To truly get the most out of your business and to help ensure that it lives to exceed its potential, you’re going to need a professionally formatted and well thought out business plan. Don’t even think about it until you’ve ironed out an initial business plan. If you need help, there’s some solid free resources available like the one below that really come in handy.
Take Action: Check out our 100% free Business Planning Guide designed to get you from A-to-Z as pleasantly as possible. Plus, we provide access to tons of other great tools along the way.
The next step is to protect you, your personal assets and your brand by registering your business with the state. Investigate the common types to see which suits your ambitions best and provides the most incentives relative to New York regulations.
Most entrepreneurs form an LLC because it has all the benefits of a Corporation without the disadvantages like double taxation, board of directors or corporate officers. However if you’re trying to take your company public or raise substantial outside capital, you should probably form a Corporation.
Take Action: Since this step is so important and expensive if it’s not done correctly, we highly recommend investing 10 minutes to go over your options through our business structure comparison guide. You’ll get a better idea of the advantages and disadvantages of each while building a solid legal foundation for your business.
Now it’s time to tackle the ways in which your company will interact and be treated by local, state, and federal tax systems. Honestly, this step is going to take some research on your part. If you have a professional at your side, that’s even better.
Take Action: If you’re going to try and Lone Ranger this, begin by bookmarking the New York Dept. of Taxation and Finance. It has links to just about everything you’ll need to get started.
Depending on the nature of your business and where you open your doors there are going to be forms to fill out and file with the appropriate agencies. Once you’re done you will be legally compliant and ready to officially bring your business to life!
This step’s the easiest. Just pick a great banking institution and open up benefit-infused business accounts (completely separate from personal accounts of any kind) so your financials are all in one place, clean and tidy. After that, consider setting up an accounting software to keep a close eye on your finances through and through.
To be frank, we feel for you because this can’t be an easy decision if you don’t already know where you’re headed. It’s really going to come down to the cost of living. On the high-end you’ve got Manhattan, then of course other gems like Woodstock, Rochester, or the Hudson Valley which will have less expensive options. Keep in mind, aside from the commute, NY’s centrally located to the entire northeast as well.
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
First of all, realize New York’s VC and CrowdFunding scenes are catching up to New England and Silicon Valley with a swiftness. If you’re going into the tech sector, you’re really in luck. There are practically endless ways to raise capital for your startup in New York, it’s just a matter of knowing where to start.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like cabs and whistling. You can also browse our guide on How to Finance a Business to start generating ideas.
The last step to setting up shop has everything to do with your brand’s digital presence. No one, and we mean no one is going to take your brand seriously if they can’t investigate you using their smartphone. Your business website needs to be there to serve as the digital gateway to your brand where people can investigate, engage, contact you, and share what you’re up to with their own networks.
Take Action: The first step is finding the right platform, which thankfully there are some very good options. We highly recommend checking out Wix or Weebly, which are two of the most popular. Both help you build a professional business website while being very easy to use. No previous tech-skills required.
The marketing environment is as complex and exciting as the city line is from the tippy-top of the Empire State Building. That’s why it’s critical to find your niche(s) and focus. Spreading yourself way too thin is unbelievably easy in New York so you’ve got to stick to your plan and stay on your toes.
Take Action: One of the hardest parts is being heard amidst the insanely loud marketplace. The bustle just never ends. There’s no break and it doesn’t get more competitive than New York. Seek out as much help as you can manage! Networking is EVERYTHING.
Speaking of networking, toss Startup Savant into your toolkit because we know where you’re coming from. Around here we emphasize savvy learning, staying motivated and gaining as much insight from fellow change-makers as possible. We’re here for you!
Thanks for reading our guide to starting a business in New York! Is there anything we can do to make it more helpful? We’d love to hear your opinion through our Contact Page.