Starting a business in New York

The American dream does not escape companies. The New York market is notoriously difficult to conquer due to the different requirements it places on companies. Discover the precautions to take before launching into this vast and complex market in the "Capital of the World". To do so, come and take a closer look at the characteristics of New York demand on the one hand, but also those of company directors in this city on the other.

Understanding the business context

Entrepreneurs must understand that being close to Americans through their culture as conveyed to the media does not in any way instil American culture. It is thus important to specify that, commercial circuits, competition and consumption in this city are very complex if we believe Vincent DERUELLE, founder of Yuzu Network.

In New York, people even buy on credit. In other places, however, companies are only interested in instant liquid customers. At this level, it makes sense to advise companies targeting this city to think about how they can reconcile the need for liquid sales with the need for credit sales. This becomes the biggest challenge to overcome.

Understanding Human Relations (HR)

As qualified by Jonathan BENHAMOU, boss of PeopleDoc, American employees are excellent "docers". They do whatever is asked of them and only what is asked of them. They are therefore paid for very specific tasks set out at the outset.

The highest salaries go mainly to technocrats. This remuneration technique therefore reduces the volatility of this category of employees. Indeed, according to economic theory, skilled labour generally tends to move to markets that value human capital.

Making a personal commitment

It is advisable for the CEO to be actively involved in the start-up tasks of the company himself to get a feel for the reality on the ground. This will allow him to better understand the market by discovering all its complexity. His stays in New York should therefore be extended during this start-up phase.

Even if he doesn't want to become a permanent resident, it is to his advantage as Chief Executive Officer. Although living in New York is also expensive, the CEO must account for this specific type of expense, as an investment whose return could be from the third year after the company's final launch.

Conclusion

Starting a business in New York City is not the easiest thing in the world. Many companies are already in the process of conquering this large market. It is a reality that makes accessing and acquiring market share or simply positioning yourself in the market quite difficult. However, there are tips that have been suggested throughout this article that can help you, as an entrepreneur, to gain visibility. For it is not the buying power that New Yorkers lack, it is the visible and convincing quality of the property being sold that is important to them.