Owning a business in New York can be very profitable. In fact, in the 10-year time span between 2002 and 2012, when the rest of the world was amid a recession, New York City managed a 17 percent growth in businesses. And in Brooklyn alone, 32 percent more businesses were established during this time. That was more than two and a half times the rate in the entire country. And things just keep growing from there. In other words, what the people in New York know is that their state is a great place to run a business. Here are a few of the best ones to start.
Property rental
In New York City alone, about two-thirds of the population rent instead of own their homes. And with the vacancy rate so low, property rental is one of the most lucrative businesses you can own. You need to take several steps to become a successful landlord in New York. First, be picky about your renters. There are places where you can run a tenant screening report free and check their backgrounds and credit. Second, know your state tenant rights and make sure you don’t discriminate based on factors such as race, sex, or religion. And third, make sure your property is up to code and that you’re charging enough rent to cover your own expenses.
Freelancing
Freelancing is a growing trend, and it encompasses many types of services. And if you live in the city, working from home is a great way to save on travel and meal expenses. As a freelancer, you can offer services such as writing, marketing, graphic design, and much more. Building your own website and learning the ins and outs of establishing your business is the most profitable way to freelance. But there are also platforms where you can post your profile and pick up work, such as Upwork and Fiverr. In freelancing, like most other businesses, it’s important to narrow your niche to make the most profit. People have more confidence hiring a commercial graphic designer than a graphic designer who offers writing and accounting services on the side.
Construction
With a population of almost 20 million people, it’s no wonder that construction is a lucrative business in New York. If you’re thinking about starting this type of business, chances are you already know a thing or two about it. The important things to do in the beginning are to check with your city and state departments to make sure you do all the appropriate paperwork. Construction companies must follow a lot of codes and regulations, so it’s important that you remain in compliance. It’s also important to have business associations in the industry. For example, you might have know a Ready Mix Concrete Supplier in Flushing, NY, that can offer you good prices and continued service.
Catering
If you love to cook and have a knack for throwing killer dinner parties, this business might be perfect for you. There’s never a short supply of people who need catering for their homes or businesses. And if you find your niche, you could stay in high demand. For example, you could choose to specialize in kosher foods and dominate the huge niche of bar and bat mitzvahs. Each state has its own set of regulations for businesses. But caterers in particular usually have to get permits from their state’s Department of Health. You will have to do this in New York, and you’ll also be subjected to regular inspections of cleanliness, ventilation, garbage-control methods, and other food service concerns.
