via Forbes: New York is known as the place where dreams are made and achieved, where hard work meets success, and sleep is a foreign concept. If you’re looking to launch your company in this city, you’re already on the right path.
Of course, as with any location, there are both pros and cons of owning and operating a business here, and startups can use some region-specific tips for survival. Members of Forbes New York Business Council offered their advice to other entrepreneurs who want to start a business in the Big Apple.
1. Don’t Try To Bluff New Yorkers
Keep it real and do your best to provide clients and customers with the best you’ve got. New Yorkers can spot a bluff from a mile away, especially any inauthenticity or excuses as to why your products or services are mediocre. Putting your best foot forward is the only way to survive in New York. When you give them something good, you don’t have to be worried if they’ll be back again. Give them all you’ve got! – Hoda Mahmoodzadegan, F’in Delicious
2. Build A Robust Network
The best part about running a business in New York City is the people that you encounter. It’s not just the amazing talent pool of employees, but also the investors and advisors that join your team. While the competition can be fierce in such a populated city, the rewards greatly outweigh the risks. We have been fortunate to build a deep and strong network that will only continue to grow. – Yana Zaidiner, Token Payments, Inc.
3. Take Advantage Of The Abundant Resources For Every Field
New York City is the nexus of the universe. Every sector is represented; there are experts in every field on every block. The sheer volume of people makes it a hotbed for resources. Between the conferences, speaker series and book launches, one is inevitably bound to cross paths with potential advisors, colleagues and brand proselytizers. My advice for navigating New York City is simple: have humility and ask for help. – Monica Ferguson, Solemates, LLC
4. Budget More Time And Money
You already know New York City is not the cheapest place and that life has a fast pace. That being said, most people don’t budget enough to deal with the many unplanned expenses that end up being needed. There’s also a tendency to be a bit over-optimistic about opening dates. It’s great to have tight budgets and deadlines, but be realistic in the fact that you will probably take longer and spend more. – Henry Glucroft, Henry’s
5. Understand That Confidence Can Give You Leverage
Sometimes all the leverage you need is tied to how assertive you are willing to be. We have encountered very large corporations in our dealings while trying to establish licensing relationships. During negotiations, we have walked away, and even though they have been larger than us, they still call back because we have what they want; and that is leverage. – Samuel Mikail, SM Group Holdings Corporation
6. Build Your Support Network
Owning your own business can be extremely lonely. You deal with stress and issues that your spouse/partner and friends just can’t understand. I run a creative services agency, and early on I was lucky enough to befriend the owner of a much larger agency who helped me avoid some of the land mines that he’d already stepped on. His insight and advice continue to be invaluable to me. – Tom Conlon, North Street
7. Identify And Understand Your Ideal Client
One of the biggest mistakes a lot of business owners make is not understanding who their ideal client is. A lot of resources and efforts are wasted trying to please many people and not on who their ideal client is. At first, it is probably one of the most difficult decisions to make because you feel you are leaving money on the table. Understanding this concept will save you a lot of headaches. – Adolfo Mendez-Nouel, Manhattan Physio Group
8. Work Hard And Commit Yourself 100%
Understand going into any endeavor in New York that you are operating in arguably the most competitive market in the world, regardless of your industry. In order to succeed, you’ve got to be 100% committed to your business. This requires working harder than your competitors and ultimately finding smart, innovative solutions for garnering brand exposure and bringing in new business. – Tracey Sawyer, Krause Sawyer
9. Just Get Started
Find something you enjoy and follow your dreams. Every time you walk outside there will be millions of potential customers. Talk with them, learn from them and connect with them. – James Giacopelli, Giacopelli Accounting & Tax Services, LLC