Nearly 3,000 businesses in New York City have closed their doors permanently. Experts forecast that one-third of the city’s businesses will not reopen when government restrictions are lifted.
The coronavirus pandemic has taken a significant economic toll, and starting a business is not easy right now.
However, the wake of other’s failures leaves opportunity for entrepreneurs. With the right strategy, your business plan can fill this vacuum and find financial success.
Read on to learn how to start a business in NYC by exploring this comprehensive guide for starting a business in New York City.
1 . Adapt to the New Normal
The first thing you need to do is adapt to the coronavirus. Regardless of the industry that you are in, you should be prepared for online point-of-sale (POS).
Allow your customers to shop using a mobile app and a website. Then, set up a staging area to process online orders. This way, customers can quickly pick up their orders.
This is a great way to reduce the demand for indoor capacity. Health-conscious customers can grab and go without putting themselves at risk. Other customers can eat or shop indoors without fear of an overcrowded store.
2 . Use Digital Marketing
Digital marketing is the key to success in today’s business climate. Traditional advertising tactics like print and radio are no longer effective. Even the influence of billboards is waning as people are too preoccupied looking at their mobile devices.
The solution is to bring in a digital marketing agency. They can help blanket the internet and social media with advertisements. An effective digital marketing plan uses social media to reach a targeted demographic.
The first step is setting up popular social media accounts in the city like Instagram and Facebook. Then, start an advertising campaign focused on your targeted demographic in the city.
There are many other facets of a successful digital marketing plan. You need to build a website and start a blog. Other digital marketing initiatives include Search Engine Optimization (SEO) and Pay-per-click (PPC) advertising.
3 . Stand Out
New York City already has everything imaginable. Many businesses struggle to stand out in the city that never sleeps.
This is where your creative genius has to take root. Using your newly established social media presence, it is time to draw attention to your business.
For instance, you can appeal to Generation Z and Millennials with creative video marketing. Product demonstrations on Instagram or Snapchat are highly effective in bringing young customers in.
One key component is performing opposition research. Find the businesses that operate in your space and see what they do well. Then, try to create a unique pitch that separates your company from its competitors.
Use These Tips When Starting a Business in New York City
You may still be wondering how to start a business in NYC, but you can use our tips to get started. The truth is that other companies that fail provide an opportunity for your business to fill the void.
If you enjoyed this article about starting a business in New York City, check out the rest of our blog for more great content and tips.