How to start a business in Brooklyn
New York City is full of opportunities for everyone. If you’ve just moved here (or even think about moving to Brooklyn, one of the most popular NYC boroughs), you will see why it’s a great place to live. On top of that, Brooklyn is a perfect place to start your own business. Got great and innovative ideas? Awesome! Brooklyn will welcome you with open arms. Once, people often overlooked it, focusing their attention to more popular Manhattan. The island was buzzing with residents and tourists, and a lot of new business owners thought their ideas would thrive better there than in Brooklyn. Today, the demand for goods and services here is quite high, and you’re more likely to succeed when you start a business in Brooklyn!
First steps to starting a business in Brooklyn
Alright, so the idea is there. You’ve thought about it for the longest time and now it’s time to act on it. One of the first things you should do is find a good location for your business. There is a good reason a lot of entrepreneurs says “Location is everything!” when advising newcomers. Think about the type of people who will utilize your services or buy your goods. Are they young or old? With or without kids? All of these will influence the choice of location for your business. Also, other businesses nearby will have a role in this process. For example, your ice-cream shop probably won’t be super successful if you base it next to another, already popular, ice-cream shop. Picking an ideal office space is a daunting task, but take your time and get it just right!
Understand your Brooklyn customers
Another good reason to start your business in Brooklyn is that its residents are very supportive of local businesses. They are known for passionately protecting their neighbors’ shop or stand. As a community, they will be perfect customers for any business newbies. Earning their loyalty may seem difficult, due to the number of already existing local businesses, but it is not impossible. The crucial step here is to test out your product among Brooklyners. Visit community events and set up little stands. Sell your product at a lower price, but don’t worry about losing profit. In the end, you will gain something much more valuable – the honest opinion of your future customers. Cultivate your customer base even before you find the final location. Set up a website or an Etsy or Instagram profile where they can follow your progress. When you finally settle down, they will come rushing!
Hire staff that really suits your business
During the early stages of your business plan, it’s important to find people who really click together. When you’ve got a great team who works hard to grow a successful business, everything else goes smoothly. Hire staff who is passionate about their work and who will support you during rough times. Brooklyn is filled with so many talented young people, and you will have no trouble finding just the right people for your startup. Everyone is on the look for an ideal job in Brooklyn!
Good marketing gets half the job done
Every small business owner wants to be successful and well-known. To be honest, old-fashioned newspaper and TV ads aren’t really cutting it anymore, and you have to resort to other means of marketing. The most popular (and the most successful) ones are internet and social media advertisements. People are more likely to hear about your business via Facebook or Twitter than on TV. Restaurant owners benefit from good reviews on Yelp and that’s where most of their revenue comes from. When your friends tell you about something they have tried out and they recommend it to you, you’ll probably go. Word of mouth is very important and in a good community such as the Brooklyn one, your business will thrive if you have a quality marketing strategy.
Be ready for challenges which lay ahead
Opening a business in Brooklyn is rewarding, but it is also a lot of hard work. The competition pool is enormous and filled with rising businesses, so you have to stand out. The stress and intense work can put a strain on you and your employees, and your customers can sense it. Unexpected expenses appear, the staff comes and goes, as well as your buyers. Not every month will be as successful as the previous one. Your customers’ loyalty can also be a bit too much on your business. Brooklyn residents will support their local businesses but are wary of imposters who use the name of their borough just to gain popularity. Make clear goals for your shop and be ready for any obstacles along the way. Don’t let anything stop you from reaching for the stars!
Other things to consider before you start a business in Brooklyn
Ideas are one thing, but putting them in action takes a lot of discipline, hard work, and something a lot of people dread – paperwork. Being a business owner isn’t easy, but it isn’t impossible either. Here are additional things to keep in mind before you start your Brooklyn business:
- Get financing. Put your income on paper, and see which banks will give you a loan. Much like when you’ve just moved to NYC and have accessed moving quotes Brooklyn, you just think twice about your finances before you start a business. Keep everything transparent and organized and you’ll be good to go.
- Get permits, licenses and proper insurance. Businesses vary a lot, and every city has different rules for new business owners. Research what you need to obtain and do it on time.
- Do a personal assessment. This may seem like an obvious step, but a lot of newbies tend to overlook it. Before you start your business in Brooklyn, think about all the pros and cons (there are many of both!). Not everyone is suited to become a business owner, and that’s fine. You just have to know whether it’s for you or not!