It is a well-known fact that over 33% of new businesses will fail within the first three years, this is a worrying statistic for any new business owners and it means that you have to tread with great caution during the infancy of the business. Just getting off the ground to begin with is difficult enough, especially in a highly competitive place like New York.
Today we’re going to give you some tips on just that, getting your NYC startup off the ground and how you can put your business in shape to avoid problems in your first few years.
Seek Investment Everywhere
Whilst cities like New York are rich with competition, they are also rich with opportunity and this is great news when it comes to finding financing for your business. It is financial problems which usually lead to the failure of a business, either not enough of it or mismanagement of finances and in order to get properly financed for your great idea, you have plenty of opportunity in the city. Plenty of banks, lots of private investors and fund managers who are looking to place their money in an exciting startup. Expose yourself and look in every corner for as much money as you can lay your hands on.
Many businesses leave it far too long before starting on their marketing strategy and if you want to stand out from the crowd or at least keep up with the competition in a city like New York then you’re going to need a tight strategy. This means old school marketing like fliers and posters and modern day, digital marketing like SEO, email campaigns and social media strategies. Don’t get left behind before you begin, make sure that everyone knows about your brand new business with some smart marketing techniques.
Whether you have a new shoe shop or a forward thinking online business, it is vital that you get creative when it comes to your brand. Creation of a brand as early as possible will be vital, especially in a brand-packed city like New York. The packaging of your products, the way you go about sales and the ideology that your business stands for needs to be decided on early and you need to be as resourceful and creative as possible during this process.
Hire a Financial Advisor
You have to be careful when spending money during your first years and one area that you should definitely invest in is someone to advise you on your finances. There are so many areas of your business that you could spend money on in a city like New York, pricey offices, expensive staff, marketing opportunities to name just a few. You need to make sure that someone is watching the bottom line and offering you advice. All your efforts should be spent on growing the business and a financial advisor is definitely an investment rather than a cost.
Image credit: CC by Jakob Montrasio