For an entrepreneur who is curious to know if the State of New York is business-friendly, this article explores the range of yet-to-be fully-tapped business ideas in the third largest economy U.S. state.
Only the economies of California and Texas are bigger than the State of New York. And if NY were to be a country, it would be among the top 15 largest economies.
With its largest city New York City (NYC), dubbed the capital of global business, according to New York City Economic Development Corporation (NYCEDC), you are going to benefit from the existing infrastructure and some of the incentives in the state.
You are probably among those still unsure about the business ideas you can venture into Albany (the state capital) and other cities in New York.
You don’t need to worry about competition as the state is enough to accommodate every business owner. By total area, New York is the 27th biggest. And by water area, it is the 7th largest among the U.S states. For investors who want to explore the 7,429 sq mi of water area in New York, the sky is the starting point.
New York is considered a strong economy and the top financial state in the country. The state is filled with an increasing number of startups every day.
The city has its unique characteristics, which boost your strategic business plan. Some characteristics are business internet, infrastructure, technologies, the financial state of affairs, media viewpoint, and people’s fast-paced lifestyle. All these contribute to the growth of a business in New York.
When choosing a business, you need to understand that every area in the state has its culture, demographics, dominant industries, and geography.
It is also a business-friendly state. Despite the increasing number of new businesses, the government provides a suitable business environment every day, especially its employment-based tax incentives.
Recently, the state government announced a $50 million venture-capital fund to encourage new enterprises and small businesses.
There are a lot of profitable business opportunities in New York that can easily shoot your net worth up and improve your standard of living. You need to look through and choose what works best for you.
So, What are the best business opportunities for an entrepreneur in New York?
Here are some business ideas you can tap into after you’ve met the requirements for setting up an enterprise.
Online-based business
E-commerce is one of the best work-from-home business ideas you can start. All you need to do is to set aside a section of your room or sitting room as your office. It is cost-effective.
Online-based business involves working and earning from the comfort of your home. It usually involves low investment. Several people in New York work from home (remotely) and earn thousands of dollars every year, especially during and after the COVID-19 pandemic.
You could head over to Shopify and easily start an e-commerce business. It contains a lot of resources to get you started.
Translation Services
There are some business ideas that require thousands of dollars to set up. They may not be suitable a struggling citizen whose income has been consumed by the high inflation in the U.S and across the world.
In times of economic crisis, translation service is one of the best cost-effective services you can render to people around the world. It requires your expertise, no heavy machines.
In ensuring effective communication, they need to speak the languages of these audiences. Therefore, you should start a translation service business with expertise in any foreign language.
Child Care
You can start a daycare business as most New York City and other major cities have other demands to meet, so they need a professional who can help them look after their kids.
They are always willing to hire and pay handsomely well for your service. Aside from the daycare center, you can also render in-home services or have more people on board and coordinate staff as an agency.
Event Planning and Management
If you are skilled in planning and organizing events and parties, you can venture into this business in New York. Major festivals, museum openings, award ceremonies, corporate events, and civic holidays are events where your services can be needed and will bring profit in return.
Photography
Photography belongs to the media industry, which is one of the largest industries in New York. If you are good at taking shots, you are on your way to starting a photography Business. You can attend major events and take pictures voluntarily to get noticed.
Bed and Breakfast Business
New York is a state with a lot of tourist centers that tourists visit now and then. These visitors are usually in need of accommodation.
You can offer them alternatives to hotels by letting your rooms out and offering bed and breakfast services. You can make it affordable and comfortable. Make them feel at home!
Fitness Centers
Exercising is an important activity for the people of New York State. You can open your fitness center or gym offering training or coaching services.
Floral Service
The people of New York value the use of flowers in making significant occasions. The city has thousands of homes, offices, and hotels that buy decorative flowers weekly. These flowers are also used in special events. You can therefore start a floral business.
Delivery Services
At least 1.5 million packages are delivered to homes in New York City alone, according to New York Times in its 2019 report. Home delivery is a huge business in New York.
No doubt, delivery service is an evergreen profitable business in New York State. With projection, demand for the service of delivery agents may arise.
E-commerce and the internet have completely simplified how residents shop. People now concentrate on expanding their business than queueing at a mall. They rarely have the time to pick up items themselves.
Therefore, delivery service providers make huge profits every day and remain one of the most profitable business opportunities in New York.
Mobile Businesses
Mobile businesses are some of the profitable business opportunities in New York as there is a large presence of people in the city.
Owners of mobile businesses use moving trucks to deliver goods and services to their customers directly. Examples include food trucks, beauty salons, boutiques, and many more. All you need to do is invest in a moving truck.
Transportation
Not every citizen of New York has a private means of transportation. People constantly need to move from one point in the city to another. You can set up a licensed transport business and earn daily. Another way is to become an Uber or Lyft driver.
Tutoring
Who doesn’t love to invest in knowledge? New Yorkers aren’t different. They love to learn something new or new skills such as software programs, foreign languages, reading, and writing.
You can become an online or in-person tutor, teacher, or course creator. This is not just one of the most profitable business opportunities in New York but in the world.
Entertainment
New York is an entertainment-filled city. You can set up an entertainment firm in fields such as movies, music, art, dance, poetry, etc.
This is not as easy as it sounds, but it can work, and you would need a great network. Do not be surprised if business is good and frequently takes you to Hollywood or Miami.
Restaurant
The food business is popular in New York because of the diversity in the population. New Yorkers love great dining experiences, and the number of restaurants keeps increasing daily as people demand a great meal.
You can become a food entrepreneur by offering catering services for individual consumption needs, special events, and businesses.
Pet Shop/Services
New Yorkers love their pets and pay handsomely to see them get them the best. You can open a pet shop by grooming and training pets.
Also, you can also render veterinary services to them. In addition, you can also sell pet-related products either physically or online through marketplaces such as Amazon. These pet businesses are some of the profitable business opportunities in New York.
Farming Business
You can get involved in farming top-selling agricultural products such as onions, apples, cherries, cabbage, and many more. New York is ranked among the top five states regarding agricultural output. Some of the best locations for farming in NY include Schoharie, Montgomery, Saratoga, Rensselaer, and Fulton.
T-Shirt Printing Business
The state is known for its massive manufacturing sector. Printing and production of garments occur in New York. You can venture into this business by producing, printing, and exporting t-shirts to other states.
Digital Marketing Agency
Want a work-from-home business? Digital marketing is one of your best bets. New York is filled with small, medium, and large-scale businesses that require digital marketers.
You can start your digital marketing agency by offering online services such as search engine optimization, social media marketing, web design services, email marketing, pay-per-click advertising, and many more. You can offer these services at good and reasonable prices.
Financial Advisory
New York is the financial hub of the US, and starting your financial advisory firm is one of the most profitable business opportunities in the US.
Do you know why providing financial advice will do well in the State of New York? The biggest city New York City is the centre for trading in public equity and debt capital markets, meaning financial advisors are in high demand. Investors want to take the best investment decision.
You can also act as a financial advisor as there is a high demand for financial services, which include financial advice, investment options, fund management, and more.
Fashion
Aside from being a financial hub, New York is also the home of fashion in the United States. The fashion industry offers several opportunities, such as small startups of fashion styling, designer, fashion reporter, publicity, and import-export. You can decide to start your fashion brand.
Conclusion
Profitable business ideas to start in New York are many and opportunities to expand keep increasing. These are just twenty that we listed, but I can assure you that there are more than enough opportunities in one of the most diverse places in the world.
Bottom line: Identify your strengths and passions; select the best business that suits you, register the business; role out your business, and watch yourself become your own boss.
The State of New York is a state of endless opportunity.