To Start a Business in New York, Follow These Steps
Step 1: Choose the Right Business Idea
The first step toward clientele possession is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals, and your natural abilities. This will help you stay motivated when the going gets hood and will greatly improve your odds of success. We have assembled a comprehensive list of little business ideas to help you get started. Need inspiration ? here were the most popular ideas among our New York visitors in 2020 :
- Drive-In Movie Theater
- Grocery Store
- Liquor Store
- Security Guard Company
Find the Right Business Idea for You
Our free Business Ideas Generator will help you identify great businesses that match your interests and life style.
business Ideas Generator
Step 2: Plan Your New York Business
successful businesses are built through careful plan. Before committing a significant sum of money and other resources toward your occupation in New York, critically analyze your theme, and create a game design. At a minimum, you should complete the follow :
Name Your Business
What will you name your business ? When naming a occupation, you ‘ll want to choose an available name that follows New York ’ s name rules for an LLC or pot and resonates with your customers. Use our business name Generator to find the perfect post diagnose and web site .
Before you reserve your business mention, make surely your world is available .
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once you register a knowledge domain name, we recommend choosing a clientele earphone arrangement to enhance your customer service. Phone.com provides a high-quality earphone serve that integrates with all devices. Try Phone.com .
Find a Business Location
Do you know where your commercial enterprise will be located ? Whether you ’ re opening a brick-and-mortar establishment or starting a business from home — your business localization informs the character of license and permits you ’ ll indigence adenine well as your business ’ south emergence potential. Doing your research on New York ’ s popular areas such as Queens or Brooklyn can help increase foot traffic and drive customer concern .
Conduct Market Research
Have you gotten to know your market ? Before you write your business design, conducting thorough market research is crucial. This can involve conducting surveys, doing search engine optimization ( SEO ) research, or holding focus groups. The goal of market research is to better understand your target marketplace and competitors in decree to craft an effective business plan .
Write a Business Plan
Have you written a business plan ? Our clientele plan Generator makes writing your business plan easier than always ; just add your business ’ mho information and you ’ re done !
A well-crafted business plan doesn ’ triiodothyronine just help you get organized while you start your minor occupation in New York. Business plans are used to obtain business fund and help you reach crucial milestones .
here are some of the main components of a well-written business plan :
- Product Development: What problem does your business solve? What will set your product or service apart from the competition?
- Sales & Marketing: Who are your potential customers? How will you get their attention and convert them into buyers?
- People & Partnerships: What roles will you need to hire, and what professional relationships will you need to form in order to succeed?
- Financial Planning: How many clients or sales will you need in order to break even? How much money will it take to get there, and where will you get the funding?
Business Planning Resources
- Need Help? Find organizations in your local area that can assist you with planning.
- If you’re a woman in business, find funding, tools, and resources with this great Women in Business series.
Step 3: Get Funding
It ’ s no unavowed that you need funding to start a business, but before you can secure the money you need to cover startup costs, there are a few things you need to do first. Calculate your clientele costs before seeking away fund. This will help you choose the right fund source for your New York business ’ mho needs. Next, be fresh with your spend and get organized by creating a detailed fiscal design .
Explore Business Funding Options
- Bootstrapping: This is the do-it-yourself approach to business funding which means you provide the capital for your business through personal savings as well as your current income. Once your business is in operation, profit is reinvested back into the business to continue its growth.
- Friends and Family: Financing your business through friends and family loans can be a great way to get the capital you need to start your small business. When mixing business with family and friends, it’s a good idea to establish a written agreement and repayment plan.
- Small Business Grants: Small business grants are essentially business funding for your business you don’t have to pay back. You can obtain a small business grant by completing an application process with a grantor.
- Small Business Loans: You can typically apply for small business loans through a bank or other lending institution. This funding method requires repayment but will provide you with the capital to cover startup costs or more.
Learn how to plan, raise, and manage your funds by visiting our scout to Small Business Finance .
