5 Best Businesses to Start in New York for 2024

LLCBase is your go-to place for everything about LLCs, and it's led by Brian Cohan, who's an expert in the field. Brian and our team are here to give you clear and helpful advice on how to set up and manage an LLC. We've been through the process and know the ins and outs. Our articles and guides are based on real experiences, making them practical for you. We're committed to helping you make smart choices for your business. With LLCBase, you're in good hands as you navigate the world of LLCs.

Best Businesses to Start in New York

Ready to embrace entrepreneurship in New York? With a diverse economic landscape and a burgeoning population, New York is your launch pad for success. Navigating through endless opportunities can be challenging, but fear not! At LLCBase, we’re your business buddy, helping you sail through the complexities of forming an LLC with our handy guide to the best businesses to start in New York.

Whether captivated by cutting-edge tech, passionate about healthcare, or keen on retail, starting an LLC in New York is within your grasp. We’ll walk you through essentials like market research and financing, simplifying your journey from idea to launch. Discover the most rewarding business opportunities in New York and kickstart your dream venture today!

Why New York is a Great Place for Business

New York has a thriving economy, making it an ideal location for starting a business. The state’s growing population, diverse industries, and business-friendly policies provide a solid foundation for new ventures. Check the following reasons why New York is a great place to start your business:

  • Economic Growth and Stability: New York boasts a robust and thriving economy, making it a prime location for entrepreneurs seeking to start a business. The state’s economic stability and continuous growth create a favorable environment for businesses to flourish, ensuring long-term success for new ventures.
  • Growing Population and Consumer Base: The increasing population in New York offers a substantial and diverse business consumer base. This growth allows entrepreneurs to tap into various market segments, catering to the unique needs and preferences of the residents. A larger population also translates to an increased demand for goods and services, providing ample opportunities for business expansion.
  • Diverse Industries and Opportunities: New York is home to various industries, from manufacturing to technology and tourism. This diversity provides entrepreneurs with numerous options for starting a business, allowing them to choose a sector that aligns with their interests, skills, and expertise. Additionally, the presence of multiple industries creates a dynamic business environment that fosters innovation and collaboration.
  • Business-Friendly Policies and Regulations: New York is known for its business-friendly policies and regulations, which promote economic growth and encourage entrepreneurship. The state government offers incentives to support new and existing businesses, such as tax breaks, grants, and low-interest loans. These policies create a conducive environment for entrepreneurs to easily set up and expand their ventures.
  • Advanced Infrastructure and Connectivity: The advanced infrastructure in New York plays a crucial role in attracting businesses and promoting economic growth. The state offers excellent transportation networks, including highways, railroads, airports, and seaports, ensuring seamless connectivity within the region and beyond. This well-developed infrastructure allows businesses to transport goods efficiently, access suppliers and customers, and stay connected with the global market.

Thinking about launching a business in New York? Save yourself the headaches and hire a dependable LLC formation service to ensure everything runs smoothly. Still unsure who can provide this service? Say no more! We’ve done the homework for you and compiled a list of the best LLC formation services in New York renowned for their business-formation expertise and experience. Don’t venture into these unknown seas alone; anchor yourself with a pro today!

LLC Services

Rating & Pricing

Top Features

Learn More

#1 Editor's Choice

$0 + State Filing Fee

  • Free LLC Formation

  • Various Legal Services

  • Attorney Advice

$299 + State Filing Fee

  • Single Package

  • Flat Pricing

  • Legal Services

Top Businesses to Start in New York

We’ve got a treat for you! Feast your eyes on these five remarkable business ideas tailored for the New York marketplace. Each one could be your ticket to success. So, let’s unveil the inspiring ventures that could catapult you to business stardom in New York! Here are your five best business ideas to start a business in New York.

1. Delivery services

The Delivery services industry in New York has experienced remarkable growth in recent years, driven by the increasing demand for its products and services. By starting a Delivery services venture in New York, entrepreneurs can capitalize on this lucrative market. Forming an LLC for your Delivery services business allows you to benefit from New York’s tax advantages, minimize your personal liability, and enjoy pass-through taxation, further enhancing your business prospects.

