Is Manhattan a good place to start a business?
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Is Manhattan a good place to start a business? It depends on what type of business you had in mind. Some types of businesses thrive here for example. The best moving companies NYC has to offer are located in Manhattan. Some of the largest banks, financial companies, and IT giants have their headquarters in Manhattan. If you are thinking about that type of business then being in Manhattan is the only way to stay close to big players in your niche. Small businesses will have a much bigger challenge before them. But even though there are big challenges here there are also many advantages to starting a business in Manhattan. Let’s, therefore, see what are the pros and cons of this decision. That way you will be able to decide on your own.
The biggest companies that operate in Manhattan
As we already mentioned, some of the best companies in the world operate in Manhattan. You can find the best movers, the best storage NYC has to offer as well as some financial and IT giants here. So there is only one logical answer to the question of whether Manhattan is a good place to start a business. Let’s take a look at what are the biggest businesses that operate in Manhattan:
- IBM – Computer Systems Design Companies
- Bank of America – Commercial Banking Companies
- Google – Computer Systems Design Companies
- Deloitte – Consulting Companies
- Verizon – Appliance & Electronics Companies
- Citi – Financial Transactions Processing / Reserve / Clearinghouse Companies
- Morgan Stanley – Investment Banking & Securities Brokerage Firms
- Goldman Sachs – Investment Banking & Securities Brokerage Firms
- New York Life – Insurance Agency & Brokerage Firms
- P. Morgan – Commercial Banking Companies
Pros and cons of starting a business in Manhattan
Starting a business from the scratch is difficult no matter where you are located. So when you are wondering whether is Manhattan a good place to start a business, you first need to have a business plan. Then you need to think about financing it. And only then you can think about the location. It is also much easier when you already run a business that is working and you only need to find commercial movers Manhattan to move your business than to start in Manhattan from nothing.
Still, regardless of whether you are just starting or moving your already successful business, you need to know that opening a business in Manhattan comes with great challenges but if you manage to overcome them, the potential benefits could be endless. Of course, we don’t want you to think that there aren’t any benefits when your business is located in the central location of NYC. So, here are the pros and cons of starting a business in Manhattan:
- Access to a large number of high-paying customers
- Wide talent pool
- Strict regulations
Location is everything
When you are thinking about starting a business and when you are reading endless internet guides on how to do it properly, surely you have found that the first advice in each of those guides is to find a perfect location. And what is a better location than Manhattan? Manhattan is the top destination in the world for everything. For business, for living, just for visits. So if you are still wondering if is Manhattan a good place to start a business, the answer is yes. And to have a business in the top location in the world adds a certain boost to your business regardless of its type. Moreover, if you are opening a business here, consider hiring residential movers NYC and moving here yourself. It is easier to run a business when you are close to it.
The reputation of your business grows
Having a business in Manhattan gives your business some kind of reputation by itself. No matter whether you are starting a new business or you found some affordable movers NYC has to offer and moved your business here from NJ. The sheer fact that your company is located in Manhattan will add so much to the reputation of your business. This means higher-paying jobs, more income, wider opportunities, etc.
More opportunities for your business
As you can imagine, having a business in Manhattan also gives you access to high-paying customers. The median household income in Manhattan is $143,680, which is well above the national average. Also, a nice role here has the fact that Manhattan is the most densely populated of all NYC boroughs. A good combination that gives a good head starts for any new business that opens up in this part of NYC. It is good for businesses of all types and sizes. You just need to have a good plan and a good team to succeed.
Hire the best talents in your niche
Naturally, when your business is located in Manhattan, you will have the access to a wider talent pool. No matter whether you are a law firm, a consulting office, an IT company, a clothes designer, or you have a restaurant, you will get a chance to pick among some of the best talents in the world. Imagine what access to some of the biggest brains on the market can do to a company. The best workers of course give your business a much bigger chance to succeed. You will get a chance to work on better-paid jobs, build your reputation further, and grow as a company. This is one of the things that many new entrepreneurs don’t factor in the beginning. But it is one of the things that make the biggest difference between successful and unsuccessful companies.
Manhattan is the safest NYC borough
Unfortunately, safety is once again a big issue. NYC has had some tough days when it comes to crime of all kinds. For a while, it looked like things are getting better. And there were a few decades without serious crime rates in NYC. Sadly, for many reasons, crime rates are getting higher in recent years. Nowadays, you really have to be concerned about the safety and only choose the safest locations for your business and store your goods in the safest Manhattan storage. Manhattan is the safest place in NYC. It has the lowest crime rates. And people are doing all sorts of business without any issues. If a better reputation or access to good customers means nothing to you, this definitely should matter.
