New York City has the third-largest economy and the third-best way to acquire venture capital in the U.S. This makes it a great choice for entrepreneurs wanting to start a business. If you are thinking about opening your firm in The Big Apple, this post will give you helpful information about what you need to do.
Believe it or not, this could be the perfect time to start a business in NYC…
Here are a few good reasons why now is the perfect time to start a business in NYC:
- Record-low rental rates: In the first quarter of 2021 vacancy rates reached 16.3 percent, up from 11.3 percent at the same time last year. This year, the average rental price for a Manhattan office space dropped below $73 per SF for the first time since 2018, making it ever-so-appealing at a little over $72 per SF.
- You’ll be around like-minded people: New business owners thrive by being around other entrepreneurs, and today there are over 2 million small businesses in NY that employ 4 million people, more than half of the state’s workforce.
- New York continues to fuel growth: New York City Mayor, Bill de Blasio, has tasked city agencies to continue fueling small-business growth. As a result, incubators and coworking spaces are springing up throughout the city.
- Tax breaks for small businesses: If you are a small business owner, you’ll be happy to know that the state has instituted several tax benefits and incentives to help ease the burden on small business owners.
New York Business Facts and Environment
A few astounding “did you knows” about NY businesses are listed below:
NY Business Facts
- New York’s economy is the third-largest in the U.S., outranked only by Texas and California. Also if it was a country, the NY economy would rate as the 13th biggest one in existence.
- Home to the NY Stock Exchange and NASDAQ, NYC is a particularly attractive location for anyone looking to start a business in the communication, financial or media sectors
- New York City, with a population of somewhere around 8.5 million, has earned a reputation as being one of the most diverse cities in the United States.
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