If you can make it there, you can make it everywhere – this is the philosophy that has propelled New York City to the forefront of business, fashion, and start-ups since its inception. With different origins, nations, and races producing a creative and innovative center for business early in the century, mass migration boosted the population and made it an excellent site to grab a ready audience. This tendency grew, and individuals from all over the world began to come to the city to do business and start their own companies. So, let’s get on with the seven reasons your business should be based in NYC!
1. Financial situation
Due to the meltdown on Wall Street, so many people have lost their jobs, one might believe New York has lost its luster; nevertheless, it has simply evolved. The small company fever has spread worldwide, and with so many brilliant and creative individuals searching for employment in the world’s busiest metropolis, more stores, offices, and storefronts are springing up. In the previous five years, over 450 new businesses have opened there. With the fact that most enterprises fail within the first two years, it’s apparent that having a stable foundation is critical to success. Today, New York provides the same benefit to company owners as it did decades ago, and it’s time for you to join the craziness and start your own company in NYC.
2. Business ecosystem
No one, especially a businessperson, is an island. Suppliers, banks, accountants, and various other experts are all needed to advise, manage, and promote the growth of a company. While long-distance transactions are possible in today’s world, shipping, long-distance conversations, time zone variations, and even certain employees’ desire to work remotely may all place a burden on your earnings.
Most international banks have at least one branch in New York. Numerous suppliers from fashion to food to technology are headquartered there for its benefits. And all those Wall Street experts eager to give their financial insights are based there. By locating your company in New York, you can take advantage of all of these benefits while increasing production and profitability. It doesn’t matter if you start your new business there or relocate it to be closer to the action.
Moving your business to NYC
The Big Apple is an outstanding place to be and your business should be based in NYC, not only if you’re starting a business but also if you already have a company. Relocating your center and basing your company in New York could open you up to many opportunities. However, moving your business can sometimes be challenging, and you can easily miscalculate the time you need for the whole process. However, if you start packing your office on time, prepare your employees, and hire a moving company, the transition will be smooth and easy!
3. It’s friendly to entrepreneurs
Because New York has been a center of trade and start-ups for over a century, the streets are bustling with innovative and experienced investors trying to cash in on the new generation of entrepreneurs. As young entrepreneurs rise through the ranks, experienced business owners are eager to mentor them. They may provide specific advice on how to produce goods, target specific customers, and build goals. The setting is incredibly fertile for individuals seeking financial assistance since start-up funds from Founders Collective to Union Square Ventures are available directly on site. Furthermore, due to the Wall Street meltdown, the city is flooded with fresh and sophisticated investors trying to resurrect the stock market with new tiny firms.
4. Start-up friendly government
While many other firms and organizations are helping start-ups get off the ground, it’s important to remember the city’s own efforts to foster entrepreneurship. NY wishes to maintain its status as one of the greatest cities in the world, which includes increasing profits and raising the standard of life for all residents, and encouraging people to spend their local and foreign money. Mayor Bloomberg announced the Five Borough Economic Opportunity Plan in 2001, intending to increase job creation and providing assistance and incentives to new firms. This might range from tiny venture capital investments in the early stages of your firm to significant boosts once your company has grown and developed. You may take advantage of this advantage while still having the option to expand to other cities and markets if your company is headquartered in the city.
5. Great workforce
As previously stated, the Wall Street meltdown resulted in the layoff of a large number of well-trained, highly educated, and brilliant individuals. This has resulted in several difficulties for both enterprises and experts, yet there is a benefit to be found. It has broadened the recruiting pool, shifting it away from new graduates toward a group of specialists who were formerly at the vanguard of the most successful businesses. To illustrate the point further, New York has been ranked as the number 1 US state with the best employment opportunities. This permits new firms to swoop in and hire these individuals who have the desired talents but lack the potential to take your company to the next level.
6. Bigger potential clientele
Not only is New York’s population large, but it is also diverse. People who visit the city or call it home come from various ethnicities, countries, and backgrounds since it is one of the largest US trade, commerce, and general business centers. The class disparities are also diverse, allowing new firms to target any consumer for every service — and a large number of them. Despite the fierce competition, the vast number of individuals seeking something helpful, distinctive, and dependable might assist new businesses in avoiding the hard uphill fight encountered in smaller or less diverse cities. NY can provide you with a specialized chance to discover individuals who need your services, as well as the exposure you need to take your company to the next level.
7. The city’s legacy – the biggest reason why your business should be based in NYC
NYC has been immortalized as the city for the up-and-coming in songs, movies, and plays. Despite financial struggles and economic losses, York City continues to develop to accommodate the new generation of entrepreneurs. While some other locations may provide these five benefits separately, the Big Apple provides start-ups with all of them at once, as well as the potential to contribute to the city’s heritage as the home of industrialists and tycoons.
This ultimate point alone should be enough to persuade you that your business should be based in NYC. It truly is a city of opportunities waiting for you to grab them and take advantage of all this incredible vivacious city has to offer.