Starting a Small Business in New York

Welcome to the Small Business Startup New York Franchise Directory! Here, you’ll find everything you need to begin your journey to business ownership in The Empire State. If you’re thinking about starting a small business in New York, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our New York Franchise Search Tool.

New York Industry Trends

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the New York economy's largest industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries.

1. Commercial Banking (Revenue: $137.5 billion)
2. Hospitals (Revenue: $125.3 billion)
3. Portfolio Management (Revenue: $115.2 billion)
4. Investment Banking & Securities Dealing (Revenue: $113.3 billion)
5. Public Schools (Revenue: $99.8 billion)
6. Drug, Cosmetic & Toiletry Wholesaling (Revenue: $87.9 billion)
7. Colleges & Universities (Revenue: $78.8 billion)
8. Life Insurance & Annuities (Revenue: $69.1 billion)
9. Health & Medical Insurance (Revenue: $58.9 billion)
10. Gasoline & Petroleum Wholesaling (Revenue: $56.9 billion)

New York Sector Statistics

When starting a small business in New York, gross domestic product (GDP) is another tool that entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means that people are spending more money and more jobs are being created.

The three sectors that contributed most to New York’s GDP in 2022 were Finance & Insurance; Information; and Real Estate, Rentals & Leasing. Combined, these three sectors represented 48.5% of the state’s GDP. In 2022, the sectors that contributed most to New York’s GDP included:

1. Finance & Insurance (Value: $278.2 billion* | Annual growth: 5.1%)
2. Information (Value: $205.7 billion* | Annual growth: 8.4%)
3. Real Estate, Rentals & Leasing (Value: $190.9 billion* | Annual growth: 0.1%)
4. Professional, Scientific & Technical Services (Value: $146.6 billion* | Annual growth: 3.3%)
5. Healthcare & Social Assistance (Value: $113.3 billion* | Annual growth: 1.3%)
6. Manufacturing (Value: $67.7 billion* | Annual growth: 1.9%)
7. Retail Trade (Value: $66.1 billion* | Annual growth: -1.6%)
8. Wholesale Trade (Value: $61.3 billion* | Annual growth: -1.6%)
9. Administration, Business Support & Waste Management Services (Value: $41.1 billion* | Annual growth: 1.5%)
10. Construction (Value: $39.4 billion* | Annual growth: 0.1%)
11. Management of Companies & Enterprises (Value: $34.2 billion* | Annual growth: 4.1%)
12. Accommodation & Food Services (Value: $30.2 billion* | Annual growth: 0.9%)
13. Educational Services (Value: $28 billion* | Annual growth: -1.6%)
14. Transportation & Warehousing (Value: $23 billion* | Annual growth: -4.4%)
15. Utilities (Value: $22.4 billion* | Annual growth: 1.0%)

*Approximately

New York Population Statistics

A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. By doing so, you can decide whether a location is a good match for your target market.

In 2022, counties with the highest populations in New York included:

1. Kings (Population: 2.5 million | Annual growth rate*: -0.7%)
2. Queens (Population: 2.2 million | Annual growth rate*: -1.0%)
3. New York (Population: 1.6 million | Annual growth rate*: -0.6%)
4. Suffolk (Population: 1.5 million | Annual growth rate*: -0.2%)
5. Bronx (Population: 1.4 million | Annual growth rate*: -0.9%)
6. Nassau (Population: 1.3 million | Annual growth rate*: -0.2%)
7. Westchester (Population: 962,700 | Annual growth rate*: -0.2%)
8. Erie (Population: 915,200 | Annual growth rate*: -0.1%)
9. Monroe (Population: 738,300 | Annual growth rate*: -0.2%)
10. Richmond (Population: 474,800 | Annual growth rate*: -0.1%)
11. Onondaga (Population: 456,600 | Annual growth rate*: -0.3%)
12. Orange (Population: 387,800 | Annual growth rate*: 0.3%)
13. Rockland (Population: 326,900 | Annual growth rate*: 0.1%)
14. Albany (Population: 301,300 | Annual growth rate*: -0.4%)
15. Dutchess (Population: 292,800 | Annual growth rate*: -0.1%)
16. Saratoga (Population: 231,300 | Annual growth rate*: 0.2%)
17. Oneida (Population: 225,600 | Annual growth rate*: -0.4%)
18. Niagara (Population: 206,600 | Annual growth rate*: -0.4%)
19. Broome (Population: 186,900 | Annual growth rate*: -0.7%)
20. Ulster (Population: 177,100 | Annual growth rate*: -0.2%)

*From 2017 to 2022.

New York Business Opportunities

We hope this snapshot of the New York economy helps as you investigate business opportunities in The Empire State! Starting a small business in New York is an exciting journey, and we know you’re probably eager to get started. But remember, take your time to explore all your options. While you’ll always have the “opportunity” to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. These are called “Franchise Opportunities,” and they offer several benefits, including the recognition of a well-established brand and a proven track record of success.

To learn more, start by exploring franchise opportunities in New York, below!