7 Tips for Building a Business in Manhattan

New York, the Big Apple, city of immigrants, the financial center of the world—if you can make it here, you can make it anywhere. New York City is a multicultural community with a population large and diverse enough to support just about any business idea. The competition in the city is intense but rewarding for those who make it.

1. Thoroughly Plan and Research

Every business starts with an idea, but it can only be realized if you put it to action. The first step to opening a successful business is putting your ideas to paper.

Methodically planning every step of your business plan allows you to proceed with direction and purpose. Business planning involves defining your vision and mission. Within your plan, you will also define your goals, create a marketing strategy, and draw up a financial plan.

Researching your service or product allows you to weigh the risks, costs, and opportunities for expansion. By understanding your competition, industry standards, and pertinent regulations from the start, you’ll avoid setbacks later on. While drawing up your business plan, you can use the U.S. Small Business Administration as a resource.

2. Made for Manhattan?

From your research, you should be able to determine whether Manhattan truly is the best place for your business. It is a highly competitive location and, in turn, rent and property costs are high. On the other hand, having a Manhattan office opens up your business to high foot traffic and affluent clientele. Before deciding on Manhattan, think to yourself, could your business be more successful somewhere else?

3. Make Sure It’s All Official

With this decision made, it’s time to register your business. In general, to register a business in Manhattan, you need to do the following. Keep in mind that certain industries require additional licenses and approvals.

• Determine the legal structure of the business as well as ownership and essential positions. You will need this information for tax filing.
• Register the business with the appropriate authority. Corporations, limited liability companies, and limited partnerships all register with New York State. General partnerships and sole proprietorships register with the county clerk.
• Apply for an employer identification number (EIN) or federal tax ID number. Sole proprietors can use their social security numbers instead.
• To sell products and services, you will need to register as a sales tax vendor with the NYS Department of Taxation and Finance.
• Research and acquire the mandatory insurance for your business. For example, almost all companies must have workers’ compensation, liability, and disability insurance.

4. Make the Space Your Own

Now that you have secured the location and procured all the necessary permits and licenses, you can start building out your store, office, or plant. Always start with the essential equipment you will need to operate. Then branch out to the fixtures and fittings that will make your location stand out. Your design must not only be functional, but speak to your brand persona and appeal to your target market.

5. Take Time Hiring the Right Staff

The members of your staff are the face of your business. When hiring, you need to assess their work ethic, availability, and reliability. Before hiring an individual, make sure you know their personality and can see how they’d fit in with the rest of the team.

Take your time to find well-qualified candidates. By hiring individuals already trained in industry standards, you can provide quality service right from the get-go. Most importantly, hire people who are passionate about what they do and have an appreciation for the industry.

6. Build a Website with the Help of a WordPress Developer

In today’s market, every business needs a website. Customers have to be able to find you and learn about your business before visiting. A website is a cost-effective marketing tool that will drive your business.

If you aren’t well-versed with web design, you may want to hire a Manhattan-based WordPress developer to build your website. Your website will be too essential to business to risk using a platform not created by a professional.

Before hiring a developer or agency, make sure you have a clear vision for the website in mind. A web designer can only create a useful website if you communicate to them what you want the site to do and how it should look.

7. Launch in Style

You’ve laid out your plan, registered the business, built up your location, hired staff, and created your website. Now, all that’s left to do is to launch the business. Your business launch is an opportunity to make a name for yourself, grab attention, and make a statement.

However, it’s important not to get lost in the party planning aspect of the launch. While the event should have a sense of celebration and style, it also has to make business sense. Keep the costs low and make sure your launch focuses on generating sales.

Take Your Bite of the Big Apple

Now that everything is in place, you can begin your entrepreneurial journey in the Big Apple. Competition and customer demands may be high, but so are the rewards. With the right service or product and a strong work ethic, anything is possible in Manhattan.