Thursday, February 11, 2016

The State of Small Business: New York

For the entrepreneur, New York offers a stable environment, a large economy, and access to one of the world's busiest regions. Small business owners and professionals in the state don't expect that to change and are largely optimistic about what the future holds. While New York's economy has grown slower than the nation as a whole, it remains the third largest in the country at a GDP of nearly $1.4 trillion in 2014, according to the Bureau of Economic Analysis (BEA). That means plenty of business opportunity, both in New York City and outside, where there are large markets in places like Buffalo, Rochester, and Syracuse. New Yorkers are, on average, wealthier than their national counterparts as well, meaning more money to spend on the goods and services small businesses have to offer.

However, the heightened cost of living can prove difficult to manage. Still, entrepreneurs said that if they can overcome the steep expenses associated with payroll and rent, not to mention a tangled web of taxes and fees, operating in New York is an investment that pays off in the end.

As part of our yearlong project "The State of Small Business," Business News Daily plans to report on the small business environment in every state in America. In this installment, we asked a few of New York's 2,057,959small business owners about the challenges and opportunities of operating in their state.

- See more at Business News Daily

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