Why New York is a Great Place for Female Entrepreneurs
More and more women are taking over the entrepreneurial scene, and the 2019 Annual State of Women-Owned Businesses Report states that female-led enterprises now represent 42% of all businesses in the country. Although the entire world is your oyster, a great place to kick off your self-made journey is New York.
There's a few big reasons why the Big Apple has been the subject of countless songs for dreamers, and it joins other cities like Tampa Bay and Chicago on the list of best U.S. cities for boss ladies.
It's the land of opportunity
New York, New York is a bustling urban scape that has long been the epicenter of innovation, expansion, and endless opportunity. Every corner you turn showcases the various amalgamations of cultures that make it such a diverse city. One of the world's leaders when it comes to space, financial capability, and liberal ideals, New York is a great area to find your niche. In a growing landscape, this is the place to find connections and set up shop.
With lots of local support and an active scene that has room for every industry, it's a solid choice for starting a business. You get access to stable economic models, a large target market, diverse cultures, a steady stream of employable individuals, and an exciting startup scene. In fact, small businesses employ half of the entire private workforce in New York.
There are good business benefits
Even though 2020 was a rocky year, New York's private sector still saw firms with fewer than 20 employees enjoying the largest share of small business employment. This is a testament not only to the resilience of entrepreneurs, but to the general benefits that businesses can rely on in the state.
When you form an LLC in the state of New York, you get many state-specific benefits too, including financial incentives. New York offers tax incentives, business incentives, and tax credits to support the growth of small businesses. You can also take advantage of training and assistance programs, such as the Employee Training Incentive Program, which provides tax credits to business owners that offer internship programs for advanced tech, life sciences, software development, and clean energy. This is a win-win opportunity, considering it's also a way to improve your staff's skills.
State support is reliable
On top of the aforementioned general benefits, the governing offices in New York always have programs and grants available to encourage entrepreneurs. This is likely due to the strong presence of startups in the state, and how much they contribute to the local economy. In particular, long-underserved communities like minorities and women can look forward to specific funding programs meant to empower each respective group. It's all a part of New York's future-forward goals, along with their programs dedicated to help innovators access technology and research.
There is already a steadily growing support system of female entrepreneurs in New York, and part of this growth can be attributed to the fact that female-led companies here are known to raise the most venture capital in the country. However, there is still a large gap from the capital given to Caucasian males as opposed to other groups. In an attempt to rectify that, New York State has consistently set up funding projects like the Minority and Women-Owned Businesses Investment Fund and the recent NYC Acquisition Fund. The latter, with a pool of $210 million, is currently financing women-owned nonprofits and businesses in the wake of COVID-19.
As a plus, state support is currently considering the hardships that entrepreneurs are having to endure due to the pandemic. LLCs that have not made any income and have no gains, losses, or deductions in the state are not required to pay the annual filing fee. New York also offers financial incentives for businesses that partner with universities, improve their facilities, and aim to expand their operations.
With its great culture and steady support system, New York is a concrete jungle ready for its rising queens.
