(ThyBlackMan.com) Starting a new business can be a very thrilling venture. And, today, starting a business in NYC is a fairly safe risk to take. Businesses in NYC, these days, seem to be fairly successful no matter what. However, before you can get started, there’s a long and complicated process ahead of your in order to actually start your business. Today, we hope to help you with that, and we’ve put together the ultimate guide to starting a business in NYC.
Make a business plan
Before you can get your business idea off the ground, you need a plan. Start with a description of your service (or product) and the pricing. Then move on to the ownership and management plan, and don’t forget a hiring plan if you need employees. Next, you need to think about how you will attract and retain customers. After all, you can’t have a business without customers, and this step is arguably the most important. Finally, you need to think about money: how much starting capital do you have, how much do you need to start your business and how long it’ll take for your business to start pulling in profit. Once you have everything laid out, you’re ready to get the process started. However, while making your plan, think about why small businesses fail, and avoid making mistakes.
Having a good business plan is vital for starting your business.
Choose a name, and make sure it’s available
Names are very important in the business world; after all, they represent who you are as a business and what you are as a brand. As such, choosing your name is a very important step of starting a business in NYC. Think about this carefully, as choosing the wrong name could be deadly for your business. Once you find the right name, you need to make sure it’s available in a few places. Firstly, search through the New York Business Entity Database and go through the business entity name search through the New York Secretary of State. If the name is already being used, you need to choose a different name. Additionally, searching through the U.S. Patent and Trademark website is also a good call. Finally, consider the impact of the internet on business, check if a domain with your chosen name is available and but it if it is.
Choose a business entity and register
This step is incredibly important, as it determines how your business is going to be taxed once it’s started; also, it will affect the ownership, management and legal protections. In NYC, there’s a few popular options: LLCs, corporations and sole proprietorships. And recently, most new businesses are LLCs, or Limited Liability Company. However, this might not be the right choice for you; make sure to do your own research and be thorough. There are serious legal and financial implications tied to this choice so, if possible, talk to a professional before deciding. Additionally, start thinking ahead about office space. And when you track down a good office, remember that moving in office equipment can be difficult. Professionals can take care of transfer, and hiring commercial movers is going to be your best option.
EIN number and registering for taxes
Once your business is registered, you need to also register for taxes as well as get your EIN number. Registering with the New York Tax Department shouldn’t be too difficult once your business itself is registered. However, you should take the time to familiarize yourself with taxation in New York. Different types of business are taxed differently, and businesses in NYC itself are subject to additional taxes as well. The EIN number, on the other hand, is needed for filing your business’ s income tax, as well as payroll tax return. Additionally, the EIN is needed for opening the business’s bank account and a lot of other financial things. So, apply for an EIN with the IRS as soon as possible.
Permits, licenses and employer information
Next up, when starting a business in NYC, is obtaining all of the permits needed in order to run a business legally. The exact permits vary between different types of business, so you will have to do some of your own research. Just be sure to cover everything or you can run into legal issues down the line. Also, keep in mind your employer obligations when it comes to hiring employees. For one, you’ll need several types of insurance in order to do it. And if you’re not hiring employees, having some business insurance is a good idea anyway. And while setting all of this up, remember some timeless ways to find success in a new business.
Staff Writer; Charles Brown
