees!
Doing business in New York City – how to make it official?
The first step towards making your business official is to choose a business entity. It is probably one of the most important steps as it will define how you’re taxed, how you’re going to set up your management and ownership structure, and your degree of legal protection. It will also determine your registration process.
Sometimes, it can be challenging to determine what type of business structure makes the most sense for your particular business. Therefore, if you feel unsure, consider consulting a professional. You can also read business news and do your research online. After you’ve chosen a business entity, it’s time to register your business with New York’s tax department and apply for an EIN with the IRS.
Alternatively, if you plan to relocate a business that’s already operating, your primary concern will be organizing a smooth office relocation to NYC. We’ve consulted with Best Movers NYC, who advised that in order for a business move to be successful, it should be planned well in advance. The best way to go is to dedicate 4-6 weeks to planning and organizing everything. Also, make sure to check out our dos and don’ts of office relocation.
Secure funding and get a business bank account
It’s no secret that to get your business off the ground, you’ll need cash. Unfortunately, you should probably skip your local bank when looking for your startup funding. Banks are very cautious when it comes to lending to new businesses, so you don’t stand much of a chance.
Therefore, you should seek alternative financing methods such as tapping into your savings or looking for investors among friends. The good idea is to try crowdfunding. You’ll be surprised how many people are willing to help!
The next step is to open a business bank account. Do your research and choose a bank that offers the best conditions for startup businesses. You might think it’s a good idea to use your personal account as, after all, it is your business. However, we strongly advise against this for two reasons.
- This way, your personal assets will be protected in the case your business ends up being sued. Even though it’s highly unlikely, it’s always better to be safe.
- Owning a business bank account will make your bookkeeping much more manageable.
Good luck!
We hope we have helped you figure out what you need to do business in New York City. We’re sure your company will quickly find its place in NYC’s entrepreneurial scene. We’re keeping our fingers crossed!