Step 4: Choose a Business Structure
Registering your New York company as a legal business entity — such as an LLC, corporation, or nonprofit — has two major advantages :
- Increased credibility
- Protection from personal liability in the event your business is sued
Find out which occupation structure is right for your new clientele in New York .
A exclusive proprietorship is an informal business structure that isn ’ thyroxine incorporated or separated from its owner. This means that 100 % of the commercial enterprise ’ south profits go to the owner ; however, 100 % of the fiscal liability should the business accrue debt or get sued falls on the owner american samoa well .
A partnership, like a sole proprietorship, is an informal unincorporated clientele structure but with multiple owners. similarly, partnerships do not have liability security that you find with a ball occupation structure .
A restrict liability ship’s company ( LLC ) combines the personal asset security of a pot with the flexibility of a partnership or lone proprietorship. Most modest businesses prefer the LLC structure ascribable to its easy sustenance and friendly tax treatment. Find out if you should start an LLC for your little clientele .
A corporation is a discriminate legal entity that is owned by its shareholders. Corporations have more conventional regulations than LLCs and tend to be more attractive to investors. Most big companies like Apple fall under the corporate class .
A nonprofit arrangement is one that is funded by donations alternatively of investors. Nonprofits are typically created to further a social campaign and are exempt from paying taxes. The Red Cross is an exercise of such an arrangement .
If you choose not to register your company as a clientele entity, you will be held personally creditworthy for the debts and liabilities of your clientele .
In addition, partnership and sole proprietorship business owners may need to file a DBA, known in New York as an assume identify. A DBA is not a business structure and does not give you and your personal belongings the protection like an LLC would .
Find out more about how to file a DBA in New York by visiting our scout .
Step 6: Set up Business Banking, Credit Cards, and Accounting
Using dedicated business trust and credit accounts is substantive for personal asset protection .
When your personal and business accounts are assorted, your personal assets ( your home, car, and early valuables ) are at risk in the event your business is sued. In occupation law, this is referred to as piercing your corporate caul .
You can protect your New York commercial enterprise with these three steps :
Read more: When Can You File Taxes? | H&R Block
1. Opening a business bank account:
- Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
- Makes accounting and tax filing easier.
Recommended: Find the right bank for you, read our reappraisal of the top 5 Banks for Your small business
2. Getting a business credit card:
- Helps you separate personal and business expenses.
- Builds your company’s credit history, which can be useful to raise capital (e.g., small business loans and small business grants) later on.
Read our guidebook on minor clientele recognition cards to find one for your business .
Recommended: Visit Divvy to apply for their easy-approval business credit wag and build your business recognition quickly. apply With Divvy
3. Setting up business accounting
An accounting arrangement helps you track the performance of your occupation and simplifies annual tax filings. Quality account software lets you download your bank and credit poster transactions, making accounting fast and easy. Learn more about the importance of account and how to get started with account nowadays. Or, hire a clientele accountant to help you navigate all your business accounting and tax needs from payroll to sales tax .
Recommended: An account service could be saving your commercial enterprise thousands of dollars a class. Try our commend accounting sotware today to help merely your taxes.
Step 7: Get Insured
occupation insurance helps you manage risks and focus on growing your business in New York. The most coarse types of occupation policy you should consider are :
- General Liability Insurance
- Workers’ Compensation Insurance
- Professional Liability Insurance
We recommend that all little businesses, including home-based businesses, purchase a general indebtedness policy. Businesses selling professional advice or services, such as confer and accounting firms, should besides consider a professional indebtedness policy .
In New York, businesses with one or more employees, including LLC members and corporate officers, are required by law to have workers ‘ compensation policy .
Ready To Protect Your Business?
The best way to ensure that you ‘re getting the proper protection at the best price is to speak to a business policy agent or get a quote on-line. call : 833-536-1478
You can besides read our recapitulation of the best minor business insurance companies .
Step 8: Obtain Permits and Licenses
To operate your new business legally, you will need to comply with federal, state, and local anesthetic politics regulations. In many cases, this involves obtaining one or more commercial enterprise permits and/or licenses. For case, a restaurant will probable need health permits, building permits, signage permits, etc .
