As the most prominent of the Mid-Atlantic states, New York is an intriguing place to buy a business.
This state boasts a stable economy, significant international investment due to the economic gravitas of New York City, and plenty of disposable income that comes with the high quality employment opportunities found here.
New York State is home to numerous economic powerhouses that help drive the American economy, not the least of which are the major investment banks that can be found on Wall Street.
However, there are many other components to the New York State economy that are also worth mentioning: NYC’s Silicon Alley attracted 7.3 billion dollars in venture capital for its technology startups in 2015 alone, and Tech Valley, a cluster of technology startups located in the Hudson Valley, generated 163 million dollars in investment in that year as well.
With other robust industry sectors that include media, entertainment, manufacturing, and agriculture, New York State is a very attractive place to purchase a business.
Why is New York State a good place to buy a business?
The high cost of living and level of taxation might dissuade some entrepreneurs from setting up in New York State. However, there are many advantages will reward those with the persistence that is required to be a success in this environment.
1) There are numerous tax credits in place that support small business
While many decry New York State’s high tax regime, there are also a series of tax credits that can help small businesses get off the ground.
One of the most prominent of these is the Startup New York program, which allows selected operators in specific geographic locations to operate for up to 10 years without having to pay any state taxes.
In addition to this initiative, there is also the Excelsior Jobs Program, which offers tax credits for technology and manufacturing firms that create a certain amount of new positions, and the New Markets Tax Credits Program, which provides tax relief for entrepreneurs that create jobs in communities where poverty and/or unemployment is high.
2) It is home to several sizable and diverse population centers
The presence of New York City is this state’s largest economic advantage, as not only is it home to more than 20 million people in its metropolitan area, but it also serves as a beacon for international investment.
However there is more to this state than NYC, as it is also home to urban centres such as Albany, Rochester, Syracuse, and Buffalo.
While New York City is easily the most diverse part of the state, significant immigrant communities and first-generation Americans can be found in all of New York’s urban centers.
This gives enterprising entrepreneurs a variety of business opportunities that can be seized in various locales across New York State.
3) The talent pool for educated employees is deep
New York State is well-known for the quality of its publicly supported universities and colleges. Throughout the region, there are scores of SUNY campuses that offer degrees in a variety of subjects that give their students the skills that employers are looking for in an entry-level employee.
With thousands of highly-qualified students graduating from these institutions annually, and a surplus of these applicants in many industry sectors, it will be easy to find the required talent to elevate a purchased business to the next level.
There’s no doubt about it: at first glance, New York State can be an intimidating place to start or buy a business. However ,the advantages of purchasing a business here outweigh the challenges, as there are few markets in the United States that are currently performing to the level of the Empire State. If you’re looking to buy a business in New York, don’t hesitate to contact us.