With almost 32 million small businesses in the United States, starting a business is not always the easiest feat.
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If you’re thinking about starting a business in New York, you’ve come to the right place. With a fast-paced, ever-changing society in New York, it can be hard to start a business here. But with these steps, you’ll be running a thriving business in no time.
Choose Your Business Idea
The first thing you need to do is plan what type of business venture you are going to take. Are you interested in photography or are you interested in the financial world?
Deciding on this and then sticking with the idea will help form your business.
To start a business, especially a business in New York, you need to get backed by funding. There are several ways to do this – you can try to ask around friends and family to see if they will invest in your business venture.
If they choose not to, don’t worry! You can still apply for a small business loan or a small business grant.
Register Your Business in New York
To stay legal, you have to register your business in New York. For this, you will need an employer identification number (EIN)( for tax purposes. You will also need to sign some other formal documents to start your business in the Big Apple officially!
Depending on which route you decide to take for your business structure, you will also need to form an LLC or sole proprietorship. If you are a nonprofit, you will need to get several certifications.
Be sure to do the research!
Set Up Your Business Finances
To keep your personal and business finances separate, you must set up a separate bank account. You should also open a business credit card.
This will come in handy for tax deductions down the road!
In case something goes wrong with your business, you should get insurance. To start, make sure you have General Liability Insurance.
Depending on the type of business venture you are starting, you may need different licenses. Contact your local clerk’s office to be sure of what you need!
Build Your Brand’s Website
Now that all of the legal stuff is out of the way, it’s time to build your website! You’ll want to make sure you know how to use SEO, ads, email lists, and everything else that goes along with building a site.
Good Luck With Your Business Venture
There is no place better than New York City to start a small business venture. You are surrounded by millions of people who probably want what you offer. Follow these steps and you’ll have a thriving business sooner than you expect!
Did you love learning about how to open a business in New York? Check out some of our other blogs!