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How to Start Your Own Business in New York

The American dream is not lost on companies. The New York market is known to be quite difficult to conquer given the various demands it places on businesses. Discover the preliminary precautions to be taken before any launch in this vast and complex market of « the Capital of the world ». To do this, come and take a fairly in-depth look at the characteristics of New York demand on the one hand, but also those of business administrators in this city on the other.

 

Understand the business context

Entrepreneurs must understand that being close to Americans by their culture as conveyed to the media does not instill in them American culture. It is therefore important to specify that the commercial circuits, competition and consumption in this city are very complex if we are to believe Vincent DERUELLE, founder of Yuzu Network.

 

In New York, people even buy on credit. In other words, companies are only interested in instant liquid customers. At this level, it makes sense to advise companies targeting this city, to think about how they can reconcile the need for a cash sale and that of a credit sale. So that becomes the biggest challenge to overcome.

Understanding Human Relations (HR)

As described by Jonathan BENHAMOU, boss of PeopleDoc, American employees are excellent « docers ». They do whatever is asked of them and only what is asked of them. They are therefore paid for specific tasks set at the start.

 

The highest salaries go mainly to technocrats. This compensation technique therefore reduces the volatility of this category of employees. In fact, according to economic theory, skilled labor generally tends to move towards markets that know how to develop human capital.

Make a personal commitment

The CEO is advised to get actively involved himself in the tasks of launching the company in order to touch the reality on the ground. This will allow him to better understand the market by discovering all its complexity. Its stays in New York must therefore be extended during this launch phase.

Even if he does not want to become a permanent resident, it is to his advantage as Chief Executive Officer. Although living in New York is also expensive, the CEO must account for this specific type of expense, as an investment whose return could be in the third year after the definitive launch of the company.

Conclusion

 

Starting a business in New York City isn’t the easiest thing. Already many companies are conquering this large market. This is a reality that makes it more difficult to access and acquire market share or simply positioning in the market quite difficult. However, there are tips that have been suggested to you throughout this article that can help you, as an entrepreneur, gain visibility. Because it is important to know that it is not the purchasing power that New Yorkers lack, it is the visible and convincing quality of the good sold that is dear to them.


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