Starting a business comes with a lot of moving pieces that must be carefully planned out, including the location, but it’s crucial to think about the bigger picture. To be successful, you need to look for a trifecta: realistic cost of living, plenty of business opportunities, and an environment you enjoy. For new entrepreneurs–and those looking to relocate and make the most of their customer base–finding a great city can be daunting, but you can use this guide from Melty Cone Video to get started.
Look for Financial Balance
Sometimes the best places for business are not the most inexpensive. While you want to be cautious of overcommitting financially, you may find it’s worth a little risk to get yourself into a thriving city like New York. It’s all about finding the right balance for you. New York City has a higher than average cost of living, with housing being the most expensive. In fact, living in the city proper will cost you almost three times the national average.
However, housing is just one aspect of your decision, and there are a few ways to work with the higher than average rental fees. If you don’t need a large unit, you can find a smaller place for around $4,000 per month. Or, if you are okay with a commute, you can live in nearby areas like Queens or Fort Lee for about $2,500 for a two bedroom apartment.
Factor in Community
The cost of living is just one factor you’ll need to consider; it’s also important to make sure your chosen city has a supportive community for business owners. Not only can the right people elevate your ideas, they can keep you going when things become challenging. Services and resources available to small business owners include:
⦁ Grants for community-based organizations
⦁ Metropolitan Economic Revitalization Fund Program
⦁ Networking organizations like The NYC Business Networking Group
Set Yourself Up for Success
Moving to a new city and setting up a business requires taking care of a few specific tasks, and while there are resources to help you find the right permits and licenses, it’s also important to come up with the right name and register it, as well as learn about your tax responsibilities so that all your legal bases are covered. If you need to set up a corporation, make use of a formation service. Legal requirements vary from state to state, and a formation service will ensure that you meet the requirements for New York.
Consider Quality of Life
The community within your chosen city includes the events, attractions, and opportunities available to you and your family, your employees, and your customers. Take into account the culture and general environment. Rochester offers a little bit of everything for both entrepreneurs and families. Here are a few ideas just to get you started, but NYC houses a seemingly infinite amount of entertainment, cultural, and culinary opportunities:
⦁ Broadway performances
⦁ Mini golf at Swingers NoMad
⦁ Affordable outdoor dining at Queens Night Market
⦁ Explore Central Park
Educational Resources
The availability of educational resources is another crucial element since you’ll need to ensure your business has plenty of local talent to choose from. Often, smaller universities provide a more specialized experience, allowing students to focus on the skills they’re most interested in, and this is advantageous for you–their future employer. New York City includes or is close to a number of colleges and universities, including:
⦁ Columbia University
⦁ New York University
⦁ Fordham University
Transportation Options
Not only does your new city need to be a great place for people of all ages to learn and grow, it should offer various transportation options and, ideally, walkability. This will be beneficial for both your family and your customers and should be taken into account for your marketing strategy. New York City offers a little bit of everything, including a robust public transportation system because traffic can be very congested.
Growth Opportunities
Your marketing strategy should also factor in opportunities for growth. Take a look at other businesses around New York City and the surrounding areas to learn from their challenges and successes. And make sure that you have a great strategy for standing out from the crowd. NYC is the birthplace of many dreams, and you want to ensure that yours has the opportunity to grow and develop. So show the city what you have to offer and create a marketing plan that makes them want it!
High quality videos are a great way to attract customers, and Melty Cone Video can work with you to create the perfect ones to get your business more customers. They are skilled with all the different video styles you’ll need, from animated to tutorials and customer testimonials. And all of their work is suitable for social media, so you can share across all of your platforms.
Starting or relocating a business in a new city is never easy, but with the right planning, you can ensure that the execution is flawless. Do some research on available locations within New York City and find out why so many people have sought it as a way to make their dreams come true.
