With the right resources, skills, and determination to excel, starting a business isn’t as difficult as it may seem. All you need is planning and motivation to execute it. However, when designing a business plan, you must consider the location of your prospective company to gauge whether your idea will work. One city, known popularly for its businesses, is New York City and might perhaps be precisely where you should consider launching your venture.
On the map of the state of New York, you can find New York City, or NYC, right in the center of the state’s metropolitan area. It’s one of the world’s most densely populated megacities, famous for its culture, economy, and finances. In 1624, Dutch colonists founded NYC as a trading post, and since then, it has become one of the major business capitals globally. These attributes make it an ideal location for startups or SMEs to introduce their products or services. Using them to your advantage can be integral to turning your business into a profitable one and helping you succeed.
If you’re looking to start a business in NYC but not quite sure which sector to dive in, here are the top seven suggestions that are bound to work.
- Cleaning services
One of the primary reasons a cleaning services business will prove profitable is its high demand. You can target a broad range of people to hire your company, from families in residential homes to large corporations and firms. More importantly, you can provide various utilities at reasonable prices that cater to each client. For instance, you can deliver the most cost-effective laundry service NYC has to offer, so more customers hire your business and help generate substantial revenue. This city is full of people who don’t have time to launder clothes. For the working class especially, this seems like a tedious task, and they will do almost anything to avoid it or hire someone to get them done. You can use this opportunity to build a business that will sustain itself for several years.
- Delivery services
The last few years have seen a steady rise in e-commerce. This growth means more people are buying and selling products online, so there must be someone who can deliver these door-to-door. The availability and feasibility of the internet and smartphones have allowed customers to order everything from groceries and medicine to apparel and gadgets. Today’s customers want goods at their convenience, with speedy delivery, and without leaving their homes. While there are several delivery services out there, not all can cater to their client’s urgency and provide the goods on time. People value time, and in this era of technology, they’re looking for ways to save it alongside their money. But while it’s a profitable business, it’s also highly competitive. To keep up with the market, you must keep innovating and reshaping your business model to meet your clients’ needs.
- Entertainment
As a culturally diverse city, NYC is the perfect place to start an entertainment business. Since it’s home to so many people, there are several art forms you can turn into a business opportunity, such as dance, music, poetry, film, or exhibitions. You can even consider starting your party entertainment services since people routinely host so many events and parties in the city. From arranging magicians or comedians or setting up a gaming table—there are endless opportunities you can think of to improve your business. Other entertainment forms like arcades and casinos are also widely popular, especially on the weekends when people are looking to unwind.
- Travel agency
To date, tourism remains one of the largest industries worldwide. While most businesses experience recession and eventually die out, this industry has continuously evolved and remains a profitable business today. Although several services like lodgings and traveling options have changed over time, this doesn’t mean people have stopped wanting them. On the contrary, more individuals can now travel as opportunities grow in abundance and become more affordable. The gateway to these services is still in high demand as tourists want to get the best travel packages without worrying about bookings or prices. Additionally, you can choose to open your business on an online platform or become an offline agency, whichever option suits you best.
- Snack joint
Venturing into the food industry is an excellent idea. Although lucrative businesses, restaurants and food chains require significant investments and various resources. This pressure is not easy to handle, so opening up a snack joint may be wiser for a novice like yourself. In a bustling city where time is money, people are always on the go. They want something easy, fast, delicious, and fulfilling. While a snack joint may seem like a small operation, setting it up on a busy street can earn you quick profits in no time. Research extensively to determine the kind of snacks people enjoy and which customer demographic you want to target. This data will help you stock up on the right foods and grow your business significantly.
- Property management
NYC is full of people with a lot of money but not enough time to handle it well. With so many things to think about, they often leave their properties unattended or have difficulty in managing them. The city is also continuously welcoming new citizens, and with such large crowds at any given time, accommodation services become necessary. Therefore, real estate agents or property managers are consistently needed and provide an excellent opportunity for someone looking to start a business. However, you must be extra vigilant and careful with your services as most clients come from word-of-mouth and by the recommendations of family and friends. If you want to grow your business, ensure you have the proper knowledge and connections that allow clients to see how reliable you are.
- Gym
Like most people worldwide, New Yorkers are becoming more health-conscious and willing to work towards a healthier lifestyle. While some prefer getting a workout done before their day starts, others prefer going to the gym after work. You can open up a gym and hire trainers in your local community to attract clients and boost your business. Start small with minimum equipment, and then build up once you’ve generated enough revenue to expand your place.
Conclusion
When it comes to starting a profitable business in NYC, there is no shortage of ideas. Make sure it’s something you’re passionate about and comfortable doing. With some effort and persistence, it won’t be long before success comes to you.
