SMALL BUSINESS IN NEW YORK
December 23rd 2013 at 4:21am Published by firstdownadmin
New York City is the country’s top city for small business for the second year in a row, according to Biz2Credit’s annual study of the Top Small Business Cities in America, which analyzed the financial performance of 27,000 small businesses and their local market economic conditions.
Much of New York’s success is due to the real estate market that continues to lift Manhattan and the outer boroughs and spill over into neighboring suburbs. Construction firms have plenty of work, and the contractors that service them — roofers, plumbers, electricians, etc. — are thriving.
Industry diversity helps New York thrive. It is a technology hub, but also remains the center for the media, fashion, and finance industries, which have all been transformed by technology.
Here’s why you should consider starting a new business in New York:
1. New York City is Buzzing with Startups
Business owners thrive by being around other entrepreneurs and there are many startups in New York City (NYC). CNBC recently named New York City the “top city to open a small business in America,” and startups flock to NYC because it’s one of the world’s largest centers for finance and a hotbed for industries like IT and entertainment.
2. Tax Benefits
New York is not the most business-friendly state in the U.S., but they have instituted several tax benefits and incentives to help ease the burden on small business owners.
3. Multiple Airports
There are 16 primary airports in New York, which is useful to small business owners who frequently fly to see clients.
4. Large Professional Talent Pool
If you want to expand your business and hire employees, you’ll want to pick a location with a large talent pool. 44 percent of New Yorkers are college educated and many natives stay in the state to find work.
5. NYC is a Melting Pot
Diversity is important because it gives you a different perspective and increases creativity.