Life and work in the Big Apple isn’t all wine and roses for business owners in 2020, however, New York remains, still, one of the more attractive locations for entrepreneurs, business owners and investors looking to build a footprint in the United States. From Lady Liberty to Central Park, there’s a reason that the cream of international business still looks to setup in New York City – one of the world’s most competitive global markets.
Before you have visions of becoming the next Gary Vaynerchuk or Mark Cuban, we’ve given some thought to some of the challenges that entrepreneurs and business owners have confronted us with at Hayes & Simon. This challenges exclude the, typical, lists that include: taxes, regulations, compliance and risk analysis. Of course, these are, also, challenges to do business in New York, however, we chose to emphasize on business challenges that are not adequately considered in other like articles.
Don’t let any of these challenges scare you away. We, fundamentally, believe that most challenges are opportunities for creative and nuanced business professionals.
Real Estate Prices can Be High in NYC, but Numerous Choices Exist
New York City real estate can be expensive, but in the age of working from home, it won’t be a blocker to success for maintain companies wanting to do business in New York. Zoom, Teams and working from home have become the new normal for New Yorkers in 2020. While social isolation can be a grind over a long period, new businesses and teams can still communicate effectively and efficiently with the right team in place. Arranging times to meet in person at a coffee shop is a step in the right direction. For SME’s there are plenty of serviced offices available in the NYC area that are becoming more affordably priced.
Arrange Logistics Carefully and Consider Technology as Your Friend
Arranging the basics for any business can be tough in global cities. From having someone clean the office, to arranging legal services it can present some unique challenges. Business owners can spend a lot of time working out the nitty-gritty and physical aspects of putting an organization together. In the early days of our law firm, we found the digital economy was perfect for navigating some of these pitfalls. Utilize technology and obtain service providers that understand new work technologies. Recommendations from lawyers and other business professionals is, often, the first path to success in New York.
Stay Focused on the Goal and Don’t Let New York Stress You Out
It’s easy to get lost in the bright lights of one of the greatest cities in the world. New York City isn’t for the faint-hearted with the majority of business stuck in hyper-drive. Burn-out is very real in New York and it’s important to be able to smell the roses. If you’re not on top of your health then you won’t be able to make good business decisions or worse may react badly to a legal or business situation that can prove costly in the long-term. Take the time to sometimes relax, it will help you focus on the big picture.
Networking is Key to Success in New York
Networking is a contact sport and, thus, is not for the faint-hearted. C-suite executives and industry leaders shall be difficult to nail down for valuable face time, so it’s important to think outside the box. Zoom conferences have opened up in 2020 and it’s important to take advantage of all the gateways into an industry. It’s important for, many, new business to aim a little smaller and target industry-specific events that add value and offer long-term relevance to your business and any potential partners, clients or investors. Many of these events are at no or little cost.
It’s a Red Ocean in New York, Stay Active, Alert & Seize Opportunities
You’ll find an oversupply in the majority of industries in New York City. From lawyers to Korean restaurants, everything is available in New York. Gone are the days of word of mouth advertising, with businesses forced to think outside the box to stand out in the marketplace. A new company these days will have to build an online reputation that includes a heavy focus on digital marketing to capture new business. Thus, make sure your company is focused, daily, on Marketing & PR.
New York Marketplace is Always Changing and you Need to be on Top of Change before your Competition
Given its global focus, New York City remains an extremely competitive marketplace for any new business. For example, even some of the oldest traditional bars in New York have been forced to rebrand and look for new opportunities to stay alive. It may seem daunting, but for enthusiastic new business owners, this could be the inspirational push towards market innovation. From Verizon to Pepsi, some of the biggest companies in the world call New York City home.
Building the Right Team is Essential in Succeeding in New York
New York remains the cradle to some of the top business and professional talent in the United States and the world. NYC is home to Columbia, Fordham, Julliard, Fashion Institute of Technology, New York University and a great New York State (SUNY) and City (CUNY) higher-education system. Additionally, New York attracts some of the greatest young talent from around the nation. Finding, attracting and retaining the best talent that suits your company will be one of your biggest challenges. Finding the people that fit into your culture and agree with your company’s mission can be an arduous task. Networking at the right events and building relationships with key individuals and schools, in your industry, can go along way in New York. In NYC, relationships matter, normally, over everything else.
If you are looking at starting a new business check out some of our other New York Law Blog articles: Buying a Business in New York, Vital Business Agreements Before Starting a Business in New York: NY Startup Basics and Listen to My Old Italian Mother to Succeed in Business in New York. And visit our sister blog at: The Korean Law Blog. Any business old or new should invest in a relationship with a business-focused attorney. The team at Hayes & Simon helps companies succeed across Asia and the U.S. and we are happy to discuss with you how we can be of service to you and your company.
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