Why Now May Be a Great Time to Start a New Business in NYC
A new generation of restaurants, stores, and businesses are springing up in New York City – a year after the pandemic wreaked havoc on small business owners. According to Dan Clark of the New York City Economic Development Corporation, “business development in the city is the busiest it has been since last March.”
What is even more promising is that the economic climate for starting a new business is better now than in previous times. The biggest difference now compared to other economic downturns is that money is available. Many banks are loaning money to entrepreneurs and start-ups, along with federal aid if you look in the right places.
Another reason why starting a new business today is easier than pre-pandemic is the fact that rents in NYC are lower. That, along with the abundance of real estate makes it an optimal time for starts up and small businesses to open their doors.
If you’re considering starting a business, there are plenty of resources out there.
The Department of Small Business Services can assist you in business planning, financing, and more. They provide training, which is mostly free and is taught in multiple languages. There are also free events and courses. These include valuable resources to help build your business website, offer free legal assistance, and mentoring sessions.
The New York Small Business Development Center provides business advisory assistance to existing small businesses and entrepreneurs. They offer free training programs and market research to help you get started. While the Paycheck Protection Program (PPP) and other federally funded programs have ended, there are still some financial resources out there to take advantage of. Don’t forget other useful tools that help small businesses, such as Fingercheck. Our all-in-one HR platform is specifically designed for small businesses. The Fingercheck platform offers small business owners and start-ups a wealth of features from payroll financing, expense tracking, pay cards, and unlimited payroll automation, for one, low monthly price.