Are you looking for the perfect place to launch your business? Look no further than New York City. For two years in a row, the Big Apple has been declared as the country’s top city for small businesses.
Biz2Credit conducts yearly studies regarding the Top Small Business Cities in America. This study analyzes the financial performance and the local economic conditions of more than 27,000 small businesses in the country. According to Biz2Credit, a small business is a company with no more than 250 employees or $10 million in yearly earnings.
With New York being the melting pot of thousands of small-scale and large-scale companies, you might think that launching your business in the Big Apple is a suicide mission. However, there is a number of compelling reasons why New York is still one of the best places to start a business.
Tourism Industry is Booming
The tourism industry of New York is ever thriving. The Big Apple welcomed 65.2 million tourists in 2018, a 2.4 million increase from last year’s number of tourists. Millions of people from around the world visit New York for its bustling nightlife and tourist spots. New York is many things – a technology hub, a center for media, art, fashion, and finance. There’s no wonder why many people visit the city each year. The increasing number of people flying to New York means an influx of potential customers for small businesses in the city.
Countless Opportunities to Network
Networking is important for businesses, especially smaller ones. It helps your company form professional relationships with other companies who can help you build your brand. Another reason why New York is great for small businesses is that there’s countless of opportunities to network with fellow businesspeople.
Networking opportunities are happening every day. All you have to do is look! You can network with professionals, CEOs, mentors, etc. through apps like Meetup.com, social media, and more. While it can be fun to meet new people, remember that it’s best to network with people that are relevant to your business goals.
Great Support for Female Entrepreneurs
Great news for female entrepreneurs! New York is a nurturing and friendly environment for businesswomen. In fact, New York-based companies such as Sky Ting Yoga, Birchbox, American Two Shot, Coming Soon, and more are all owned and founded by women.
Research also supports the fact that New York is the leading city that fosters the growth of female entrepreneurship. According to a study from Dell, the Big Apple is the best city in the world to start a female-owned company concerning capital generation and a supportive environment. It’s easier for women entrepreneurs to qualify for business financing in New York. Alternative lenders like SMB Compass make it easier for women to apply and secure bank-rate financing.
Recommended external article: Transportation & Trucking Business Loans | SMB Compass Financing
Supportive Community of Entrepreneurs
For small businesses and startup companies, a supportive community is everything. Despite the abundance of competitors, New York is well known for its sense of community. Many entrepreneurs in New York are supportive of each other – encouraging one another rather than tearing each other down.
Once you can find a community you can trust, you can network or ask for advice from people who have been in your shoes.
There are many ways to look for guidance resources for business owners. A simple Google search or social media search can do the trick. Or you can also check out mentorship programs like Oceans and more.
Growing Density and Diversity of Industries and Professionals
Since NYC is densely populated, in-person meetings are likely to happen all the time. This is an advantage for small businesses since it’s easier to collaborate and share ideas, as well as build trust and credibility for your brand. Diversity also provides more opportunities for small businesses to reach out to more established entrepreneurs so you can share resources and experience.
According to the Small Business Administration, there are over 700,000 companies that are owned by the minority in New York. This makes New York one of the most diversified cities in the United States. Diversity in the workplace breeds innovation, creativity, improved ROI, and productivity.
If you’re looking for the best place to start your small business, New York is definitely the place to be. However, keep in mind that New York is also one of the most expensive cities, so make sure you have enough working capital to get by. Before starting any kind of business, it’s always wise to do your research.