2. Merchandise Reseller

The Merchandise Reseller sector presents another promising opportunity for aspiring entrepreneurs in New York. This industry has grown substantially, especially in the state capital, Albany. A Merchandise Reseller enterprise can generate a stable income and provide significant growth potential, making it a prime choice for those looking to establish a successful business in New York.

3. Mobile business

For entrepreneurs seeking long-term success, the Mobile business industry in New York is an excellent option. With support from the New York government, this sector receives numerous incentives and subsidies that aid new businesses in getting off the ground. Moreover, hiring employees for your Mobile business business may qualify you for additional employment benefits and tax credits, further enhancing your venture’s growth prospects.

4. Trucking Business

Investing in a Trucking Business business in New York is a smart decision. The state’s robust infrastructure and business-friendly environment make it relatively easy for entrepreneurs to establish and operate a Trucking Business venture. It’s essential to research the required licenses and permits necessary to run a Trucking Business business in New York before embarking on this endeavor.

5. Daycare Center

Finally, the Daycare Center industry presents significant opportunities for business owners in New York. Although this sector may be competitive, its product and service demand remains high. The availability of raw materials in New York ensures that starting a Daycare Center business is cost-effective, making it an attractive option for entrepreneurs seeking to make their mark in the market.

New York offers diverse business opportunities for entrepreneurs looking to embark on a new venture. Whether you’re interested in the Delivery services, Merchandise Reseller, Mobile business, Trucking Business, or Daycare Center industry, there’s potential for success and growth in the New York market. By carefully evaluating your interests, skills, and resources, you can choose the right business opportunity and set yourself up for long-term success in New York.

Recommended: Embarking on a new venture? Ensure your success in the Delivery services, Merchandise Reseller, Mobile business, Trucking Business, or Daycare Center industry with professional help. We recommend –

Our #1 Pick: LegalZoom – ($0 + State Fees) Online LLC Setup

Setting Up Your Business in New York

Once you’ve identified the ideal business opportunity, it’s time to establish your venture in New York. This process generally involves the following steps:

Step 1: Choose a Legal Structure

Before launching your business, you must decide on a legal structure that best suits your needs. Options include a sole proprietorship, partnership, corporation, or limited liability company (LLC). Your choice will determine the level of personal liability protection, tax benefits, and compliance requirements you’ll face. We recommend starting an LLC as it safeguards your personal assets from business liabilities, provides tax flexibility, enhances your business’s credibility, and allows unlimited members. However, consider consulting with a legal or financial professional to help you make the best decision.

Step 2: Select a Business Name

Your business name should be unique, memorable, and reflective of your brand identity. Conduct a business name search using the New York Department of State Division of Corporations to ensure your chosen name isn’t already in use by another entity in New York. Remember that most states have specific naming requirements for different legal structures, including “LLC” or “Inc.” in the name.

Recommended: Choosing a captivating business name? Seek professional assistance to ensure a standout branding! Precision and market appeal guaranteed. We recommend –

Our #1 Pick: LegalZoom – ($0 + State Fees) Online LLC Setup

Step 3: Appoint Resident Agent

In New York, you must designate Resident Agent to handle legal and official documents. This person or entity must be located within the state and maintain a physical address. Many businesses use Resident Agent services in New York, which are available for a fee, to ensure compliance with this requirement.

Recommended: Appointing your Resident Agent? Go professional for seamless, trustworthy service. Your LLC’s crucial matters deserve expert attention! We recommend –

Our #1 Pick: LegalZoom – ($0 + State Fees) Online LLC Setup

Step 4: Register Your Business Entity

Depending on your chosen legal structure, you must file the appropriate paperwork with the New York Secretary of State. This may include Articles of Organization for an LLC or Certificate of Incorporation for a corporation. Be prepared to pay the necessary $200 formation fee or $125 for filing online, or by mail. incorporation fee when filing your documents.

Step 5: Apply for Licenses and Permits

Check with the New York Department of State, local county, and city officials to determine the licenses and permits required for your business in New York. These may include zoning approvals, health permits, and professional licenses. Obtaining the necessary licenses and permits ensures that your business operates legally and complies with local regulations.

