It can be daunting to set up a company in New York City, but there’s a reason the City has been touted as the “world’s cultural capital” over the years. With a population growth of nearly 3 percent between 2000 and 2010 it’s obviously a place of opportunity for anyone attempting to reach a large-scale population. It’s the city of dreams for musicians, artists, actors and writers, sure – but what about the city of dreams for entrepreneurs who choose to focus their energy on outlets other than the arts?
It’s the city of Wall Street, of global finances, and is the investment center of the Western world. But what about small companies, struggling to make their mark in their respective industries? Is it worth the relatively high office rent and high costs of professionals accustomed to New York wages? In an age of the Internet facilitating global communication and interaction, is it necessary to be in New York City to be at the center of it all?
It depends on what sort of business you’re starting. If you’re manufacturing and selling cowboy boots, for example, NYC is far less preferable to Houston. If you’re reselling barn-board to high-end furniture retailers, you’d do best to be, for example, in upstate New York where you’re able to straddle both worlds. But if you’re at all involved in technology, communications or finance, it’s worth the higher start-up costs because of the resources you’ll have at your fingertips. New York is one of the only cities in the U.S. that hosts an “Entrepreneur Week,” where young companies are invited to network and make the connections that enable them to evolve. With technology hubs, such as For Your Imagination in Chelsea, Manhattan, or Ultra Light Start-ups, also in Manhattan, young technology companies can share ideas and help each other grow in the spirit of technological interaction and exchange. At places such as The Hatchery, technology companies can pitch ideas to each other, network, and receive valuable feedback. These examples of networking possibilities are what make New York prime for doing business. Additionally, hubs of culture like New York City provide entrepreneurs with inspiration that can be invaluable for new ideas and methods of implementing them. If you’re interested in moving or starting your company in New York, check out sites like Craigslist for office space availability, and do some research into what sorts of unique networking and incubating possibilities the city offers for your industry. If you can make it there you can make it anywhere—so it’s most likely worth looking into.