New York City remains the city of big business, and with amenities in hand, even the tech giants are getting muscled out. Investment magazine CrunchBase reported a huge spike in investment for NYC startups so far this year; over $7.6 billion in seed funding, to be exact. While the biggest valued companies sit on the west coast, the biggest new prospects are flying up all over the city, and it’s an exciting time to be a business owner. That being said, the NYC business scene is very particular, and newcomers need to be wary.
There are only two better states to work in than New York, according to Oxfam, and none that are better for labor organization. Employees demand respect and should get it, and nowhere is that more obvious than in NYC. You can expect employees to claim the full range of their rights to the fullest extent of the law, and your startup must have the relevant worker’s comp to ensure you don’t go under due to potential costs and to ensure your employees are paid correctly.
Keeping it simple
As a result of the pandemic, business rents have plummeted in NYC according to CNBC. In some districts, you’ll now pay 25% less than you would have two years ago. This is good news for businesses looking for premises, but don’t fall into the trap of over-renting. Less is more, and especially so where a digital business is concerned, so focus your efforts on getting just the right space.
In addition to low rents, WSKG highlights that NYC-based telecom providers must offer good-level internet at a base rate capped at $20. You should take advantage of this. Overheads can kill a business, and that’s especially relevant in states like New York where the cost of living is relatively high. Every step you can take to reduce those overheads is the profit you can put into your business or, perhaps, even your salary. Either way, it leads to growth and more cash where it matters.
NYC is the perfect city for a startup. This has been shown by the great faith demonstrated by investors. With city conditions easing to provide a better foundation for the business to flourish upon, it’s time to get involved and make the most of the perfect weather for business.