Starting a Small Business in New York
Why Should I Start My Small Business In New York?
To many, the state of New York is synonymous with big business. Wall Street. Times Square. Large, multinational firms. But did you know New York is also the home to 2.1 million small businesses, representing 98.8% of all businesses in the state? These small businesses employ 4 million workers, or 50.2% of all New Yorkers in the workforce.
Empire State Development asserts that the climate for doing business in New York has never been better, citing these reasons specifically:
- Tax-based incentives
- Resources and training for entrepreneurs with global aspirations
- Industry / university partnerships driving innovation
- Financial support for small business growth
How to Start a Small Business In New York
Empire State Development publishes a detailed guide on establishing a small business startup in New York. For women and minority entrepreneurs, New York's Minority and Women Business Development Program is an outstanding resource.
Starting a small business in New York requires investment capital. Traditional sources of small business funding are accessible to business owners with good credit, experience and liquid assets. There are also enticing business incentives offered by New York available to small business startups.
Another excellent resource is SCORE (Service Corps of Retired Executives), a non-profit and resource partner of the SBA (Small Business Administration). SCORE can help you find a free business mentor or locate one of its 389 local chapters across the U.S.
What Are the Main Industries in the State of New York?
New York's economy is diverse and less dependent on New York City than one might think. According to the State Comptroller's Office, in terms of contribution to New York's Gross Domestic Product, these industries rank highest in New York:
- Financial Services
- Professional & Business Services
- Transportation, Trade & Utilities
- Education & Health Services
- Leisure & Hospitality
New York is home to a number of Fortune 500 Companies. In terms of annual revenue, the top 10 companies in New York are:
- JPMorgan Chase
- Goldman Sachs
- Morgan Stanley
How to Buy a Franchise or Existing Business in New York?
There are options other launching a small business startup. One compelling option for small business ownership is buying a franchise in New York. There are many attractive options available for financing a franchise, including special programs offered by the franchisor.
There are a variety of paths to small business ownership. Many entrepreneurs choose to purchase an existing small business for sale in New York. Explore these FAQs about small business loans for more information on how to finance a small business acquisition.