5 Reasons to Open a Business in New York | Fora Financial Blog
Close
5 Reasons to Open a Business in New York
March 11, 2019
Open-Business-New-York

5 Reasons to Open a Business in New York

March 11, 2019
According to the Small Business Administration (SBA), New York state is home to 2.1 million small businesses and 4 million small business employees, which is more than 50 percent of the private workforce. New York’s economy is the third largest in the country, and if it were its own country, it would be one of the largest in the world. Depending on your industry, New York could be a great state for you to open your business.

In this post, we’ll list five reasons you should open a business in New York.

Should You Open a New York Based Business? Here Are Some Reasons to Consider!

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.

In fact, greater Manhattan is the leading center for banking, finance, media, and telecommunication in the U.S. Notable NYC startups include Birchbox, BuzzFeed, Etsy, and WebMD.

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. START-UP NY allows new businesses to operate tax free if they’re located on or near certain universities in the state. Also, the New Markets Tax Credit Program gives money to businesses and real estate developers to create jobs and foster community development in low-income neighborhoods throughout New York State.

3. Multiple Airports

There are 16 primary airports in New York, which is useful to small business owners who frequently fly to see clients. To put this into perspective, South Dakota only has three primary airports and the state is much larger than New York. Additionally, there are two major airports in New York City and they both fly internationally.

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. New York also gets talent from Boston, Washington D.C., and surrounding cities, so you have a large talent pool from many cities. Also, in 2017, New York hired more software engineers than any other position, proving that tech talent is not only present in Silicon Valley.

5. NYC is a Melting Pot

Diversity is important because it gives you a different perspective and increases creativity. According to Forbes, it can even make your business more successful and profitable. There are more than 700,000 minority owned business in New York, making it a melting pot and one of the most diverse cities in the U.S. By having a diverse team, you’re introducing new ways to tackle problems, which can result in increased productivity.

Conclusion

If you’re looking for a diverse state that’s full of startups, New York could be the right location for you to open your business. It’s important to note that while New York City is the largest city in the state, it is also the most expensive. Depending on your industry, Syracuse, Buffalo, the Finger Lakes, Albany, or White Plains could be great options as well. Whatever city you choose, do your research and be prepared to embrace the cold winters and hot summers!

Do you have a business in New York? What do you like about owning a business in the state? Let us know in the comment section below!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Fora-Logo_TEAL-KNOCKOUT
Post by: Fora Financial
Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].