If you can make it there, you can make it anywhere – this is the concept that has made the Big Apple the forefront of business, fashion, and start-ups in general since the city first came into being. Early in the century, the mass of migration brought the population up and made it an ideal place to catch a ready audience, with diverse backgrounds, nationalities, and ethnicities creating a creative and original hub for commerce. This trend bloomed, and more and more people from around the world flock to the city to not only enjoy business but to start their own.
With the Wall Street collapse putting a lot of people out of work, one might think New York has lost its shine; in fact, it’s only evolved. The small business craze has hit every city, and with a lot of talented and creative people looking for work in the busiest city in the world, more shops, offices, and storefronts are opening up. Over 450 new businesses have started up there in the last five years, and with the statistic also showing most businesses close after their first two years, it becomes clear that a steady location as a base is crucial to success. NY offers that same advantage to business owners today as it did in the past decades, and it’s time for you to jump on the crazy.
Whether you’re looking to start up a new business or wanting to find a base for your already existing company, NYC is the place to be. Need more proof? Here are five reasons why:
1. Complementary Businesses
No man is an island, and especially no business man. Starting up a business takes suppliers, banks, accountants, and a range of other professionals to help guide, maintain, and advance the growth of a startup. While long-distance dealings are certainly an option in the modern day, shipping, long-distance calls, time zone differences, and even some professionals’ unwillingness to work remotely can put a serious strain on your profits.
Most foreign banks have at least once branch set in NY, many suppliers ranging from fashion to food to tech are centered in the city for its advantages, and all those Wall Street professionals looking to offer their financial insights are based there. Basing your business in NY can give you ready access to all of these advantages, building productivity and profits.
2. Boosts for Entrepreneurs
Since NY has been the hub of commerce and startups for over a century, there streets are packed with creative and experienced investors looking to get in on the new wave of startups. Experienced business owners are willing to mentor new entrepreneurs as they work their way up the ladder, and can offer focused insights on techniques for developing products, reaching particular audiences, and developing plans. The environment is especially rich soil for those seeking a financial boost, as Founders Collective to Union Square Ventures are right on site to offer their seed funds. In addition to this, with the Wall Street collapse, the city is full of new and savvy investors looking to bring the stock market up to par once again with new small businesses.
3. The Government Encourages Startups
With many other businesses and organizations giving startups a leg up, one can’t forget the efforts the city itself has invested to see the growth in entrepreneurs. NY wants to stay as one of the best cities in the world, and that means boosting profits and standard of living for everyone, encouraging people to spend their local and international cash. In 2001, Mayor Bloomberg presented the Five Borough Economic Opportunity Plan aimed at creating more jobs and offering both aid and reward to fledgling businesses making their appearance on the market. This can range from small venture capital in seed investments, or larger boosts after your business has already been established and needs that extra leg up. By having your business based in the city, you can benefit from this advantage while preserving the opportunity to branch to more cities and markets.
4. Ready and Talented Workers
As mentioned before, the Wall Street collapse saw a lot of highly trained, highly educated, and highly talented people put out of work. This has led to a lot of hardships for both businesses and the professionals, but an advantage can be found. This has diversified the hiring pool, broadening it from new graduates to a collection of experts who at once were the forefront of the most successful companies. This allows new businesses to snatch up these employees, who have the sought-after skills needed to take your business to the top, but who only lack the opportunity.
5. Larger Audience
Not only is NY’s population rather massive, but it’s highly diversified. As one of the biggest US hubs for trade, commerce, and general business, the people who visit the city or call it their home are made up of a range of ethnicities, nationalities, and backgrounds. The class differences are also varied, essentially giving new businesses the opportunity to find any audience for any service – and find a lot of them. Even with the great competition, the vast amount of people looking for something useful, unique, and trustworthy can help new startups avoid the steep uphill battle found in smaller or less diversified cities. NY can offer you the niche opportunity to find the people who need your services, and offer you the exposure needed to launch your business to the top.
NY has been immortalized in songs, movies, and plays as the place for the up-and-coming. Even with financial hardships and economic setbacks putting the city through difficult times, NY continues to grow to accommodate the new generation of entrepreneurs. Several other cities may offer these five advantages individually, but the Big Apple offers startups all these benefits at once, along with the opportunity to contribute to the city’s legacy as the home to the industrialists and the tycoons.
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