How do small businesses fare in New York? One often hears about crippling office rental spaces, harsh competition and other potential obstacles, but what are the advantages, if any? Here we take a look at some of the good reasons for opening a New York based business…even from one’s home.
Hostess of Real Life Cooking and Lovers and Friends Kathleen O’Brien Price (also former champion of “Chopped”) seems to be taking the New York small business scene very much in her stride. At just 31 years of age, O’Brien Price is part of a new group of entrepreneurs in the food industry who are getting attention around the city just from the work they do in their own homes. Using social media to promote events, they often only know one or two people who are in attendance at their homes! This is thanks to the ripple effect of social media. O’Brien Price said that at one event one guest told her that even though she doesn’t know her, she does via Instagram! According to Brooklyn based lawyer Jaime Lathrop:
“In New York City, if you are zoned residential, you can use your apartment for business if the business occupies only 25 percent of your available space, up to 500 feet, and you can’t have any employees on site.”
So from O’Brien Price it looks like small home based businesses are a good idea in New York. Plus, according to the Small Business Administration 2.1 million small business owners agree – as that is how many there are in the state. (In addition, there are 4 million employees of small businesses in New York, accounting for over half of the private workforce).
Also positive for small businesses in the region is B Corp Spring Bank which has less than 50 members of staff and works with underserved consumers and small businesses. Approximately 2 years ago it established an Employee Opportunity Loan Program to offer loans for employees at participating companies of up to $2,500 with no minimum credit score requirement.