by Contributor

(Mar. 15, 2020) — If you’re thinking of starting a business in the Empire State, you should know what steps to take to ensure it’s a success. It is observed that despite having a great startup idea most business are not successful. According to common statistics, within the first 5 years of operation about 86 percent of startups fail in New York. And of the remaining percentage only one of the eight businesses last past the first five years. Here are some useful tips that will come in handy when you finally resolve to put your business idea into action.

A Few Words about Passion for Business, Sign Installation, and Startup Costs…

You probably are itching to start you business as soon as possible so that it, in its turn, starts generating profits as soon as possible. But before you dive headfirst into your business venture, make sure to heed three simple recommendations. First, be passionate about what you’re doing. If you don’t know anything about agriculture or loathe domestic livestock, chances are slim you’ll be able to get your farm business off the ground. To be able to succeed in your business, you must love it. Be it a fashion studio, winery, or a fast food restaurant, you need to put your energy, enthusiasm, and time in it. Second, don’t rely excessively on digital marketing, which becomes increasingly popular due to its ability to drive traffic to businesses. Good old physical marketing can also do you much good. It would be wise to take advantage of sign installation services to advertise your small business. Creative architectural signages like teardrop advertising flags, inflatable man banners, and traditional billboards can help you create an effective marketing strategy and attract new customers. Note that utilizing variety in your signs can go a long way towards communicating your newly formed business with enthusiasm. So, keep this in mind when starting up your business. Third, don’t expect that your startup will cost you nothing or almost nothing. Now lots of bloggers and business experts swear they can teach you how to build a successful business “with no cash.” But such promises almost never hold water in reality. It’s a rare business idea that can come into fruition without startup capital. Be ready to spend some money on required equipment, professional consulting and marketing. Also, don’t forget about business registration fees. All those certificates, licenses, and permits can really set you back a pretty penny.

And now it’s about time you checked out the steps you need to take to start a business in New York.

# 1 Decide on a Business Structure

There are several options you can choose from when it comes to deciding which legal structure your business should take. If you want to create a small business that will be recognized only in New York, and you’re totally OK with being personally liable for your business and the debts it may incur, you can opt for DBA, short for “Doing Business As.” If you aspire to create a big and prestigious business entity that will be able to operate regardless of ownership and taxed at a lower rate, consider creating a C-Corporation. If you don’t want to go to extremes, consider starting an LLC, Limited Liability Company.

# 2 Pick a Name

Your business can’t go nameless, so take care to pick a good name for it. By “good” we mean not only unique, meaningful, and memorable, but also complying with name registration rules. Once you come up with a name that’s easy-to-understand and catchy, make sure the preferred name is not currently in use. It’s a good idea to do a trademark search to avoid possible conflicts and future litigation. Technically, unless your chosen name isn’t registered as a trademark in the US, you can use it. But we recommend that you steer clear of using the names carried by other businesses in New York. For more information visit the State of New York website.

# 3 Register the Business

If you’ve opted for a DBA structure, you’ll need to check with the County Recorder as to whether your chosen name is appropriate. After that, you can get your Certificate of Assumed Name. If you aim to start an LLC or corporation, you’ll need to obtain the Operating Agreement and the certificate complying with Section 130 of the General Business Law.

# 4 Get Your Employment Identification Number

For you to be able to legally run your business and grow it, you’ll also need to obtain an employer identification number (EIN). Still, if you’re setting up a DBA and plan on hiring a bunch of employees, you can do without it. That being said, the majority of entrepreneurs still prefer to get EINs, not to use their Social Security Number all the time.

# 5 Apply for Licenses and Permits

Depending on your business activities and structure, you’ll need to obtain certain permits and licenses for your entrepreneurial venture. You’ll need to check with the right federal agency issuing the licenses and permits you need and inquire on the steps to apply for them.

# 6 Open a Business Bank Account

It’s very important to keep track of your expenses and profits, especially when your business is concerned.  Once you do all the paperwork and obtain the required certificates, create a separate bank account. So, take care to find a reliable bank in New York, if you still haven’t, and inquire what you need to do to open an account for your endeavor.

Bottom Line

We’ve mentioned only some of the steps prerequisite to set up a business in New York. To get your business up and running requires much time, effort, patience, and, to a certain extent, a stroke of good luck. So, take care to utilize your passion, desire, knowledge, and business acumen to the fullest extent possible and don’t give up when running into difficulties. Remember that there’s more success in perseverance than in talent.

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