Contributor: Yue Chang-Smith
According to the Small Business Trends' report in earlier in 2016, 43% of the New York City's private sector are small businesses, however, due to high tax rate and complex regulations, New York is less than ideal for entrepreneurs. So, it is crucial for ambitious men and women to get her facts straight before committing to this relationship.
1. Laws and Regulations
New York State Senate defines "A small business has historically been defined in New York as an employer with 50 or fewer employees". Although given different industry, the number can also be higher as to 500, e.g. manufactory industry.
In New York City, the government regulate different industries and professions using various regulatory scrutinies. Here is a link from the City of New York's website, detailing business regulations from A-Z.
2. Tax
New York State is relatively higher than any other state, which makes it tougher for entrepreneurs to kick-off their business initiatives. Therefore, it is important to research which type of corporation that you are choosing to start, and probably do benefit estimation before action.
3. Funding
New York City has launched the Women Entrepreneurs (WE) program empowering businesswomen in New York, workshops and one-one mentor sessions are available online in a number of different professions. There are some channels to do get funding, but it is never easy to. Websites like U.S. government's Small Business Administration has a series of solutions for you.
4. Data
Government web portals publish annual or quarterly reports on small businesses. It's wise to stay informed. Here is link from Empire State Development's website named Annual Report on the state of Small Business.
Starting a business can be an exciting endeavor, but in today's ever changing world, it also involves painstaking planning and careful organization. Vita Center Inc. will be assisting you every step of the way with free information. Contact us if needed, and stay tuned for our entrepreneur workshops!
