What Challenges Do Businesses Face in the Bronx, New York?

Finding and hiring the right employees to represent your business is essential for success, but it can be difficult to find the time to do so. Building strong relationships with recruiters is key, as they should understand your requirements, as well as your company's personality and culture. This will enable them to help you find the right fit much more effectively. Alan Goeman, eSlide, LLC.

Competition is one of the biggest challenges for any business in New York City. With a population of over eight million people, there is competition around every corner. While this can be daunting, it also encourages innovation. Some of the most innovative companies in the world are based in New York City, and much of this is due to the need for evolution.

Yana Zaidiner, Symbolic Payments, Inc. The hustle and bustle of New York City can be both a blessing and a curse. Networking in other cities often allows for more one-on-one time, but here key contacts are often overwhelmed and no one really listens to the 98th speech. To avoid this, consider smaller, more specific events and identify your five main contacts sooner. Do background research that can help start or keep conversations alive. Before the COVID-19 pandemic, The Bronx was experiencing steady growth in population, employment and new businesses.

At the same time, it faced challenges such as low household incomes, high poverty rates and high unemployment rates. These challenges allow members of New York City communities to express their concerns at a local level and work with entrepreneurs to bring problems to light, co-prototype solutions and apply, test and develop emerging technologies. A key challenge mentioned by several businessmen was New York State's relatively high taxes. While taxes are an unavoidable cost of doing business anywhere, New York State has a tax code that is often based on the highest calculation relevant to businesses. It also includes several metrics by which a company must calculate its tax bill, making the process confusing.

In Jackson Heights, businesses have been in operation for an average of nine years - the shortest average operating time of all neighborhoods surveyed. In the era of e-commerce and chain stores, family retail has been under pressure since the emergence of online retail. Companies employ an average of four workers and 56% of respondents live in the neighborhood where their company operates. While New York City's commercial real estate and industries it supports - such as food service and parking - have traditionally been recession-proof, the rise of work-from-home has created challenges in these industries. The base business income tax for New York State is 6.5%, although the state offers differentiated rates for qualified manufacturers (0.0%) and emerging technology companies (4.875%) to encourage them to settle in the state. Communities in transition need to develop a commercial corridor comprised of both old and established businesses as well as new businesses. To address this challenge, small businesses are developing more attractive compensation packages and other employee benefits in an attempt to better attract, recruit and retain top talent.

One of the main advantages of doing business in New York State is its proximity to New York City - especially for businesses located in the southern part of the state. In previous reports, The Association for Neighborhood Housing Development (ANHD) cited commercial warehousing, barriers to obtaining funding and a lack of government resources as threats to small businesses in the city. In response to this story, one business owner noted: “A residential owner wouldn't get away with it”.Despite this encouraging growth in new businesses, four districts outside Manhattan still lag far behind other major cities - such as Houston, Dallas, Los Angeles, Miami, Chicago and Phoenix - in terms of average revenue per minority-owned business. The state government's Entrepreneur Resource Center offers a range of resources - from technical assistance for starting or expanding a business to financial assistance programs for qualified businesses. In addition to rising operating costs, small immigrant businesses face the threat of unscrupulous landlords. Companies now have to go beyond simply serving their customers and focus on marketing and reputation to improve customer acquisition and grow their businesses.