Every business hopes to one day grow and expand into new territory. Whether a business has simply outgrown its original premises or it has reached a saturation point with the local market, opening a new location presents new opportunities. There are few cities in the world that have the same reputation as New York for being business-friendly.
While New York is definitely a place of opportunity, it is also the largest city in the United States by population, the cultural capital of the USA, and the economic center of the global financial system. New York is a city of vital importance to America and to the world. Lots of business owners look to New York in the way that an actor looks to Los Angeles.
The illustrious Manhattan district is known for its affluent residential areas and upmarket business zones. If you are thinking about opening a new branch in or even relocating entirely to Manhattan then here’s what you need to know.
Pro: Large Customer Base
New York City is home to some eight million people, the largest population of any US city. Manhattan alone holds 1.6 million of those people, making it an excellent place to start your New York venture. There’s definitely no shortage of opportunity here for you to capitalize on. The population size is definitely one of the biggest advantages of doing business here.
Not only is New York home to a lot of people, but it is also a very multicultural city. There are many pockets of diaspora groups in New York City, just about every other nation on Earth is represented here. Which is fitting, considering the UN is headquartered in New York.
Con: Expenses
New York City is expensive. Very expensive. There’s no getting around this fact. Manhattan is one of the more affluent areas of the city, meaning that the residents have a great deal of disposable income. There are poor parts of New York City, of course. Manhattan is considered prime real estate and its illustrious location is reflected in the prices.
You will need to adjust any existing budgeting you use to match conditions in New York. Your everyday expenses will likely be higher in New York City, which may eat into your bottom line. Researching online, you should be able to get a pretty good idea of how much it will cost to live in New York City.
Pro: Prestige
Having a business located in Manhattan confers a certain level of prestige that you can’t get anywhere else. If you are able to relocate to Manhattan, you will have a unique opportunity to run a business in a city regarded by many as the business capital of the world.
Furnished apartments in Manhattan are going to be some of the more expensive furnished apartments in New York. However, you can get an excellent property at a reasonable price from a website such as The Blueground. You can visit their website to get an idea of the kind of furnished apartments in NYC that are available.
Con: Relocating
Whether you are relocating yourself or you are just opening up another location for your business, the relocation process isn’t exactly fun. It’s inevitable that there will be some degree of stress and uncertainty involved in relocating. Make sure that you are prepared for this and able to handle it; you don’t want to become overwhelmed halfway through your relocation.
If you plan out your relocation thoroughly, it should proceed relatively smoothly. However, you should be prepared for some disruption; it’s all but inevitable. Managing stress is something you will have no get used to in a busy bustling city like New York.
You also need to remember that you will likely not be making much money initially. It takes time to establish yourself in a new location, even if your brand carries some name recognition. You need to prepare yourself adequately for those leaner months.
If you and your business are ready to expand and open up a new location, there are few potential destinations as prestigious and desirable as New York City. The most populous city in the United States, New York is known to be a land of opportunity. A market of over 8.5 million people, comprised of people from all over the globe, awaits those businesses who dare to take the plunge.
Within New York City, Manhattan carries with it a special prestige. Owning a business and an apartment on Manhattan island is a life goal of many aspiring entrepreneurs. If this is the kind of future that you dream of for yourself, why not try and make it a reality? if you manage to pull it off, relocating your business to Manhattan could turn out to be the best decision you’ve ever made. Just make sure that you know what you’re getting into.
