Everyone with a dream to start their own small business should understand that there are many small details that are prone to be missed out. Such negligence might lead to key setbacks later on in the following days.
I have made an attempt to list of some of the key aspects that has to be considered before starting your own business in New York. The main business aspects involves planning with financial choices and all those legal stuff.
- Planning out your business. You need to answer some questions here, how are you going to start the business? which niche is your primary interest? is there enough market to make profit? what is the competition in your local area – is it tough? if so how are you going to overcome the competition and succeed?
- Train yourself or Opt for business assistance. There are so many services that offer good training and mentoring with a basic template to win from the word “start”. Use these resources and prepare yourself mentally and financially to secure a winning streak, expansion and or relocate your business if the time comes.
- Your core business operating location. Analyze which location is apt for operating your business, are the customers friendly in the locality? do you have enough prospects to run your business and lead your way to profits. Can you offer your customers quality service without comprising? What the laws governing that area to start and operate a business.
- Finance. Well, most important aspect for anybody starting their business. You can either choose to obtain a bank loan, or get funded by a venture capital, if you are falling short of business capital.
- Trademarks and Business type. Are you single owner who wants to start off with a sole proprietorship, or more than one owner who wants to go for an LLC, a corp, etc., you better check for trademarks in the USPTO (United States Patent and Trademarks Office), so that there is no legal issues further down the line with your business name.
- Memorable and descriptive business name. Choose your business name so that it is memorable and at the same time describes your business and the service or products it offers. Keep it simple.
- Comply with local and state tax, for example, New York. Be aware of the tax structure in the local area where your business is operating along with state tax requirements.
- Understand the responsibility of being an employer. Owning a business is not enough, the owner has to provide all the basic protection his or her employee according to the law.
- Scaling or Business expansion. Now the important step of a business is growth or scaling or expansion, that is promoting your services or products to the target audience in the locality and establish a brand for yourself and the business.
Traditionally, promoting a business via flyers, banners, tv ads, etc., have been popular. But did you know that 80% of customers research the internet for services and businesses and if your business is not in the visible range you are missing out on a big magnitude.
These are targeted prospects who convert at a higher rate than any other forms of advertising. Internet has grown into another world actually where almost everyone hangs out.
If you can build your business an online identity (branding) and be on the top of your competitors highly visible when the prospects are searching for your business niche in your local area, it means more business from potential buyers.
But how in the world are you going to increase your visibility? Well the answer is paid ads and organic search listings. As the name itself suggests the paid ads are advertisements for your business in return for a fee. Whereas the organic search engine listings are free and can stay at that status as long as you rank higher by beating your competition.
In the first place your business should have a website of it’s own. If you can promote your site through proper optimization techniques and consistent monitoring it is well and good. But if you cannot manage the complicated promotion, then it is wise to hire an experienced digital marketing agency in NY (New York) who can device a perfect strategy for your business.
An advertising or digital marketing agency should are well versed with their job and help your business stay ahead of the competitor’s in your area or the entire NY state like most of the big brands do. This involves monitoring your competitors campaigns and matching them with similar and even better campaigns and later on outplaying them with advanced digital marketing strategies. (Please note all the campaigns should protect the visitors privacy and obey law)
I have not forgotten about the design business website, a proper website should have carefully crafted design that caters to the needs of the visitors. Give them (prospects) what they want and then place a clear CTA (call to action) in a prominent position where they see it and contact you.
More information on starting a business in NYC refer to – New York City Department of Small Business Services. Any work or startup should be proceeded with caution and only after careful performance of due diligence from your side and considering advice from leaders or mentors in the niche.