Recommended: Applying for licenses and permits? Consider professional help to ensure a smooth, hitch-free application. Accuracy and timeliness are a priority! We recommend –

Our #1 Pick: LegalZoom – ($0 + State Fees) Online LLC Setup

Step 6: Register for State and Federal Taxes

To register your business for taxes, you must obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This number is required for tax reporting and employee payroll purposes. You can apply for an EIN online, by mail, or by fax. In addition, you’ll need to register with the New York State Department of Taxation and Finance to comply with New York tax requirements, to pay the  6.50% income tax and 4.00% sales tax.

Step 7: Secure Business Insurance

Protect your business from potential losses and liabilities by obtaining appropriate insurance coverage. Depending on your industry and specific business needs, this may include general liability, property, and workers’ compensation insurance. Consult an insurance agent to determine the right coverage for your New York business.

Step 8: Open a Business Bank Account

Establish a separate bank account for your business to keep personal and business finances separate. This can help improve your credit score, provide access to loans and other financing options, and simplify your financial management. When opening a business bank account in New York, be prepared to provide your EIN, business registration documents, and any required licenses or permits.

Costs of Starting an LLC in New York

Wondering about the LLC costs in New York? Here’s a simplified rundown of the associated costs to kick off your enterprise!

Secretary of State Filing Fee

To establish an LLC in New York, you’ll need to file Articles of Organization with the New York Secretary of State. The standard filing fee is $200 (by mail and online), plus an added fee for rush processing.

For Domestic LLCs and Foreign LLCs in New York, online filing entails a $200 (by mail and online) and a $25 minimum Franchise Tax. The Statement of Information should be filed within 2 years (end of anniversary month) of registration, costing $4.50. There’s an added $25 for counter drop-offs if filing by mail.

Name Reservation Fee

Desire a specific LLC name? Reserve it before filing the Articles of Organization for a fee of Not available (online) or $20 (offline). This reservation lasts for 60 days, providing you enough time to submit your Articles of Organization.

Resident Agent Fee

In New York, all LLCs must have Resident Agent for legal servicing processes. You can expect to spend between $50 – $200 annually on these services.

Business Licenses and Permits

Depending on your business type and location, various licenses and permits might be necessary. Costs vary, so ensure you research thoroughly. The New York Business Express (https://www.businessexpress.ny.gov/app/home) is a useful tool for this.

Operating Agreement

Even though not obligatory, having an operating agreement is recommended for charting your LLC’s course. Costs to have one drafted can start from $1,000.

Employer Identification Number (EIN)

Most LLCs require an EIN for tax, banking, and hiring purposes. Getting one in New York is free from the IRS through the online application or mailing Form SS-4. The online method gets you an immediate EIN, while mail can take up to four weeks.

