New York is making great strides in bringing back business, and attracting small business owners and startups. But what are the most important numbers that business owners should be paying attention to, if they want to succeed?
NY is pulling out all the stops to lure more business to the state, and to boost the local economy. But whether those businesses will really make it, and how profitable they will really be for business owners really comes down to the numbers.
Commercial Property Costs
New York has some of the most expensive commercial real estate in the world. It can be one of the best places to locate a business. But businesses do need to make sure they factor in all the costs of leasing commercial property here. That includes rent per square foot, management fees, and property taxes.
The distance and cost of commuting can make a big difference in the success of a business. It impacts the cost of operating a business, who can afford to work for your company, and how much you keep in your pocket. So do you need to be in Manhattan? Or is Long Island a better choice?
Internet speeds and reliability of connections are growing rapidly. They will increasingly differentiate leading companies from others. So what are the internet service provider options where you are thinking about setting up shop? How fast are their internet speeds?
Residential Property Taxes
The truth is that top line business revenues don’t matter nearly as much as the bottom line, and what business owners and their staff members are left with after all their bills are paid each month. Each year in May the NYC Department of Finance auctions off the liens of those that can’t pay their water bills and property taxes. These individuals stand to lose their homes. LI business owners can find additional net profits here by leveraging property tax adjusters to reduce their residential tax bills. By referring their team members to these property tax reduction services they can increase their value as employers, reduce labor costs, and recruit better talent.