The Benefits of Living in New York City for Entrepreneurs
New York City has been named as the top location for young entrepreneurs looking to start an LLC, according to a survey by Under30CEO. Survey respondents were asked to rate cities based on a number of factors, including resources, events, schools and even the city’s climate and social environment. Other cities in the top five included San Francisco, California; Austin, Texas; Boston, Massachusetts, and Denver, Colorado.
If you’re looking to start a business, your choice of location matters. The right location can give you access to resources, funding, talent, connections, business leads and other essential aspects of building a successful business. Even though the internet has leveled the playing field in many ways, location is still important to your business success, and there are many reasons why New York City is a top location for young entrepreneurs. Here are our top seven:
1. Global Business Center
New York is one of the major centers of the financial world and a hub for global business, with people from hundreds of countries and cultures living there. If you want to start an international business and be connected with exciting things happening in diverse industries that span the world, New York is a great location to start a business.
2. Exciting Social Life
Young entrepreneurs don’t want to just work all the time — they want to have creative, exciting social lives as well. New York is ideal for this, as it is a center for culture, music and creative work, with some of the world’s best theater, performing arts, music, museums — and the most bars in the U.S. Whatever you want to do for fun, you can do it in New York at a world-class level. Many young entrepreneurs are attracted to the culture of a city as well as the business opportunities, making New York a top option.
3. Access to Business Connections
New York City is home to the NASDAQ and the New York Stock Exchange. The sheer number of companies headquartered there combined with the largest city by population in the U.S. create endless opportunities to connect with customers, get funding for a business, meet investors, or find partners. No other American city delivers this level of concentrated access to money, investors and business opportunity. The cost of living and doing business in New York is high, but the entrepreneurial opportunities there are unmatched.
4. Proving Ground for New Ideas
New York is also a great market to test new products. New York consumers are some of the savviest and most demanding buyers in the world, and the sheer level of competitiveness in the city means that your idea needs to be really great if you want to succeed there. The Frank Sinatra song “New York, New York” says, “If I can make it here, I can make it anywhere” — and it’s true for your business as well.
5. World Class Universities
New York City is home to great universities like NYU, Cooper Union, and Columbia. One advantage of starting a business in a city with great schools and universities is that it gives your business access to a pool of awesome talent and additional possibilities for inspiration and business connections.
Cities with top universities tend to be magnets for talented young professionals and centers of creativity. Entrepreneurship and education are mutually reinforcing collaborative energies that feed off of each other: Well-educated people tend to be more innovative and open to new ideas, while successful companies tend to drive advances in technology and creativity. Locating your business in a university town is often a win-win for your company and for the community.
6. The Capital of Powerful Industries
Sometimes you should choose your business location based on what other industries are located there. In many industries, your business will gain an advantage if you can locate in a “cluster” of similar companies. New York City is a global center of many big industries, such as financial services, fashion, media, and entertainment. Depending on what industry you’re in and what you want to accomplish with your business, New York might be the best location just because that’s where most of the action is in your industry.
7. Unlimited Creative Inspiration
New York is one of the world’s most inspiring cities. It’s hard to put a dollar value on that, but it’s true. Being an entrepreneur in New York means being surrounded by hundreds of languages and cultures, plus people from all different faiths, heritages, and walks of life. The diversity and energy of New York are like no other place in America. Many New York startups derive inspiration and new ideas from their environments; you might get a great business idea just from walking down the street. Or you might find new business partners, clients or investors in unexpected places.
The bottom line is that New York City offers unlimited possibilities. Despite the stress and costs of living there, young entrepreneurs will find countless reasons why New York City is a top location for starting a business.
Need help with starting a business in NY? Ready to start a business, form an LLC, or reorganize your current business structure with business incorporation services? Talk to Incfile today! Our incorporation experts can help you evaluate your options with state-specific advice.