Without a doubt, a business-friendly environment is what sets a business apart. New York is one of those cities with a very friendly environment. This sets it apart and makes it a major international destination.
New York is a city that has a wealth of financing options with great infrastructural facilities that can make a business flourish.
In this article, we would be looking at starting a business in NYC checklist and all you need to know about starting a business in New York City.
Starting a Business in NYC Checklist
- Prepare and Plan
- Secure financing
- Choose an entity type[corporation or Sole proprietorship)
- Choose a Business name
- Register your business
- Register a Fictitious Business Name{If Necessary}
- Choose a Location
- Obtain Specialty Licenses and permits{If necessary}
- Employer responsibilities{If necessary}
- Tax Information{FTB, CDTFA, EDD, IRS, BOE}
- Ongoing Secretary of State filing requirements{Statements of Information}
How to Start a Business in New York
In this section, we will walk you through the important steps to start a business in New York.
Write a Business Plan:
A business plan is that road map that will guide you from point A to point B in your business. Your business plan should address the following:
- Product or service description
- The uniqueness of the brand when compared to competitors
- The structure of management and ownership
- The hiring plan of the business
- Your target market
- How to attract and retain your potential customers
- How much the business currently makes
Choose a Business Name:
Choosing a business name is one of the most important aspects of your business. The name of the business indicates to your customers who you really are and what value you offer.
While choosing a business name, make sure it is available on all platforms.
Search the New York Business Entity Database and do a business entity name search(https://apps.dos.ny.gov/publicInquiry/) through the New York Secretary of State.
This is to make sure that the name has not been used by another New York Business. Also, you can run a Google search to make sure that your competitors are not using dream names, either in New York or elsewhere.
Choose a Business Entity:
The Business entity you choose will determine how you are taxed. This also comprises your management and ownership structure. Some of the structures you should consider are sole proprietorships, partnerships, LLCs, and corporations.
LLCs are popular and easy to form. They are also easy to maintain and the owners can easily be provided with legal protection.
Obtain permits and licenses:
Obtaining your professional licensing or permits is very very important. These licenses will allow you to legally start and operate a business in New York.
If you have completed New York’s Business Express new business questionnaire, then your customized checklist will include information about whether you need to obtain professional licensing or permits to legally start and operate a business in New York.
Secure Startup Funding:
You will be needing some money in order to get yourself off the ground. The easiest ways to generate your start-up funds include tapping into your personal savings, borrowing from family and friends, bootstrapping, or using personal loans for your business.
Get a Business Bank Account and Business Credit Card
One of the best decisions you will make is to open a business bank account and not use your personal bank account to run your business.
Separating your business from your personal finances is crucial as it will protect your assets from in the unlikely event that your business is sued.
Furthermore, using your business credit card for your daily business-related expenses is no longer a brainer. Spending on your card responsibly will help boost your credit score and which is very crucial if you must qualify for business loans.
Kick off your marketing plan:
Now that you have your paperwork and financials in order, you are well on your way to starting a business in New York. The next thing to do is to start spreading the word about your business and letting them know about your new business.
A professional-looking business website is pretty non-negotiable. Along with creating a website, it is also important to create social media accounts that are dedicated to your business in the most important marketing strategy.
Conclusion:
The ecosystem of New York is ideal. The pro-renewable energy agenda attracts new businesses and creates its own support structure.
It is about the ecosystem, the talent, the customers, and the suppliers who are close at hand. This is what creates a win-win culture that continuously helped businesses to thrive.
