How to Open a Business in NYC

To open a business in New York City can seem like a dream come true. Imagine owning your business in the city that never sleeps. However, there’s a lot you need to know when thinking about starting your own commerce in New York City. Permits, certificates and zoning regulations are just a few of the things you will need to have knowledge about.

Instructions

1. Know what type of business you are going to open and a location in mind. Regulations are different for each kind of business such as a retail store or a restaurant. Know what area of New York City you plan to open your business in. A newly built establishment will need to go before the zoning board first. If you are leasing a building, be sure to find out the cost and any options to purchase.

2. Write out a business plan. A business plan helps you set your monetary goals and an outline of your business strategy. Write out an income statement, balance sheet and a cash flow analysis. Know all of your expenses including start up expenses and equipment.

3. Have the name of your business ready and get an EIN (employer identification number). You must have a certificate of assumed name if you plan to run your business as a sole proprietorship. An EIN is used for federal tax purposes and the application can be found online at the US Government’s website.

4. Gather all of your paperwork and submit. You will need at minimum: a certificate of occupancy, Department of City planning zoning, food protection certificate (if you are opening a restaurant), food service establishment permit, portable fire extinguisher requirements, recycling and waste removal set up, required posters and signs, resuscitation equipment, storefront sign requirements, application for registration as a sales tax vendor, employee disability coverage, worker’s compensation and unemployment insurance.

5. Know the regulations in New York City. New York City has multiple regulations you must know and follow. Samples of these are as follows: consumer protection law, human resources information, information on trans fats (if you are opening a restaurant) and the smoke free clean air act.

6. File your tax information. You will need to file for unincorporated business tax, IRS business taxes and payroll and tip reporting.

7. Consider taking a class. New York City’s government website offers various seminars and classes that you can take to better inform yourself about starting your new business.

Tips & Warnings

• Have your business strategy planned well in advance.

Resources

• NYC Business Solutions