Ecwid for Small Business

How to Start a Small Business in New York (NY)

New York State boasts the third-largest economy in the nation and ranks number three in access to venture capital. It also has the thirteenth-lowest corporate taxes! Whether your backyard is the Big Apple or Niagara Falls, your business has a fighting chance in New York.

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Best Business Ideas for New York

If you have no idea what kind of business you want to create, that’s ok! Some of the best business ideas for New York include:

  • Drive-in movie theater
  • Liquor store
  • Laundromat
  • Security guard company
  • Esport reflexology center

Whatever you decide to do, you’re going to need a solid business plan.

Planning Processes

Drafting a business plan can be daunting; we get it. That’s why we have a step-by-step instruction guide to drafting up your business plan.

1. Playing the name game

Choose a name for your business that is straightforward and doesn’t leave your customers wondering what you do. While there are some rules and regulations for naming your business, don’t let that discourage you. For example, Stretch Tactics is an excellent name for your esport reflexology center.

2.  Conducting market research

You must get to know your market. Do search engine optimization research. Hold focus groups. Conduct surveys. Interview local merchants in your niche. You may learn some surprising things! Stretch Tactics found out it may not have the market it originally thought it would when it limits itself to e-sport athletes.

3.  Structuring your business

LLC, corporation, nonprofit, partnership, sole proprietorship: which is best? It depends on what your goal is. Registering as an LLC has favorable tax treatment, while a nonprofit is funded by donations, as opposed to investors. Stretch Tactics would likely work best as a corporation, LLC, partnership, or sole proprietorship.

Registering in New York

Get all the info you need about your business, including your business’ name, the employer identification number (EIN), and the name of your registered agent. Then, file those formation documents. Depending on the structure you choose, you may need different documents.

Congrats: Stretch Tactics, LLC is now an officially recognized business in the state of New York!

Best Location for Your Business in New York

There are a few things to keep in mind when deciding the best location for your business. Before you opt for operating out of your house’s study, consider whether you anticipate growth or if your business relies heavily on foot traffic. If it does, you may desire to place your office in a heavily populated area such as Brooklyn or Ithaca. Stretch Tactics would be best suited for an area like Brooklyn, as many esport athletes are in major cities with good internet.

Banking and Accounting

It’s important to create separate accounts for your business. This ensures that, should you get sued, your personal property is protected. It’s important to get a line of credit for your business, as well. Established credit is appealing to lenders, should you want or need to get a loan for your business.

We suggest hiring a business accountant, as one can help you to save thousands on your business.

Ensure Your Business Is Insured

Business insurance is crucial to growing your small business in New York. It’s a way to ensure that your business avoids any unknown risks, like an employee stubbing their toe on the property or a beaver deciding it needs a reflexology appointment and it doesn’t care about your policy that you only treat esport athletes. In New York, any company with one or more employees has to be insured. Yes, this includes LLCs and corporate officers.

Permits and Licensing

To operate your esports reflexology center legally, you’re going to need to get the proper permits and licensing. This includes federal, state, and local licensing. The best way to figure out what kind of local licensing is needed is to call your local clerk’s office. Different business ventures require different licensing. We recommend using a professional service to make sure you get all the required licensing and permits.

Hiring Employees

Hiring can be a very exciting time in a business’ life. Unless you’re a one-person show, you’re going to want to curate the best team you can. But before you hire anyone, you need to make sure you’re doing this legally. This includes making sure you’re registered with the IRS for employee taxes and reporting all new hires to New York State. You’ll also need to make sure you register for New York State Employee Taxes.

Branding

Branding is fun for some, miserable for others. First, let’s start with the logo. Make sure your logo is representative of the brand, what you offer, and is visually pleasing to your customer. Stretch Tactics thinks bright but cool-toned colors and a hip, techy font work best to express what they do. You may decide muted, calming colors work best for your brand. There is plenty of software online that can help you if you’re stumped, too.

Branding also requires you to think about what your values are as a company. Do you believe there should be a place for e-athletes to get reflexology services done? Do you think having a reflexology center for only e-athletes defines what is wrong with this world? This might seem like an odd example, but it’s necessary to make it clear to yourself as much as to your customer the values your company holds itself to and what it can offer to your customers.

Do some personal reflection and truly embrace what your company believes in. Making sure these points strike home will ensure that your customers are in it for the long run.

Online Presence

In the day and age of social media, having an online presence for your brand is very important. While this can look like having a website and online store (if applicable), this also means needing Facebook, Instagram, YouTube, and TikTok accounts. One of the best things you can do for your business is to follow trends on social media. It makes you look hip and in touch, and it will help your business flourish. Get creative!

Marketing

Having an online presence is great, but what about marketing on those platforms? All legitimate businesses have a website. And if we’re being honest, the less legitimate ones do, too. Unfortunately, social media profiles are not a replacement for a website. Having a professional website makes your brand seem trustworthy and reliable, and it offers all-around better branding.

If this seems to be way too much, don’t worry! Companies like Ecwid help your store grow and succeed. They can help you create a beautiful, easy-to-navigate website while allowing you to market your products on other online platforms mentioned above. Ecwid even allows you to track your digital sales on a dashboard, where you can see your inventory. They’ll help make sure business runs smoothly.

Start Your Business Online

Starting a business online is faster and cheaper.
Transform it into an offline business later.

Try now

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Go online

Start Selling Products & Services Online

You don’t have to worry about the office or warehouse if you choose to sell online. Save your time and money.

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Learn the basics

Starting an Online Store Business is Easy.
We’ll Show You.

So you’re ready to start selling online. Now the million-dollar question… where do you start?

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Read real stories

Get Yourself Ready
For Surprises

Check out our blog series all about starting an online store without prior experience. It‘s sort of like our own ecommerce reality show—starring Nicole.

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Find a product

Looking For Things
To Sell Online?

Discover best-selling products and how you can start selling them online and make money.

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Select sales channels

Catch Your Customers Where They Are

We’ll help you navigate through the market and find the most profitable channels.

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Start Your Business Online

Starting a business online is faster and cheaper.
Transform it into an offline business later.

Start Selling Online

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