Among all the hustle and competitiveness that is everpresent in NYC, you might be wondering is it even possible to run a side business. After all, once you consider the average time a typical New Yorker spends working, you'd have a hard time figuring out where to come up with the necessary time and energy to tackle a side business. Well, don't worry. With a good business plan and proper organization, you'll be able to run a profitable side business in New York with little issue. But, in order to make that possible, you first need to do some serious research and organize your business efficiently. So, here is what to keep in mind.
Before you start your business
Starting a profitable side business in New York does sound great. After all, having a new stream of money coming in is always a good idea, especially if you can manage it with ease. But, the first thing you will have to tackle is what kind of a side business you plan on running. Remember, New York is quite a competitive place. In fact, it is easily one of the most competitive places in the world. So, in order to make your side business viable, you need to have a clear idea of what you are going to offer and who you are going to offer it to.
Finding the right type of business
So, you want to start a profitable side business in New York... Well, that's great. Now, what kind of business do you plan on running? This is a question most people get stuck with. After all, figuring out what you are going to offer, and then making that offer viable is not easy. 99% of all business projects die on the drawing board. So, if you want to do yourself a favor, first consider carefully what kind of a side business you plan on running.
Most side businesses are focused around providing a certain service. Now, this doesn't mean that you cannot run an arts and crafts business. But, those are usually a bit harder to manage and require a larger investment. So, if you are not sure what to do, consider what kind of service you can offer and whether that service is currently in demand.
But how are you to figure out whether your idea is a monetizable one? Well, do some research. More often than not, you are going to find other businesses that are either similar to your business idea, or completely the same. So, if you want to avoid rookie mistakes and costly setbacks, study your competition. If, for instance, you are starting a transportation business, see what are the moving options that New York City has to offer. If they are doing something right, you can learn from them. You can even learn from their mistakes and see how to set up your business properly. Therefore, you'd be doing yourself a huge favor by doing as much research as possible. Try to figure out what their marketing is, how they range their prices and whether they are lacking certain improvements.
How to set up a profitable side business in New York
Once you've researched your business and figured out whether running it is viable, you will need to tackle a plethora of tasks. If you want to run your business successfully, there are certain practices that you need to incorporate. If you have never run a business before, these practices might seem a bit overwhelming. But, don't worry. With some practice, you will get the hang of them and manage to run your side business like a pro.
You cannot start a profitable side business in New York without some finances. Now, if you are simply going to do something on your laptop as a side business, you won't need much money. Probably just enough for a decent PC and the necessary software. But, if you plan on running anything more complicated than that, you will need to take your expenses into consideration. Our advice is to sum up the cost and then add another 30% to it. You will make mistakes along the way. And you will only be able to handle them if you have extra finances to back you up.
Most side businesses in New York don't require much paperwork. But, nevertheless, you'd be smart to contact legal counsel and figure out what kind of paperwork you actually need. You will need to figure out your taxes and how to run your every finance properly. Some small businesses can even apply for government loans and grants, which is something that you should definitely check out.
Is marketing necessary in order to run a profitable side business in New York? Well, unfortunately, yes. Even if you have the best service possible, or you make a top-notch product, you still need to help people find out about you. And the best way of doing so is with online marketing. Now, you do not need to deal with all the marketing schemes that regular companies have to tackle. But, you will need to have a social media account and to post on it regularly. A well-managed Facebook page with a fun Instagram account is more than enough for running a side business.
What is your goal?
The final thing to keep in mind is what your goal is. Do you plan on running your side business at a manageable rate, or do you want to turn it into a full-time business? Of course, things such as these will only become an issue if your business booms. But, if it does, you will have to consider whether you are running your side business as a fun way to make extra cash or you want to go all out on it. Both have their pros and cons, so consider carefully.
Curtis Hill has worked as a commercial mover and relocation manager for over 20 years. He now focuses on helping people relocate their business by writing helpful articles for companies like Dynamic Movers NYC.
Photos used by Pixabay
Updated on 10. February 2020
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