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Overcoming Small Business Challenges in New York City

New York City has faced and overcome numerous challenges throughout its iconic history. Small businesses in NYC also face endless hurdles to overcome each year. One heartening fact is that if you look around you in New York City, you will see that you’re surrounded by small businesses everywhere, providing the city’s multitudes with goods and services. No matter how many challenges a small business faces throughout the year, structured business plans, the right location, competent, responsible employees, competitive aspirations, and honed marketing and networking skills will see a small business through the tough economic times, and also allow a company to absolutely flourish during positive economic trends. Below are some easy tips on how to overcome the challenges that small businesses face in New York City.

Pricy Locations

There is no way around it. Every bit of New York City real estate is going to be expensive. I don’t care where it is. It also stands to reason that the best locations in New York City are going to be incredibly pricey.

The old location, location, location adage when it comes to business is a significant concern in New York City because of the amount of potential traffic needed to make it, which also has to be equaled out financially with the amount charged for rent in NYC.

Service-oriented businesses can locate themselves in lower rent areas while still placing their businesses in decent neighborhoods by main roads.

Start-ups and offices have the advantage of being able to utilize open spaced office sharing outlets for new group projects and entrepreneurial ventures, saving money by only paying for the time used at the office facility.

Most of these office sharing companies offer private cubicles as well as meeting rooms and communal waiting rooms, along with optional secretarial duties and necessary office hardware rental such as computers, phone lines, locker rentals, etc. For a new project that needs more space than your current location can provide, this is a perfect option.

Retailers are the most affected by high rents because popular high traffic areas make their wares readily and conveniently available to the consumer. Restaurants are also in the same predicament as well.

Scarce Hiring

New York is a big city with a significant level of competition when it comes to searching for talented employees. Job websites offer some relief from expensive recruiting agencies but don’t provide the expertise and close relationship which recruiting agencies provide, especially when it comes to an agency that knows your specific needs and can automatically tailor recruits to your business.

The old sign in the window is a relic that is still useful, but useless to rely on entirely. Using all three methods is the best strategy to economically and efficiently find quality workers that will adequately represent you and your business to all of New York City.

Use online job posting websites for recruiting low-level employees. And hold out on using the expensive recruiting agencies except for strategically important positions. This practice gives you a practical hiring policy that covers you on both the main aspects of the hiring process and allows you access to the best available prospects for your needs.

Avid Competition

Over 8 Million people live in New York City. They compete with each other every day for parking spaces, apartments, jobs, local discount sales, a good table at a popular restaurant and practically just about everything else you can think.

Businesses also compete with each other to provide the public with all of those things we just mentioned. Competition can seem vicious at times, but it’s a battle that keeps New York City businesses from becoming complacent and out of touch with their customer bases.

Healthy competition also keeps prices down for both the consumer base and the business owner. Competition helps to balance out the city’s economics. Adaptability, innovation, and evolution are going to be critical competitive factors in facing the constant challenges of being a small business owner in New York City.

NYC Small Business Networking

One way of getting ahead of the competition, or at least determining who they are, is to attend small business networking events. New York City has many such events happening throughout the year. Some NYC small business networking events offer free first-day admission at no cost to the attendee. Just order the free tickets a-head-of-time online.

Competition also plays a significant role in New York City when it comes to networking contacts. There is a finesse involved in collecting dependable networking contacts in a crowded city like New York. Valuable connections are usually well-known as well as much sought after.

There needs to be a balance between hustle and humble in your approach. Do your research first on your main top five contact targets. Then you will be able to engage them at networking events with conversations that are relevant to them, and then, when the timing is right, inform them of what you have to offer.

New York City is one of the top places in the United States for small businesses and entrepreneur ventures to make it big. With all of the sad stories of small businesses failing, just one look around NYC  will remind you that tragic stories of business failers are far outnumbered by successful ones. Due diligence and attention to detail to the latest fads, trends, and old, reliable, New York City favorites, is going to be the best way to stay on top of owning and maintaining a successful small business in a giant city full of opportunity like the Big Apple.

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