How to Start Business in Brooklyn

Are you a young, energetic entrepreneur? Are you looking for a place with a huge customer base and lower corporate tax laws? Brooklyn is the right place to convert your idea into reality.

Located in the heart of New York, Brooklyn is a hub for small and medium enterprises. From Google and Mckinsey to Apple and Pfizer, billionaires chose Brooklyn to test their destiny. If they can do so then why not you. Let’s check how you can start a business in Brooklyn.

Why Brooklyn?

Location matters. If your location is not as per criteria then all your efforts including capital may go in vain.

Diversity

It’s a common belief that people like food of their ethnicity when working abroad. With a diverse population of 2.59 million, Brooklyn can be the right place even to start a street cafe.

Whether you are from India or Africa, you can offer food and accessories to your ethnic people residing in Brooklyn.

Cheap Rates

For new entrepreneurs, Brooklyn can be a saviour. The average rate of rooms varies from $35 and $100 per square foot.

Choose Your Business Idea

A reliable idea is crucial for any entrepreneur. Many people fail in entrepreneurship because of failed ideas. For business ideas, you should:

  1. Conduct a brainstorming session;
  2. Identify the problem – solution is your idea;
  3. Select the niche of your passion.

Pick a Name and Register The Business

Once you decide on the idea, now is the time to pick the name. Your name should:

  1. Resonate public;
  2. Unique without any copyright issue;
  3. Follow the naming rules of New York.

Consult the New York Business Entity Database and business entity name search to ensure your name against copyright issues.

You are required to follow simple steps to register after naming your New York’s LLC.

  1. Choose a Registered Agency.
  2. File LLC with the New York Division of Corporations.
  3. Publish LLC in 2 newspapers within 20 days of formation.
  4. Get Employer Identification Number: Internal Revenue Service assigns this number for tax purposes.
  5. Open the company’s bank account.
  6. Obtain a license to officially start your business.

Understand Your Customers

It is essential to understand the mindset of those to whom you are going to sell your products or services.

For instance, Miesen and Jennie Dundas found out that ice cream shops were missing on Atlantic Avenue. They started selling ice cream because they knew Blue Marble Organic ice cream would be selling like hot dogs to a crowd of Atlanta.

You can understand customers through proper market research by:

  1. Conducting surveys;
  2. Holding Focus group discussions;
  3. Doing SEO research through web pages;
  4. Visiting community events.

We would suggest you sell your product at a lower price and offer giveaways, early discounts to get valuable all-time customers.

Write a Business Plan To Get Funding

Before writing a business plan for funding make sure to calculate your startup cost. Your business plan should answer all necessary questions.

Summary

  • A quick, one-page summary of your plan.
  • Your target niche.
  • Unique Selling Proposition: Your mission, vision and objectives.
  • Employees you need to hire.
  • Milestone: where do you see yourself in 6 months?

Marketing Plan

  1. Solution your business offer for a particular problem.
  2. Your target customers.
  3. Your methods to get the attention of the customers.

Financial Proposition

  1. Sales you need to achieve break-even point.
  2. The money you require to get there.
  3. Funds for your startup.

You may get funds through:

  1. Bootstrapping: Your savings;
  2. Friends and Family: Loan or personal help;
  3. Brooklyn Small Business Development Center;
  4. Loans from the bank;
  5. Investors.

Create Marketing Plan

Marketing seems to be a daunting challenge, but it creates an opportunity to flex your creativity in reality.

Before creating a plan, do proper market research to understand customers and competitors.

Be aware! Word of mouth matters in Brooklyn. You need to have a Facebook page, Instagram and Twinner account engaging people and urging their needs to buy your products.

You may also try other marketing strategies as:

  1. Press releases;
  2. Social Media Marketing;
  3. Content Marketing: SEO, emails, newsletters
  4. Billboards.

Steiner Studios was once criticized badly for its location choice of Brooklyn. Now, one of the biggest studios outside Hollywood. If you are committed, passionate and motivated then no one else can stop you from being another billionaire of Brooklyn.