Known as the city that never sleeps, millions of people from all four corners of the world flock to New York City every year. Whether you’re a long-term resident or you’re looking for an adventure, many entrepreneurs head to the big apple with their eyes set on starting and running a successful business.
With many businesses failing in their first year of operation, it’s important that you pull out all the stops to increase your chances of success. If you’re not sure where to start and are in need of some advice, here is a guide on how to start a business in NYC.
Create a Business Plan
Any successful company needs to have a detailed business plan in place. If you’re new to the business world, the process of getting your idea off the ground and running can be overwhelming, so it’s crucial that you outline your objectives and goals, sales forecast, and how you’re going to fund your business. If you’re having difficulties obtaining a small business loan from a mainstream lender, you may be interested in an unsecured personal loan, so click here for more information.
Decide on a Business Structure
There are three basic options that you can pick from when it comes to deciding on a business structure. These are a DBA, a corporation, and an LLC. A DBA (otherwise known as doing business as) isn’t a separate structure, but rather a different name that a partner or individual can use as their company name. A corporation, however, is a separate entity with a structure that features directors, shareholders, and officers. An LLC (limited liability company) is a newer type of business that is a separate entity. An LLC does not require officers or directors, which provides easy management.
Pick a Business Name
The name you pick for your business can be the make or break when it comes to getting your venture off the ground. While picking a name may be easier said than done, there are tons of business and legal problems which can occur (should you pick the wrong name). While you can always alter it later, the fewer times you have to do so, the better. To spot potential conflicts, you can search the internet for the name you have in mind on search engine platforms like DuckDuckGo and Bing. You should also do a trademark search with the USPTO (US Patent and Trademark Office), to give you further reassurance. The last thing you want to do is end up in a dispute with an established business, so making sure your name is original and trademark free is crucial.
Register the Business
Each state has its own rules and regulations when it comes to registering a business. Once you’ve created a business plan, structure, and chosen your name, there are various requirements that you need to know before registering your business in New York City. If you’re forming an LLC in the city, you may want to pick a registered agent service. The Secretary of State acts as the registered agent, however, you may wish to pick an alternative service.
Marketing Your Business
When running a business in New York City, you couldn’t be in a better place in terms of the population size, and marketing opportunities. While you may think your first port of call should be to have a billboard in Times Square, more and more businesses are turning to social media platforms like Facebook to spread the message of their brand. Setting up your own company page can be a great way to engage with customers, helping to increase awareness of what your business does. No matter what sector you plan to go into, it’s important that you do your research to help you establish your target audience.
Whether you have a wealth of experienceor you’re about to start your first company, running and maintaining a successful business in New York City can be challenging. Before you begin operating, it’s important that you create a detailed business plan, decide on a business structure, pick a name that’s suitable, as well as registering your company. There are various other factors that you will need to take into consideration before getting started, such as purchasing insurance, office space, and deciding whether you plan to employ others in your business.
As the saying goes, fail to prepare, prepare to fail, so getting everything in order before unleashing your venture into the world can help not only make you feel more confident but increase the chances of your NYC business becoming a success.