A Step-by-Step Guide to Start a Business in New York

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A STEP-BY-STEP GUIDE
START A BUSINESS IN NEW YORK
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With the 3rd-largest economy in the nation and
top access to funding, New York, is a great place
to launch your business
The billion dollar companies likes IBM, Etsy,
Dior, Pfizer all have started and grow in the
great state of New York, and if youre an
ambitious one like them, you might want to know
how to be your own BOSS in New York yourself.
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According to a the SBA 2018 Small Business
Profile, Small businesses in New York made up of
99.8 approx. 2.1 million in small business
community with 4 million people in workforce and
almost 50.2 of the states employed population
The New Yorks economy was growing at an annual
rate of 4, which was faster than the national
average of 3.4. Are you feeling Inspired?
Want to start your business in the great state of
New York? Here is a systematic guide to start a
business in New York and jump into the Empire
States lively empire-building community.
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Start with a Business Plan
Successful businesses are based on thoughtful
planning. Therefore, before putting your
hard-earned money and other resources toward
starting your business endeavors create a game
plan! The first step is to start any kind of
business in New York or elsewhere is with a
business plan. So while you may be overzealous to
take off your business idea, take some time and
devise a strategic plan. This will guide you from
starting point to your desire result and beyond.
The following pointers should be the key elements
of your business plan

• A detail description of your product or service
• Your business pain point and your business
  address them.
• How your product or service are better than from
  your competitors
• The structure of your businesss management
• Your target market analysis
• How you plan to attract retain your potential
  target market
• How much working capital you currently have
• Your funding requirements
• Your financial projections
• How long it will to make the break-even
• How long it will take to make a profit

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• Selecting a business name is difficult and a
  wrong one can bring in many legal and business
  problems. Make sure you follow these tips before
  selecting a name
• Make sure youve covered the basics
• Search the web for your proposed name.
• Do a trademark search with the US Patent and
  Trademark Office (USPTO).
• Search the New York Business Entity Database for
  business name availability
• Also do a name search on the State of New York
  website

Pick a Business Name
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Choose a Business Entity Register Your Business
Tip Get help from New Yorks Business Express
new business checklist to see each type of
business structure entails, state registration
process, formation fee, and ongoing requirements.
The next step is to choose a business entity.
Every business entity has its own set of
requirements and it will regulate your tax,
management and ownership structure, and your
degree of legal protection. The registration
process for every business entity is also
different. Some common business structures
includes are LLCs, sole proprietorships,
partnerships, and corporations. Among these
business structures, LLCs are popular, because of
easy formation criteria and maintenance, and
legal protection.
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Obtain Your EIN and Register for Taxes
A good start will to get acquaint yourself with
your state and local tax requirements, and you
can glimpse at the states Department of Taxation
and Finance website to check your tax obligations.
Registering with New Yorks Tax Department is the
next step. The best is to get help from a legal
professional who can give you a detail overview
of it.
Then, apply for an EIN with the IRS or via IRS
Form SS-4, which is needed to file your
businesss income or payroll tax return, open a
business bank account, apply for a business
credit card, hire employees, and apply for small
business financing
If youre a sole proprietorship, you can use your
social security number in lieu of an EIN.
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The next step is to obtain permits or licensing
to legally operate a business in New York. The
New Yorks Business Express new business
checklist includes links to your main county
office to inquire about your licensing,
permitting, and zoning requirements.
Obtain Permits Licenses
Here, youll also need to cover business
insurance, such as unemployment insurance,
workers compensation insurance, and disability
benefits insurance if youre planning to hire
employees.
Irrespective of your need to hire employees, you
still need some kind of insurance, like
commercial property insurance, professional
liability insurance, and/or general liability
insurance.
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Effective business management and operations
require constant inflow of capital. When you need
business loans, banks shouldnt be on your top
list to apply for funding. Banks are reluctant to
fund especially new businesses, because of low
credit score and less time in business with the
ability to handle debt.
Get Business Funding
Alternative lenders are the best option to secure
startup funding. Usually, it involves using own
savings, bootstrapping, borrowing from loved
ones, crowdfunding, and/or apply for personal
loans. You can also check out the New Yorks
Small Business Loan Resources page for
state-specific funding.
See Your Business Loan Options
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Get a Business Bank Account and Business Credit
Card
A business bank account is necessary in order to
maintain business records and to protect
yourself. When you open a business bank account,
you can obtain financial statements and get
access to many other financial resources. The
next thing to make sure is to keep your business
and personal finances separate. Separating
accounts will help protect your personal assets
and will make your bookkeeping easier to
organize.
Signing up for a dedicated business credit card
can help you with your daily business-related
expense. Also, intelligent spending on your
credit card can help improve your credit score,
which is vital to qualify for a small business
loan. In addition, funding your New York business
will be easier by using a 0 intro APR credit
card during the early days.
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Create A Marketing Plan
Now that youve set up your foundation and
everything is in order, the next step is to start
marketing your new business. You can start with
creating a marketing plan to focus on building
and maintaining your digital footprint and
reaching out to the potential community.
02.
01.
The first step is to build a professional website
including all the relevant information about your
business and management. The next is to create
your social presence on popular social media
platforms like Facebook, Twitter, Instagram,
LinkedIn, YouTube etc. The next is to integrate
content marketing into your marketing plan.
Word of mouth is still the best marketing tool.
Irrespective of your plan to open a storefront,
ecommerce store, or a service-based business,
visiting to local New York business owners in
your neighborhood can help you grow via word of
mouth marketing. And if customers have a great
experience with your business services and/or
products, it will help the word spread quickly.
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The Bottom Line
If you follow the tips mentioned in this guide,
we guarantee you will establish a solid
foundation for your New York based business and
will be in footsteps of billion dollar companies
likes IBM, Etsy, Dior, Pfizer.
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