How to Run a Business in New York
According to the U.S. Small Business Administration (SBA) Office of Advocacy, New York State is home to 2.3 million small businesses that collectively employ 4.1 million people. About half of the state’s workforce is employed by these small businesses, which account for 99.8% of the state’s businesses.
New York’s state-wide GDP in 2021 was $1.705 trillion, placing it third in the country. The state’s GDP increased by 5% in 2021, much of which can be attributed to the pandemic’s rebound and recovery. Cashflow services, healthcare, business and professional services, retail trade, manufacturing, and educational services make up New York’s top six growth-promoting industries.
What impact does this economic environment have on the success of small businesses across the state? And what particular difficulties do small business owners in New York face? To find out, Business News Daily spoke with some of the state’s business owners.
Complicated rules
Numerous laws in New York State are generally progressive and created to support workers. Although not necessarily bad, more regulations mean businesses must be more prepared, which frequently results in higher legal expenses.
Greg Peters, CEO and co-founder of BetterHealthcare (previously BetterPT), stated that the “New York regulations are very challenging and require great legal counsel.” “We made early investments in resources to make sure that our vision is attainable and scalable. In this environment that is constantly changing, we are continuously evaluating the regulatory landscape.
Working with state agencies can help some business owners see the way to compliance and lessen the regulatory burden. When conducting business in New York, building strong relationships with the relevant regulatory bodies that have an impact on your company is essential.
“In general, the regulatory environment is clear and easy to understand. For instance, over the years, we’ve cooperated with the Department of Transportation, and we never experienced communication issues, according to Sharone Ben-Harosh, founder and CEO of FlatRate Moving.