The costs of starting and running a business in Manhattan are high
In the beginning, we mentioned great challenges to anyone who is looking to open a business in Manhattan. However, up until now we only talked about the advantages of opening a business here. Now let’s talk about those problems that you will inevitably face as a business that is just starting out in Manhattan. The good news is that there aren’t many cons to opening a business here. Just two, costs and stricter regulations. When it comes to costs you should know that corporate profits here are under some of the heaviest taxations in the country. There are also many other things that you need to think about when it comes to the costs of opening a business in Manhattan.
Besides taxes, you also need to think about the cost of renting a space. Then that best talent pool in the world that we talked about earlier, you know, those business experts that will launch your business to the stars, they don’t come cheap either. To start a successful business in Manhattan, you need to have a good financial backup. And that is the biggest obstacle that is preventing all the companies in the world from hiring moving services NYC and moving to Manhattan. Here are some of the prices for office space in Manhattan:
- Class A office space in Manhattan costs an average of around $91 per square foot per year
- Class B office space in Manhattan costs an average of $62 per square foot per year
When you are starting a business in Manhattan you have to strictly follow the rules
When you open a business in Manhattan you also need to think about stricter regulations. Companies here go through tougher vetting than in other parts of the country. This, of course, also ends up as a cost issue. Because this means that you will have to pay for better financial experts in order to avoid fines. And, possibly, even pay some fines that are not small here. Some companies without a good financial background could go bankrupt in an instant. Especially young firms that are just starting out. If you already decided to open a business here or you are paying for the best movers in Manhattan to move your entire business here, make sure that you have the best business advisors by your side as well.
Best locations to start a business in Manhattan
Those are the pros and cons of having a business in Manhattan. As you can see, there are many more pros than cons. Unfortunately, because cons have a lot to do with finance, they carry a bigger weight. Nevertheless, if you definitely decided to open a business in Manhattan, you need to find a perfect location for it. To help you with your search, we have found some of the best places in Manhattan where you can set up your office and begin your adventure.
- The Empire State Building – Current tenants: CB Alliance, Skanska, Shutterstock, LinkedIn, Qatar Airways, and CBS Radio/ Average asking rent in this building: ~$70-$90 per square foot
- The General Motors Building – Current tenants: Apple, General Motors, U.S. Trust, Estee Lauder, Macklowe Properties, Maverick Capital, Weil / Average asking rent in this building: ~$110-$180 per square foot
- The Chrysler Building – Current tenants: Columbia University, Time Inc., Northstar Group, Moses & Singer, A&L Goodbody, Kimco Realty, Memorial Sloan Kettering Cancer Center, Regus / Average asking rent in this building: ~$80 per square foot
- 30 Rockefeller Plaza – Current tenants: Starbucks, NBCUniversal, Deloitte, Tishman Speyer, Oxygen Media, J. Crew / Average asking rent in this building: ~$100-$120 per square foot
- One Vanderbilt building – Current tenants: TD Bank, Sentinel, Greenberg Traurig, McDermot Will & Emery / Average asking rent in this building – $110-$160 per square foot
- 3 Columbus Circle – Current tenants: Jazz at Lincoln Center, Chase Bank, Moinian Group, Versace, Young & Rubicam Group, / Average asking rent in this building: ~$90-$110 per square foot
- The Graybar Building – Current tenants: New York Life, the Metropolitan Transportation Authority, State Farm, Vanbarton Group, SL Green / Average asking rent in this building: ~$85 per square foot
Best ideas for small businesses in Manhattan
Maybe you are looking to open a small business. Can you succeed here without a big investment? Well, Manhattan is an unusual market. But if you have a good idea, Manhattan can be a good place to start a small business as well. Here are some notions that could give you an idea of what types of small businesses could be worth investing in Manhattan:
- Delivery services
- Food Services
- Bike Service
- Real Estate Sales & Rentals
- Photography & Graphic Design
- Pet Services
- Cleaning Service
- Personal Shopper
Is Manhattan a good place to start a business? Yes!
Are you still wondering if is Manhattan a good place to start a business? If you can open a business here, you should definitely do it. You just have to plan everything well, and you will have a big chance to succeed.