Starting a business is a challenging and daunting experience, no matter where you are located. Launching a company in New York can require more paperwork and many additional steps.
You may have always dreamed about starting your own business in New York. It’s vital to know how to navigate the legal landscape. Your new venture may be stymied before it gets off the floor.
This article gives a quick overview of how to start a business in New York.
Select a business concept.
Every business exists to solve a particular problem. In order to start a small company, you must first determine the challenges that your products and services will solve. This means:
- Selecting a target audience
- Finding their pain points
- How your business can help
- Choose a location: online, physical or both
- Calculate startup costs, funding, and pricing for your service or product
You should now have a good idea of the growth potential you can expect in both the short and long term. If the numbers are logical, even though they’re speculative, you can move to the next stage.
Search for business names, trademarks, and branding.
Next, you’ll need to create a brand identity, including a logo, a business URL, a trademark, a name, and a business website. Brand design can be one of the most exciting steps for budding entrepreneurs.
You will still need to check if the name is available. You should be able to use the word if no one else in New York uses it (and also in your industry or niche).
You can have two Acme LLCs in the same state if the first sells stereos and the second provides landscaping services. You can check the availability of potential names by using the New York Business Name Database. Check the Federal Trademark Database if you plan to file for trademarks or patents.
Create a business plan to obtain funding.
Writing a business is not mandatory, but it is a good thing to do for long-term planning. It is essential to have a business plan if you are planning on hiring team members.
Business plans are a must if you want to get outside funding. Before they give you money, investors, loan officers, and even family and friends will want to see your detailed business plan. It is the same if you apply for grants to help your small business in New York via the state’s Grant Library.
Decide on a business structure.
You must select a structure to run your business for legal and tax reasons:
- The easiest type of business to establish is a sole proprietorship. However, they offer the least protection as your assets and liabilities do not differ from your company’s.
- General Partnerships are multi-person partnerships that combine personal and business finances. They can be set up to separate personal and business finances.
- Corporations provide the best protection and are the preferred corporate structure for large companies. This option is less popular among startups and small businesses due to the paperwork involved.
- Limited Liability Companies (LLCs) provide a good balance between ease of setup and legal protection. Starting an LLC in New York lets you have as many members as you like while keeping their assets and liabilities separate.
If your business would benefit from more excellent protection, you can convert later to another corporate structure.
Get an EIN (employer ID number)
A business EIN is similar to a Social Security Number. The IRS uses it for tax purposes. Most of the steps require an EIN.
You can apply online for an EIN in any language you are comfortable with.
Obtaining licenses and permits
In New York, obtaining specific permits and licenses is often necessary before starting a business. Depending on the type of business, the exact requirements will vary. Freelance graphic designers, for example, may not be heavily controlled by the state.
- Liquor licenses are required for bars
- Architects are required to be certified and trained
- Food safety inspections are mandatory for restaurants
Check if your business is subject to licensing requirements.
Employer obligations
Employer obligations refer to your legal obligation to pay payroll taxes and provide employee benefits once you hire them. Depending on your business, these obligations may also include providing medical insurance, OSHA compliance, and industry-specific mandatory training.
Open a business account.
No matter which corporate structure you select, having a dedicated account for your business can make life easier. This approach allows you to keep your personal and business finances separate and allows your business to make large purchases and access credit.
Prepare to accept payments.
It’s important to consider payment acceptance once you have opened a business account. Small business owners choose Clover’s payment processing services because:
- Provide PCI-compliant data security
- Support Multiple Payment Options
- Support for omnichannel payment processing
Marketing strategy for initial business development and ongoing business development
You are almost ready to make your first sale. Creating a business plan and marketing strategy before opening your doors is crucial.
- You can use your marketing strategy to spread the word. Most small businesses mix paid advertising with social media, emails, and events.
- Creating a business development plan can turn first-time customers into repeat customers. Many small businesses offer promotions and loyalty programs to keep customers coming back.
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