The Empire State has plenty of investors and initiatives to help entrepreneurs start and grow their business.
When you think of New York it can be hard to separate the state from the city, but the Empire state is much more than the largest city in the U.S.
New York state is home to over two million small businesses, which employ over four million people. That accounts for more than fifty percent of the private workforce and over ninety-nine percent of all businesses within the state. New York is also known for its diversity, and according to Forbes there are more than 700,000 minority-owned businesses in the state, which puts it near the top in the U.S. New York’s economy is the third largest in the country, and one of the largest in the world, and they boast the fourth-highest per capita GDP in the nation. Entrepreneurs will like that New York has better-than-average numbers for the opportunity share and the rate of new entrepreneurs, as well as the several initiatives meant to help ease the burden on small businesses and franchises. These initiatives include several tax benefits and incentives such as START-UP NY, which allows new businesses to operate tax free if they’re located near universities, and the New Markets Tax Credit Program which gives money to businesses to create jobs and foster community development in low-income neighborhoods. New York also has plenty of lenders and investors who can help entrepreneurs start and grow their businesses. Business owners will find a large, professional talent pool in New York state as well, which is partly because the state is home to many top colleges. Forty-four percent of New Yorkers are college educated, with many of the graduates staying in the state after graduation. Talent can come from across the country though, as many graduates relocate to New York after school to find work. Perhaps the most attractive thing New York has to offer is their access to a strong consumer base with a large amount of disposable income. This alone makes it a desirable for entrepreneurs to do business.