Many people consider opening a small business in New York because of the outstanding opportunities for growth available in the state.
With its booming construction, estimated 62.8 million tourists visiting in 2017, estimated population of 8.6 million people, and an incredible variety of neighborhoods, New York City is the most obvious destination for a number of small business owners. Additionally, Biz2Credit identified New York City as one of the best cities for small businesses in 2017 and 2018. However, the state also has a great mix of suburbs and rural areas that offer their own advantages.
Along with opportunities to reach an incredible number of new customers, many entrepreneurs also choose New York because the state offers some creative options for opening a business. As an example, city regulations have relaxed for rooftop businesses, which opens up possibilities for a number of new bars and restaurants. The state also has a variety of support programs designed specifically to help small business owners, such as Business Mentor NY, the Entrepreneurial Assistance Program, and the Empire State Economic Development Fund.
In addition to unique locations to open a small business, New York also offers excellent opportunities for minorities and women looking to start their own company. For example, the crowd-funded Kiva community offers zero-interest loans with no fees — requiring no minimum credit score to women looking to open a business in New York. Additionally, the Minority and Women-Owned Business Investment Fund (MWBE Fund) helps support entrepreneurship, job creation, and innovation throughout the state.