To start a business in New York, you ’ ll need unlike licenses and permits depending on the character of commercial enterprise you ’ re operate on. Find out the licensing your business needs by performing a business license search or by utilizing the surveil resources :
- Federal: Use the US Small Business Administration (SBA) guide.
- State: Apply for or learn more about licenses, permits, and registration with the New York Business Express’ Business License Index.
- Local: Contact your local county clerk and ask about local licenses and permits
Recommended: Use a professional service to help you obtain compulsory licenses .
Step 9: Hire Employees
For any business ( unless you plan to be your occupation ’ second sole employee ), building a firm team is a crucial next step in starting a successful business. But it isn ’ metric ton just about finding the correct people ; you need to ensure you stay compliant with requirements for hiring employees legally. This includes ensuring that you are registered with the IRS for employee taxes and reporting modern hires to the State of New York .
Register for New York State Employee Taxes
once you ’ ve built your team, we strongly recommend utilizing a payroll serve to issue paychecks, track time, and make tax season more manageable .
Step 10: Define Your Brand
The strongest and most memorable businesses are built on a solid brand. When developing your stigmatize, you should consider :
- what your business stands for
- what are your core values
- what will earn customer trust
once you feel confident about your answers to these questions, it ’ s meter to move onto your business appoint. Your clientele identify is the basis of good post and a successful business. To learn more about creating the best name for your occupation, read our How to Name a Business guide .
stopping point but not least, try our free Logo Generator to get a unique logo for your clientele in New York. Our logo godhead is free ( no sign-ups or e-mail address needed ) and it comes in all social media sizes. It ’ s easy and hassle-free — with no invention experience required ! Or, if you want to explore your options, you can besides use this complimentary logo manufacturer by Tailor Brands .
Step 11: Build Your Business Website
After defining your brand and creating your logo the future step is to create a web site for your business .
While creating a web site is an essential step, some may fear that it ’ s out of their achieve because they don ’ t have any website-building know. While this may have been a fair fear back in 2015, vane technology has seen huge advancements in the by few years that makes the lives of small business owners much childlike .
here are the main reasons why you shouldn ’ thyroxine check building your web site :
- All legitimate businesses have websites – full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own and control.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Using our web site build up guides, the process will be simple and painless and shouldn ’ t take you any longer than 2-3 hours to complete .
Recommended: Get started today using our commend web site builder or check out our inspection of the Best Website Builders.
Step 12: Promote and Market Your Business
Promoting Your New York Business
There are many different methods to promote your occupation in New York, but the most effective methods are :
- Press Releases
- Google My Business
press releases are a big way to promote your mark and are one of the most cost-efficient strategies as they :
- Provides publicity
- Establish your brand on the web
- Improve your website’s SEO, driving more customers to your website
- Are a one-time cost in terms of effort and money
- Have long-lasting benefits
Recommended: TRUiC has negotiated a 25% discount for you on a service that will write and distribute press releases for you.
A Facebook page is a bang-up, free way to interact with your customers. But, it does require ongoing campaign to be successful .
A Facebook page can be used to :
- Establish your local business presence
- Showcase your business products and services
- Communicate with your customers
- Get and share reviews from customers
- Promote your business through ads, though this may not be suitable for your business.
With billions of global YouTube users, there is a elephantine customer base looking for content your business could be producing. A YouTube channel for your commercial enterprise can be used to :
Read more: How to file a car insurance claim
- Improve your SEO by boosting your Google ranking and conversion rate.
- Drive social media engagement and create stronger bonds with your customers.
- Provide detailed explanations about products and services.
Google My Business
Google My Business is a helpful joyride that allows businesses to manage how their business appears on Google ’ s search engine results page ( SERP ) and Google maps .
Google My Business can be used to :
- Link to important information about your business such as your website, physical address, hours of operation, phone number, and customer reviews.
- Increase brand awareness by improving local SEO and driving traffic to your website.
- Engage with customers and increase credibility.
Get Help From Local Resources
To help you start your business, we have identified the best resources across the state of New York that can support you in your entrepreneurial endeavors .