Friday, April 10, 2015
How to Become an Entrepreneur in NYC
Big dreams are pursued each day in New York City. Whether operating as a large corporation or as a sole business owner, entrepreneurs in NYC are known for their competitiveness. Becoming an entrepreneur in NYC is possible with a blueprint for success.
Entrepreneurs use information, connections and a lot of research to find favorable business opportunities. With the consideration of several calculated risks, an entrepreneur attempts to evaluate whether certain ventures will have sufficient profit margins or other benefits. For instance, some entrepreneurs successfully operate nonprofit businesses or companies that are dedicated to a variety of cultural benefits versus making a profit.
Consider an Array of Businesses to Start in NYC
Entrepreneurs in NYC may discover an unlimited number of business opportunities to consider. As a popular destination for tourists, theatrical productions, artistic displays, entertainment and financial services, an entrepreneur might discover a niche to satisfy vacationers as well as local residents.
Make a Business Plan
Whether starting a new business or purchasing an existing business in New York City, an entrepreneur will need to create a plan for success. Using a roadmap to accomplish specific objectives will be instrumental to a business owner who wants to reach certain operational goals. An entrepreneur should make a business plan that displays short-term goals as well as long-term goals.
Apply for a Business License
Becoming an entrepreneur in NYC will require certain licenses or permits to operate a lawful business. It is wise to speak with an attorney or an accountant to determine the most appropriate legal structure for specific types of entities. While some street vendors or service-oriented business owners might skip the licensing process, an entrepreneur should complete the proper registration process to avoid hefty fees. Securing a business license in NYC enables an entrepreneur to legally operate a new venture.
Marketing the Business
Marketing offers an opportunity to promote a company’s products or services. Whether flyers, web-based resources or print advertisements are used to help market a new venture, an entrepreneur must continually promote a business to attract additional customers. Great customer service often leads to word-of-mouth marketing support for new businesses too.
Success as an entrepreneur might depend on factors such as industry knowledge, planning, teamwork, technological tools, timing or luck. Many serial entrepreneurs are based in NYC. Certain opportunities may occasionally blossom into a fortune. In such instances, an entrepreneur might decide to cash-out of the opportunity by selling the venture. While every venture is not successful, entrepreneurs generally learn from their mistakes, meet a lot of interesting people and move on to other business opportunities.
Jonah Engler is a successful entrepreneur, investor, franchise owner and coffee lover who hails from New York City.