FAQs

What kind of businesses are in demand in New York?
Businesses related to technology, e-commerce, food, fashion, and healthcare are in demand in New York.
Is it profitable to start a food business in New York?
Yes, New York City is known for its food culture, so food businesses have a high probability of profitability if they are run well.
Can I start a tech business in New York?
Yes, New York is rapidly growing in the tech industry and has many resources available for tech startups.
Is it difficult to start an e-commerce business in New York?
It depends on the product you are selling and the competition in that niche, but New York provides excellent resources, infrastructure, and networking opportunities for e-commerce businesses.
What types of fashion businesses are popular in New York?
Businesses related to fashion merchandising, retail, and design are popular in New York.
Is New York a good location for a new healthcare startup?
Yes, New York features a thriving healthcare industry, boasting a substantial economy for pharmaceuticals, insurance carriers, and healthcare service providers giving you access to support and customer base.
Do I need a business license to start a company in New York?
Yes, you would need business licenses for various business activities in New York, including construction, grocery sales, freelance work, food and beverage consumption, etc.
Is it hard to hire employees in New York?
No, with a huge sample size and fast-developing start-up landscape, you can nearly always find excellent assistance from a diverse pool of job seekers in New York, particularly in smart tech.
Can I start a childcare business in New York?
Yes, you can, but you should have prior experience and knowledge regarding day care accreditation, safety measures, and state guidelines.
How do I get funding for a business in New York?
There are almost countless funding options available in New York. You can connect with venture capitalists or angel investors, various supportive associations, participate in incubators and accelerators events.
Can I rent a shared workspace in New York?
Yes, shared workspaces are very common, particularly while launching startups. You can find these shared spaces in places where entrepreneurs community gather.
How much does a commercial space cost in New York?
The workspace’s cost varies a lot depending upon street location, foot traffic, usable square footage, lease-term but typically falls within a range of $30- $90 per Square Foot.
What taxes will I pay if I launch a business in New York?
You need to pay commercial tax, which is US$ 0.154 / USD of Gross Income.
Is it necessary to insure my business if I start in New York?
Yes. Insurance is critical for your safety and a significant consideration before starting your business so make sure to research it and offerings related to your industry.
How do I register my business in New York?
Registering your business works differently based on if you’re a partnership, cooperation, or sole proprietorship. Still, generally, registering with Department of State and municipality Secretary of state are mandatorily followed formalities
How long will it take to register my business in New York?
New York is agreeably fast when it concerns registering your business from 2-4 weeks depending on various factors.
Is it costly to start a business in New York City?
New York City is not considered to be the cheapest living hub in America, but starting a business is comparative where local funding sources provide compensation for lack of local population base.
What skills do I need to scope in order to launch a successful business in New York City?
It is helpful to have experience and knowledge on sales, marketing, financing and strategic HR planning relevant to your startup industry preferably.
Is a food truck business profitable in New York?
Yes, food trucks have a reputation to hit high headlines in New York, and highly variety driven plus potentially its future growth.
Can I sell handmade items in New York?
Different licenses and legal documentation are necessary to comply with depending upon local zoning and regulation observe it strictly.
Is there any competition in the fashion industry if I launch a business in New York?
It’s common to command a portion of dollars equalling within New York’s prominent and competitive fashion trade, providing you carve down your own vital work niche.
How much salary should I pay in New York?
The mandated minimum wage is $15/hour [NY State] which is higher than in some states.
Is it safer to run a business in New York compare to other cities in America?
New York is comparably safer economically and socially and New York has A+ community infrastructure, excellent networking, ample opportunities – which lessens the probabilities of innovative small business failures.
What if I have a good but ordinary idea – Shuold I start a business in New York?
New York-based legal funding, active technical community support, financial aid offerings and resources provide various unique commercial platform.
Would I need legal support to run a business?
For a successful launch like constant compliance tracking and managing validation for business prerequisite and this should preferably done under legal support.
What licenses and permits are needed to operate a retail business in New York?
Zoning, FDA, ALE, SBO, DEH- LBD, fire safety, businesses engaged with restaurant services requirements, TLA, and many other permits could be needed depending on sector and file to local Secretary of State confirms licensing terms.
What is the education standard I hold to start a business in New York?
A bachelor’s degree could be sufficient to start a small business, and for a more sustained company, we recommend having a Masters in business administration.
What kind of legal business ownership arrangements can entrepreneurs in New York City have?
Entrepreneurs in New York City can have an LLC, an individual ownership or find anonymous financial partners is used frequent terms for investment type to safeguard original profits of the Main Investor.
Would my startup need to occupy a physical address in New York borough?
Depending on entrepreneur’s business legal nature which requires physical website addresses, it may be considered if locations akin to corporate HQ meaningful enough.
Are there grant programs that startups are eligible for in New York?
Yes, in recent times, plenty of different incentive options have mushroomed each year given by regional syndicates, non-for-profit corporations, and local, state, and federal administrations to complement enrollment and launch of Startups including accelerators that have generous packs aid like incorporating Shared Secretary services.

Also Read

Conclusion

New York provides a dynamic and supportive environment for entrepreneurs looking to launch their businesses. By carefully selecting the right industry, conducting thorough research, and following the necessary steps to establish your venture, you can create a successful and profitable business in the New York market. The opportunities in New York are vast, and with the right combination of passion, dedication, and hard work, you can make your entrepreneurial dreams come true.

As you embark on your journey to start a business in New York, remember to stay adaptable, continuously learn, and stay connected with the local business community. The road to success may be challenging, but the rewards of building a thriving business in The Empire State are well worth the effort. We wish you the best of luck as you pursue your entrepreneurial journey in New York. To further assist you in this exciting endeavor, visit LLCBase for additional resources, tips, and support tailored to help you succeed in New York.

Leave a Comment